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Debt Solution for Bachelorette

Miss N is a 39-year old single bachelorette living in Hartbeespoort. She earns a monthly salary of R8735.

These days, credit is scarily accessible. It’s all too easy to fall into a devastating debt trap, but a nightmare to claw one’s way back out again. Unfortunately, this is what happened to Miss N when she upgraded her lifestyle using credit.

‘Miss N spends R7940 on just her basic needs’

But the good times did not last long. With the low salary she was earning, she simply could not afford to keep up with this extravagant lifestyle. Before long, she found that she could not afford her debt repayments, let alone her basic living expenses.

 

Net income: R8735.00
Motor Finance R 2,705
Vehicle Maintenance R1000.00
Vehicle Fuel R1000.00
Vehicle Insurance R600.00
Food & Household Goods R1485.00
Life, Health & Critical Illness Insurance R700.00
Bank Charges R250.00
Cell Phone R200.00
Total expenses: R7940
Amount available for debt repayment: R795

 

Miss N spends R7940 of the R8753 she earns just on her basic needs. After Miss N buys the basic supplies she needs on a monthly basis and pays her bills, she only has R795 left to pay towards debt.

‘Miss N owes R4334 per month in debt payments’

Sometimes, she can’t even afford to buy groceries after she makes her debt payments. That’s why she has fallen into arrears on many of her accounts. Now, she may lose her car or have her salary garnished.

Original Instalments and Interest Rates

Debt: Original Rate Original Instalment
Credit card 21.00% R1330
Credit card 19.00% R104
Credit card 19.00% R282
Gold cheque account 21.00% R 133
Personal Loan 21.00% R1469
Store card 22.90% R1016
Total: R4334

 

Overall, Miss N owes R4334 per month in debt payments. This means she is over-indebted as she can’t afford her expenses and her debt payments at the same time. She still needs to find an extra R3539 monthly if she is to avoid legal action from her credit providers.

Debt Review Instalments and Interest Rates

Debt: Restructured Rate Restructured Instalment
Credit card 11.50% R102
Credit card 2% R79
Credit card 4.75% R128
Gold cheque account 12.53% R 138
Personal loan4 12.10% R 143
Store card 0.00% R165
Total Restructured instalment: R755
Amount saved on debt repayments: R3579

 

As you can see from the table above, National Debt Advisors succeeded in getting Miss N’s total debt payment down to R755 from R4334! This saves Miss N R3759 monthly, which means she can afford her debt payments and her basic expenses with ease.

‘Debt review saves Miss N R3759 monthly’

This is all as a result of her entering debt review. This process also provided her with legal protection against her credit providers. Miss N no longer has to worry about her assets being repossessed or her salary being garnished! She can now sleep sound knowing she is well on her way to becoming debt free!

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