‘Sinking into debt? Act now!’

My monthly credit statement arrived in the post along with a pamphlet issued by the National Credit Regulator, the Banking Association of South Africa and the Debt Counsellors’ Association of South Africa — “Sinking into debt? Act now!”

My credit card is not in debt, but I can appreciate that this pamphlet will be a call to action for a lot of people and sending it out at this time of year is probably a smart idea. These four tips distil the pamphlet’s message:

  • If you’re only just managing your debt repayments, talk to your bank to find ways to keep your credit record clean.
  • If you’ve fallen behind on your payments, act now to restore your credit record and avoid legal action — call 086 111 6362 or SMS your bank’s name to 32422 for your bank’s contact details. You can also visit i or finhelp.mobi.
  • If you’re in debt counselling and making payments through a payment distribution agency, make sure you’re protected. Visit your debt counsellor and make sure your debt repayment plan will enable you to settle your debts within a reasonable period. Continue to make your monthly debt review payments through your payment distribution agent or you’ll run the risk of facing termination of the debt-counselling process. And that means legal action.
  • If you’re in debt counselling and you’re not paying, your debt counselling arrangement will be terminated and you’ll lose the protection of the National Credit Regulator and the National Credit Act. You’ll face legal action and will quite likely lose your house, car and other assets. So contact your debt counsellor immediately.

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

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

Institutions of higher learning should commemorate their casualties

The bust of Matikweni Nkuna at Tshwane University of Technology is an example of how we should honour those who fought for equal access to education

Seals abort pups in mass die-off

There are a number of factors — a pollutant, virus or bacteria or malnutrition — that may have caused the 12 000 deaths on Namibia’s coast.

Deconstructing South Africa’s construction industry performance

The construction industry has contracted sharply, partly due to Covid, and needs to rebalance its focus if it wants to survive

Editorial: SA will be bankrupted by looters

The chickens have finally come home to roost: if we do not end the looting, it will end us

Beware the pension fund loan proposal

Industry professionals warn that, although well intentioned, the Bill to enable fund holders to get some of their savings before retiring can do harm

Citizens bear Covid’s economic scars

Data released this week is evidence of the scale of the financial and humanitarian crisis South Africa faces

Subscribers only

SAA bailout raises more questions

As the government continues to grapple with the troubles facing the airline, it would do well to keep on eye on the impending Denel implosion

ANC’s rogue deployees revealed

Despite 6 300 ANC cadres working in government, the party’s integrity committee has done little to deal with its accused members

More top stories

Eastern Cape universities concerned by rising Covid cases

Fort Hare says 26 more students have tested positive while Walter Sisulu University says some of its students have been admitted to hospital.

SAA in talks to recoup R350-million in blocked funds...

The cash-strapped national carrier is in the process of recouping its blocked funds from Zimbabwe, which could go towards financing the airline’s business rescue plan

NSFAS’s woes do not help its mandate

Nehawu wants the scheme’s administrator, Randall Carolissen, to be removed

Unions cry foul over SABC dismissal costs and retrenchments

Broadcaster bodies say claims that a recent skills audit is unrelated to retrenchments are ‘irrational’

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday