Sexually Transmitted Debt is where one person in a relationship becomes responsible for their partner’s financial debts usually after being convinced or misled into taking on debt on their own, sharing the responsibility, or taking on more risk than they knew about.
Meet Mrs. Love Lives Here, she is a 30-year-old, who lives with her partner under one roof in Belhar, Cape Town. Everything was great until Mr. Love Lives Here decided he didn’t want to be in the relationship anymore. Normally this wouldn’t be a problem if you were not married, but unfortunately Mrs. Love Lives Here was over-indebted because she co-signed all her accounts and loans with her partner.
Unfortunately when her partner left, he left her with the responsibility of paying for everything by herself.
After her partner left Mrs. Love Lives Here approached National Debt Advisors for help, as she was struggling to keep up her debt repayments.
How National Debt Advisors helped
Mrs. Love Lives Here’s debt counsellor took a look at her current household budget and drew up a new more affordable budget for her savings.
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Amount available for debt repayment: R 2 700.00
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Mrs. Love Lives Here owed R5 951 but only had R2, 700 available at the end of the month after her expanses.
Once National Debt Advisors stepped in, Mrs. Love Lives Here’s credit provider accepted the below reduced rates and installments:
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Thanks to National Debt Advisors Mrs. Love Lives Here can now afford to meet her monthly obligations. She is saving a lot on interest as the rates were lowered and most importantly, she has R500 extra every month to save for unexpected expenses or emergencies.