11 Oct Pay Your Debt Off with Our Calculator
Debt is a force rife in the lives of many South Africans. Too many of us spend a too large portion of our income on paying off debts, struggling to meet minimum payment obligations and essential living expenses like groceries, petrol, insurance, and school fees. It can be tough to imagine a way out, one that doesn’t sacrifice the things we love most or shoot ourselves in the foot.
Most of us don’t want to take out yet another loan to refinance our debts, but declaring bankruptcy would mess up our credit reports for the foreseeable future. Enter debt review: the way out that protects your assets, credit report, and emotional health.
Debt review is a legal process wherein a debt counsellor negotiates with your lenders for reduced debt repayments and interest rates. As soon as you enter the debt review process, you’re protected from asset repossession and legal action–creditors can’t sue you for paying them back. This is because debt review is recognised as a debt help system under the National Credit Act, and so creditors must comply with all negotiation efforts and accept that they must write off some of their repayments as losses.
Debtco Group has put together a handy calculator tool you can use to get an estimate of how much you could save on debt repayments per month with debt review. This blog post details how you can use our calculator to gauge how you might pay your debt off.
Read on to discover how our calculator could help you plan for your financial future and its features.
How to Use Debtco Group’s Debt Repayment Calculator
To begin, click on the blue debt repayment calculator button on the top right of our website. You’ll be prompted to enter your contact details (name, email, phone number).
Then, you’ll need to enter your income (salary and any side hustles). This is so we can measure your repayment capacity–how quickly you’ll be able to pay off your debt with the resources you have.
After that, we’ll ask you about how much you pay in debt repayments, including your; bond, vehicle instalments, furniture instalments, personal loan instalments, store card and clothing account instalments, and other debt instalments. This way, we can figure out how much your debt counsellor needs to negotiate for and how much you owe in debt.
Once you’ve entered in your contact details, debt, and income information, click the blue button at the bottom that reads Start saving now. Our calculator will calculate an estimate of how much you could save on debt repayments with debt review monthly.
If you would like a more accurate representation of how much you’ll save, contact Debtco Group. A debt counsellor will sit with you and discuss your income, expenses, and debt repayments to create a sample payment plan. We’ll also discuss the legal protection you’re eligible for and how you might best take advantage of life under debt review.
Start living debt-free. Contact Debtco Group or use our calculator today.