The money available to service Mr Classen’s debt is R7200 per month, but currently he has to pay R13,448 per month, so he certainly needed our debt review program. DebtBusters then developed new repayment plans with lower monthly payments interest rates and sent these to the credit providers asking for their agreement.
The Classen’s family have learnt to live on a reasonable, affordable budget, saving them over R15,000 per annum.What advantages have Mr Classen his family achieved by going under debt review?
Mrs Nosisa, one of DebtBusters valuable clients, approached DebtBusters looking for help to solve her debt situation. The following budget was drawn by DebtBusters for Mrs Nosisa in order to analyse her current financial situation:
Mrs Nosisa also has debts. DebtBusters outlined her monthly repayments in the following table:
Overall Result: Mrs Nosisa is indebted as she requires R4 200 per month to pay her debt but only has a maximum of R3 000. However her debt is not out of control yet and it would be better for her to go under informal debt management.
DebtBusters renegotiates her debt payments to a total of R2 000 each month by asking her lenders to:
Mrs Nosisa is asked to pay R3 000 each month which is then distributed to all his credit providers.
How has Mrs Nosisa benefited from going under debt management?
In this debt settlement case study, we will describe how we helped our client resolve a large debt when he felt helpless. Over the past few years, Mr Abongile has managed to accumulate a total outstanding short term debt amount of R217 000. Due to the recent passing of a close relative, Mr Abongile inherited an unexpected amount of money, but not enough to cover all his debt.
Mr Abongile therefore decided to contact DebtBusters, who have the best and most reliable debt settlement solution available. Mr Abongile notified Siraj, one of our financial consultants, that he would like to settle his accounts but only has R170 000 available. Siraj then advised Mr Abongile about debt settlement, the benefits and how we can help.
Siraj analysed Mr Abongile’s financial situation by confirming the balances of each debt and which credit provider the debt is with. We then starting negotiating on Mr Abongile’s behalf to negotiate a settlement based on the fact that only R170,000 is available but there is a total debt outstanding of R217,000 that continues to grow each month.