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Debt Intervention – Part 3

Can a consumer apply for credit after debt intervention? In order to be able to apply for credit again a consumer needs to have completed a few very specific steps. The consumer needs to complete the debt intervention successfully by fully settling the accounts included or having those account extinguished.The consumer also needs to illustrate that they have improved their knowledge on managing finances through attending financial literacy training. The consumer’s financial situation must have improved.The consumer needs to apply for rehabilitation.The NCR must notify all credit bureaus and relevant [...]

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Debt Intervention – Part 2

Debt Intervention – Re-Arrangement or Restructuring of debt The National Credit Regulator will firstly attempt to re-structure a consumer’s debt to solve within a maximum period of 5 years. The NCR must consider the income and expenses of the consumer and look at future possible income and employment opportunities of the consumer when making a determination if the debt can be restructured or if it should be suspended. The NCR will then make a recommendation to extend payment periods and reduce interest rates in an attempt to [...]

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Debt Intervention – Part 1

What is Debt Intervention? The president has signed the controversial Credit Amendment Bill into law and thousands of consumers are wondering if they will be able to benefit from the provisions of this bill and if they will qualify for Debt Intervention as defined in the bill. CreditSmart would like to debunk some of the rumors and give some clarity regarding Debt Intervention. There are thousands of consumers who seem to interpret the rumors as an indication that their debt will be extinguished, which is not [...]

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Stay Out Of Debt This Valentines Day

Staying out of debt this Valentine’s Day

February, the month of love… or is it? February is the month where everyone spends crazy amounts of cash (that they don’t have) on romantic things that are way overpriced. Valentine’s day became a totally superficial thing that is driven to extremes by the smart marketing companies who push and pray on the hype of consumerism. The trend these days are that people are more concerned about where their partners will be taking them on the day instead of a small intimate show of love. [...]

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Credit Report and Credit Profile

All About Your Credit Profile

Keeping tabs on what’s happening on your credit profile is possibly the single most important aspect of effectively managing your credit. Gone are the days when you only heard about your credit profile when applying for credit. Access to your credit information is so easy nowadays that there simply would be no excuse for not knowing the status of your credit profile. Your credit profile contains all the information about how you manage your credit facilities. Payment History, Defaults, Judgments [...]

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Debt Review - Consumer Friendly Breakdown

Debt Review – A consumer friendly breakdown

You Kept up with the Joneses and now you’re up to your ears in debt with no hope of relief. Luckily for you, the National Credit Act is there to ease your burden. Without bombarding you with all the legal jargon and technical terms, here is the consumer-friendly break down of what Debt review, also known as Debt Counselling, can do for you. In June 0f 2007 the National Credit Act (NCA) and the National Credit Regulator (NCR) came into effect and [...]

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Debt Hangover

Avoid a debt hangover by applying these three simple rules

Applying for a loan or a credit card can be exciting. Having extra cash available for your holiday or an unplanned shopping spree can be exhilarating but every high unfortunately will end in a low. In this case the low comes in the form of a monthly payment usually in the shape of a debit order and the money you spent in a matter of weeks will now take years to repay. Symptoms of a debt hangover may include – [...]

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Importance of a Budget

The Importance of a Budget

Recent studies have shown that only one out of every three individuals prepare a detailed written or computerized budget on a monthly basis. Even fewer individuals prepare a detailed long term financial plan. ‘’Why go through the hassle of drawing up a household or personal budget in the first place?’’  -you may ask. Financial planning is needed to plan our spending, and without this planning it is easier to overspend on the non essentials. When drawing up a budget you [...]

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