Debt Solution for Bachelor
Mr. Pop Bottles is 46-year old bachelor from Polokwane. He lives the life of a bachelor, didn’t think he would need to settle down at any point, and loved to party with younger women. He is what we call the life of the party when you went to clubs, and drove one of the nicest cars in Polokwane.
Unfortunately, the good times did not last long. Mr. Pop Bottles now has three children by three different women and with his low salary could not afford to keep up with his extravagant lifestyle. Before long, he found that he could not afford his debt repayments, let alone his child maintenance.
“Mr. Pop Bottles earns a monthly salary of R11 000.”
|Food and Household Goods||R1210|
|Water & Electricity||R900|
“Mr. Pop Bottles earns R11 000 but his basic needs are R7200 a month. Leaving him with just R3800 to pay off his debts.”
|Debt||Original Rate||Original Instalment|
|Personal Loan||30.99%||R4, 862.71|
|Total Expenses||R6 307.65|
Mr. Pop Bottles would jump certain payments to keep up with his lifestyle and debts. Sometimes he can’t afford to pay for his child maintenance after trying to pay for whatever debt he could pay for.
After National Debt Advisor’s, spoke to Mr. Pop Bottles and renegotiated with his creditors, this is what they agreed on.
|Debt||Reduced Rate||Reduced Instalment|
|Personal Loan||7.74||R2, 567.19|
As you can see in the tables above, National Debt Advisors were able to successfully reduce Mr. Pop Bottle’s debt payment down to R3. 614.41 from R6. 307.65! This saved him some money, which means he can now afford to make his debt payments, his basic expenses and still pay for child maintenance.
“Debt review saves Mr. Pop Bottles R2693 monthly.”
This is all thanks to him entering debt review. The debt review process also provided him with legal protection against his credit providers. Mr. Pop Bottles can no longer be the life of the party, but he does not have to worry about his assets being repossessed or his salary being garnished.
He can now sleep soundly knowing that National Debt Advisors is helping him become debt free!