nav logo
CURE DEBT
Blog

NAVIGATING FINANCES WHILE OVER-INDEBTED

about banner
TT_main | 29 April 2022 

HOW IS IT POSSIBLE TO NAVIGATE YOUR FINANCES WHILE OVER-INDEBTED?  

INTRODUCTION:
Navigating finances while over-indebted is like getting lost in a labyrinth, and hence not the easiest thing to do. This guide on navigating finances while over-indebted will show you how to find your way out of the labyrinth and start living a debt-free life once more.

How can I tell if I am over-indebted?
You are over-indebted if you do not have enough money to repay all your debts after fulfilling your basic monthly needs (your basic needs to survive). If you find yourself in this situation, a debt relief solutions expert can help you get back on track with your life once again and assist with navigating finances while overindebted. 

Emotions and feelings are not part of the solution.
It's difficult to ignore the emotions when you’re navigating finances while over-indebted. Feelings and emotions cannot be used to make financial decisions, as they will only lead you in the wrong direction. Now is the time to set aside your emotions and decide with your mind rather than your heart. When navigating finances while over-indebted, feelings make the decision-making process worse.   

Feelings of loss and despair.
When you are over-indebted, it is crucial to recognise and accept that feelings of loss and despair are common. You will have to give up your current lifestyle and adapt to your current financial circumstances. You must realise that you may need to relocate to a smaller dwelling, sell your car and purchase a cheaper vehicle, or even take public transit. For some, this may necessitate the sale of their property to reduce their living expenses. It is very normal to feel a sense of loss and despair when navigating finances while over-indebted.

Solutions to Over-indebtedness in South Africa
There are various methods available under South African law to help you become debt-free once again.  These processes will aid in navigating finances while over-indebted.  It is, however, not for the faint hearted, but with the right debt relief solutions expert, you will find the process much less stressful and easier to navigate.  

Debt Relief Solutions for individuals and families
• Debt Review also known as Debt Counselling
• Declaring Bankruptcy

Debt Relief Solutions for businesses struggling with over-indebtedness.
• Business Rescue
• Liquidation


1. Debt Review: A Solution to Over-indebtedness
Debt review is an excellent solution that will have minimal impact on your life. You will not lose your assets and will be able to keep everything you presently own, such as the house you are still paying off or the new vehicle you recently purchased, and when people look in from the outside, they will not notice that you are struggling financially.

Period of Debt Review
However, you will remain under debt review until you have paid the total amount of debt, including interest. Even if debt counsellors negotiate lower interest rates for debt repayment, this does not imply that the debt review term will be limited to five years. It may be longer.

What can I expect when navigating finances while over-indebted with the Debt Review Solution?
Even if everyone claims otherwise, your credit score will be impacted. You will be flagged as being under debt review and are forbidden from obtaining any new debt.

What if I only enquire about Debt Review and do not proceed with the process?
When it comes to Debt Review, there is only ONE company in South Africa that won't list you on the credit bureau when enquiring about debt counselling.  

Which company can provide a debt review quotation without listing me with the credit bureau?
Cure Debt is the only company in South Africa that can help you. All other debt review companies use a system that records the fact that you enquired about debt review, even if it was just for a quote.

Why is ONLY Cure Debt willing to assist individuals without listing the enquiry on the credit profile?
Our system is designed in such a way that we can evaluate your finances and present you with a quote without being listed for the Debt Review enquiry. Because we believe that navigating finances while over-indebted is difficult enough, you should not be penalised for attempting to find a solution that fits your circumstances and budget.

2. Bankruptcy as a Solution for Over-Indebtedness.
When navigating your finances when over-indebted, this can be an effective way to get yourself free of debt. Getting the debt written off. Obviously, your credit rating and reputation will suffer, but your debt will be terminated.

Individual bankruptcy is also known as:
Bankruptcy is also known as Sequestration (both individual and compulsory), Insolvency, and Surrender of Estate.

Other names for bankruptcy in business
This is also known as the liquidation of a business. When a corporation struggles financially, it could potentially liquidate to eliminate its debt. Keep in mind that there are certain processes that must be followed and explained, however this is a brief description of business liquidation.

How will I know whether I'm eligible for a sequestration application?
Contact an expert in Debt Relief Solutions in South Africa. Because they will be able to provide you with an accurate representation of the process, what it takes, and whether this is the best option for you. This makes navigating finances when over-indebted much simpler and more convenient.

3. Debt Relief Solutions Experts - where can I find a company like this?
A debt relief solution expert is someone who specialises in Debt Relief Solutions in South Africa. This will provide the enquirer with a single point of contact who can advise them on the many processes allowed by South African legislation.

How can a Debt Relief Solutions Expert assist an over-indebted individual or business?
*  They provide objective information to help you determine the best strategy for your financial circumstances.
*  They will provide a recommendation, but the final decision is yours.
*  They will also assist you with the process you choose to follow.

CONCLUSION:
It is important that when navigating finances while over-indebted to choose wisely when deciding on a service provider.

Why Cure Debt?
Cure Debt the ultimate Debt Relief Solution Experts in South Africa.  With a proven track record, we are proud to state that can help you Become Debt Free.  It doesn't matter whether it's you and your family or your business.  We are the ONLY company in South Africa that consist of all Debt Relief Solutions under one roof, allowed in South African Law.  If we cannot help you, no one can.  

Finding a Debt Relief Specialist: PLEASE HELP!
Need help finding a Debt Relief Specialist to assist with the best solution for your specific financial situation?
Call Cure Debt and talk to one of our Debt Relief Specialists, Find the Debt Relief you need from the best debt relief specialists in South Africa.

We can help you!  BECOME DEBT-FREE TODAY!

WHERE DO I FIND A DEBT RELIEF SPECIALIST?
Cure Debt: Your Debt Specialist Don’t wait until it’s too late; CALL NOW!

WHY SHOULD YOU TRUST CURE DEBT WITH YOUR FINANCIAL DIFFICULTIES?
We care about you and how this process will affect you.  We know and understand that if you decide not to continue with the process, we will lose money. But it is not about the money; it is about helping people get out of financial distress.  To help you START LIVING AGAIN.   

What does Cure Debt offer?
We worked with several professionals, specialising in their different fields, to serve our clients.  With a combined experience of more than 120 years.  We can proudly state that 'We are the best in the business of helping people and businesses BECOME DEBT FREE

We have an array of services we offer, and we SPECIALISE IN FINANCIAL DIFFICULTIES AND REHABILITATION.

OUR SERVICES INCLUDE:

Debt Review | Debt Counselling | Debt Mediation & Restructuring | Cancellation of the Debt Review | Sequestration | Rehabilitation | Liquidation | Credit Clearance of Credit Score | Business Rescue, etc.

                                                                              BECOME DEBT FREE TODAY...

Contact Cure Debt today to assist you with all your Financial Difficulties and Start Living Again.

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Call on Cure Debt rather than relying on the information herein to make any decisions. The information is relevant to the date of publication.
Privacy Policy
Panel of qualified Debt Counsellors registered with the NCR (National Credit Regulator)

Copyright © 2022, Cure Debt, All Rights Reserved, Designed by ArcSolve