What to do when your income suddenly stops
Job loss affects more than your employment. When your salary ends, debt continues. Creditors still expect payment even if your employer has closed, cut costs, or retrenched staff.
This article explains practical solutions available to protect your finances and how CureDebt helps South Africans through sudden financial hardship.
________________________________________
The financial danger after retrenchment
Most individuals have at least one of the following:
• Vehicle finance
• Personal loans
• Store credit
• Credit cards
• Home loans
Once payments fall behind, risks escalate:
• High penalty fees
• Legal action
• Repossession threats
• Damaged credit profile
Immediate intervention protects you from long-term damage.
________________________________________
Job losses continue to rise in South Africa
Recent reports warn that over 40 000 jobs are at risk, placing thousands of households under debt pressure.
Read the full article here.More retrenchments mean more families face debt without income.
________________________________________
CureDebt solutions when you cannot pay your debt
CureDebt offers confidential, expert assistance if you have:
• Been retrenched or dismissed
• Had salary cuts or reduced working hours
• Lost income due to liquidation or business closure
Support services include:
✓
Debt Review: Reduced instalments and legal protection
Read more about the debt review process here.
✓
Provident Fund Claims Guidance: Assistance if your employer is in liquidation
Learn more about the liquidation process here.
✓
Debt Write-Off Eligibility: Legal pathways to remove unaffordable debt
Get your debt written off legally, read more here.
✓
Debt After Retrenchment: Understand creditor rights and your protections
Learn more about what happens with your debt after retrenchment. Read more.
Our priority is to stabilise your finances while you secure new employment.
________________________________________
Immediate steps for anyone who lost their job✅ Do not ignore calls or letters from creditors
✅ Keep retrenchment documentation and last payslip
✅ Stop borrowing from high-interest credit sources
✅ Contact a registered debt professional before missing payments
The sooner you take action, the easier the recovery.
________________________________________
You are not alone
Thousands of South Africans are in the same position. Financial strain is temporary, particularly with expert support.
