Hi, I am a single divorced mother of three children and need to find my feet after being married for a short lifetime during my divorce I got myself into debt, noe I need to find a way of geeting myself out of the web of debt. I am a part home owner, but dont have the title deed for the property as it was bougth from Johannesburg Housing Department. I need advice on how and were to apply for a Debt Consolidation loan, so to pay off all my bits and pieces to start a fresh.
Kind regards
Charlene

Hi, I need to know how I am able to consolidate my debts,I have been to various banks, and although they claim to "want to assist you" no matter how hard you try and get out of debt, you keep getting turned away. I have tried every means possible. Any suggestions. Regards Kim

Hi I am a 31 years old married man. I have bought a property last year for R580000 but its value was R690000, again I own two vehicles. My house instalment is R7557 and two vehicles is R7300. The other vehichle will be paid up end of Dec 09. I need to enquire about debt consolidation loan to see if I can only pay one instalment. Currently my instalments amount to R16000 and would appreciate if that can be less. Please help.

Kim, I realise it must be frustrating that no one wants to help you.

There could be a number of problems that the Banks are running away from. From what you say, a lack of security is one possible reason.

Have you asked why they are turning you away?

Getting out of debt is not easy. It never will be. There are other options you could follow which will be painful, slow but with help you could still get there.

Have you every completed a budgeting exercise with anybody?

Perhaps you could try.

We have some resources which could be of use to you. www.northwood.co.za

Charlene, sometimes adverts are not fair. They suggest that organizations are falling over themselves to provide endless streams of money for debt consolidation.

Remember these organizations provide finances based on assets. So although a member of the public may have a cash flow problem, they own an asset (Building) which is worth far more than the debt on the building.

It is by increasing the debt on the building, that the spare cash becomes available to settle debt.

It’s designed to give you breathing space, not to solve your problems.

Can you see the difficulty you are going to have? You do not yet own a building.

But every bit of bad news also has some good news. Debt consolidation is not the only possible solution. There are at least two other strategies open to you

We have some resources which could be of use to you. www.northwood.co.za