The National Credit Regular (NCR) has these tips for consumers experiencing financial problems.
- Do not cancel your short-term insurance cover: if something happens to your car you may be faced with higher costs than if you are insured.
- void keeping money in non-interest-earning or low-interest-earning accounts — shop around for the best possible options.
- If you have been retrenched, inform your creditors and use your retrenchment package to settle your debts. You have the right to settle your debts earlier.
- You have the right to one free credit report annually from registered credit bureaux. Know your status! Visit one of these websites for your free credit check: www. mytransunion.co.za; www.creditexpert.co.za; www.compuscan.co.za; www.xds.co.za.
- Try to keep a clean credit record at all times as your credit profile affects your ability to secure certain jobs, particularly those that are finance-related.
- If you are over-indebted, you have the right to assistance — contact your credit provider to discuss your situation and negotiate a repayment plan.
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