Struggling to make payments?
Here are some supportive solutions to help you regain control of your finances.
I can’t make payment this month or have missed a payment
I can’t make payment for the next 3 months or longer
Assisted Sales
If you need to sell your home or vehicle, we’re here to help you get the best possible price. This offer is available for MFC and home loan clients.
When to ask for debt counselling?
If you answer ‘Yes’ to any one of these three questions, you may need to speak to a debt counsellor.
- Do you have multiple loans with different creditors, for example, home, car and personal loans as well as multiple credit and store cards?
- Are you struggling to keep up with your monthly loan repayments, even though you earn a regular income?
- Are you behind on a number of your credit or loan account payments?
4 ways to take control of your financial situation
1.Assess the situation:
Start by calculating all your debt. Review your income, expenses, and savings to get a clear picture of where you stand financially.
2. Review your budget:
Take a close look at your budget, which is simply your spending plan. Identify areas where you can reduce expenses or reallocate funds to make room for higher debt repayments. It’s important to prioritise essential expenses and consider cutting back on your non-essential spending.Monitor and adjust: Keep a close eye on your financial progress and adjust it as needed. Stay proactive in managing your debt. Assess your budget regularly and use any available extra money to reduce your debt. Every rand you save can go a long way.
3. Becoming debt free:
Once your financial situation improves you may find yourself with a little extra cash, use this to start your journey to being debt free.
4. Low hanging fruit:
If you have some debt that is almost paid up, why not pay these debts off first.
- Rank your rates: Consider paying your extra funds into your debt that charges the highest interest rate before paying extra into those longer-term debts. e.g., pay off your personal loan which charges a high interest rate before paying extra money into you home loan which is normally one of your lowest rates.
- Make your extra money work for you: If you have paid off a debt, don’t consider that extra cash as extra spending money. Rather take what you were paying off on those settled debts and add that to the payment of the next debt in your hit list. Before you know it, you will be reducing your debt at a lightning-fast pace and be well on your way to being debt free.
Remember: Taking these steps and staying on top of your finances can make a real difference in easing the burden and getting your financial situation back on track and staying on track. You’ve got this!
Learn more about interest rates.
