In the first quarter of 2017, Stats SA revealed that South Africa’s unemployment rate spiked to a 14-year high of 27.7% since 2003. If all goes according to the National Development Plan (NDP) 2020, the unemployment rate is expected to decline. “The NDP states unemployment should be 14% by 2020 and we have only two and a half years to that target,” said statistician-general of South Africa, Pali Lehlohla. “The gap to 2020 currently stands at 13.7 percentage points”. Here’s what you need to think about if you want to apply for debt review while unemployed.
Plan for the Worst
With these figures in mind, South Africans need to plan for the worst. Every year, the cost of living becomes less and less affordable, as we contend with accelerating inflation, a weakening currency, deepening consumer debt, mass job cuts, abject poverty, persistent unemployment and a corrupt, inefficient government. As follows, consumers should be incredibly cautious. Especially about taking on more debt or even simply being indebted at all at this stage. Anyone could suddenly find themselves without a job and over-indebted.
This could lead to you losing your home and car, and perhaps even full-blown financial ruin.
Which is why National Debt Advisors offers debt advice, debt management services, and debt rescue solutions for you while you are employed. It is important to explore your options just in case you find yourself in a tight spot. Being unemployed is at the top of the list of the worst things that can happen. So make sure that you are well-equipped to face the challenges that comes with it by being informed.
Going under debt review with National Debt Advisors while you are employed is a great way to protect yourself when the going gets tough. Your assets will be protected from credit providers threatening to take legal action, if you are under debt review. Once you have entered the process of debt review, you no longer need to worry.
So, in layman’s terms, you cannot undergo debt review while unemployed. Employment is one of the qualifying requirements for this highly effective debt relief process.
Prepare to Be Surprised
This is why it’s so important to enter debt review while you have a job. This will enable you to become debt free as soon as possible.
In this way, you can ensure that if you ever are unexpectedly retrenched, you wouldn’t need to enter debt review whilst unemployed. Contact National Debt Advisors today and we will help you on your journey to financial freedom!