The two-pot pension system was introduced by the South African government in 2024. This reform is meant to help struggling retirement fund members by enabling them to make partial withdrawals from their retirement funds before they retire. Essentially, retirement contributions are divided...
Managing a tight budget is already a challenge, but when combined with debt, it can make your monthly finances feel even more overwhelming. You can overcome debt problems through Debt Review by carefully budgeting and planning. Let us look at becoming debt...
What happens with debt review after you’ve lost your job or have had a pay cut? Income is a prerequisite of debt review, as you have to make repayments to a payment distribution agency (PDA) to pay off your debts. As if...
Knowing when it’s too late for debt review is crucial for your financial life and saving yourself from debt. Debt review can be a lifeline when you need it most. When debt collectors threaten you, you receive a letter of demand, or...
Knowing about debt prescription is crucial to your financial health after taking out loans or using credit facilities. Once you understand prescription periods, you won’t find an old debt and pay it, restarting the prescription period. Moreover, prescription debts may still show...
When debt expires, it’s called prescription debt. Debt can expire if neither you nor your creditor acknowledge the debt for a certain period. If you and your creditor don’t contact one another regarding credit card debt for three years (its prescription period),...
If your debt is in collections, you may have wondered whether debt collectors are allowed to blacklist you. The answer? Yes and no. Debt collectors are allowed to send you letters of demand and request a judgment against you. If they do this,...
If you’re under debt review and in a tricky financial position, you might have considered a loan under debt review. Loans under debt review are illegal. The NCA (National Credit Act) clearly sets out the conditions under which you may and may not...
The recent 25 basis point cut has given way to an opportunity for debtors to pay less on their debt, mitigating the large personal loan and mortgage interest rates of today. The prime lending rate dropped to 11%. This cut could not...