/ 3 September 2010

Six tips for those in financial difficulty

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.
  • Read more news, blogs, tips and Q&As in our Smart Money section. Post questions on the site for independent and researched information