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Debt Solution for Sexually Transmitted Debt

 

What is Sexually Transmitted Debt?

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.

ExpensesCost
Net Income:R8 100.00
RentR1, 220.00
Cell PhoneR200
Other TransportR1, 000.00
ClothingR 500
Food & Household Goods R1, 830.00
ContingencyR500
Bank ChargesR150

 

Amount available for debt repayment: R 2 700.00

 

Debt ObligationsAnnual Interest RateInstalments
Micro Loan32.6%R2, 227
Retail Accounts26%R500
Personal Loan30.50%R1, 089
Other Account16.5%R321
Retail Account22.65%R225
Retail Account18%R864
Personal Loan22.5%R725
Amount Owed on Monthly Debt RepaymentR5, 951

 

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:

Debt ObligationsAnnual Interest RateInstalments
Micro Loan0.76%R1, 422.41
Retail Accounts12.16%R113.25
Personal Loan12.38%R82.26
Other Account10.51%R108.66
Retail Account0.63%R108.11
Retail Account9.53%R292.04
Personal Loan11.05%R62.65
Amount Owed on Monthly Debt RepaymentR2, 189.36

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.

Do you know someone who has a debt problem and needs debt relief? Find Out how we helped other clients who had similar problems to Mrs. Love Live Here in our CASE STUDIES section.

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