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  • Writer's picturezarreen soni

Debt relief for low-income families:

Obtaining a personal loan may be necessary to maintain your financial security when unforeseen events occur. If your credit is good and you have adequate income to pay the loan installments, you might be able to get back on track sooner rather than later. However, if money is tight, managing a personal loan can be challenging and have a detrimental impact on your finances.

Even so, by exploring your options, you could be able to acquire a respectable personal loan arrangement in spite of your meager income. Even though the payments might still be out of your price range, if you can get a personal loan with advantageous terms, your borrowing costs might be lower.

Here are some debt solutions you can consider for a low-income household:

· Debt review: Debt Review in terms of the NCA(National Credit Act) 34 of 2005 is a formal investigation into the financial position of the consumer, in order to determine whether the consumer is over in-debted and then to renegotiate the term of credit agreements by reducing the interest rate and investigating for reckless lending.

· Debt consolidation: this is a form of debt refinancing that entails taking out one loan to pay off many others.

· Debt counselling: this is a process in terms of the National Credit Act, Act 34 of 2005, where a consumer who is over indebted (struggling to maintain monthly debt repayments) applies through a registered Debt Counsellor to assist him / her in reducing their monthly repayment amount.

Contact Clear Review Consultants for a tailor-made financial solution plan on 0215696041 or visit our website to fill out a form:

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