Debt Review – Consolidation Case Studies – Budget Reviews, debt consolidation lenders.#Debt #consolidation #lenders

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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?

  1. All new payment plans were accepted by creditors, meaning they get to keep their home and vehicle.
  2. Monthly fees have been reduced as well as big interest rates cuts, meaning Mr Classen is saving thousands of rand, which otherwise he would have had to pay and is reducing the debt burden every month.
  3. No legal action will occur whilst Mr Classen makes the agreed payments, meaning no legal costs and a big saving.

Debt Management Case Study

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:

  • DebtBusters develop a new budget to ensure the client has the maximum amount available to service the debt
  • DebtBusters develop a client repayment plan for the creditors by extending the term of the credit agreements to ensure a positive cash flow. This will allow the client to get out of debt without having to get a court order and therefore less cost.

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?

  • She makes one monthly payment to service all her debt (the funds are distributed through the system)
  • It is a repayment she can afford
  • She knows how much he has to live on every month
  • No more calls from the Credit Providers
  • When she is debt free her credit record is clear
  • She doesn t waste time at work trying to sort out her debts
  • She can sleep easily knowing that she is on her way to financial stability

Debt Settlement Case Study

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.

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