So the interest rate is down by 100 basis points and Tito Mboweni says we mustn’t expect any further major rate cuts. Our president, Jacob Zuma admitted that we are in for tuff times with the global recession. Now I understand that everything is looking dark and bleak but this is the time when we should stand up, take our lives by the rains and start moving in the right direction.
If you have unmanageable debt and it looks like you are going to lose your house, go speak to someone. If you need to find out what you can do and how to get help go to the NCA site http://www.ncr.org.za there is a lot of information available there. I know it is never easy to ask for help but rather do it sooner than later. Your other options are to go to your bank, write a letter to them as well, but go to them and talk to a HUMAN BEING, and see what they can do for you.
I always say you should try whatever you can and brace yourself for what could happen. As soon as the markets turn, and they will, if you managed to keep your real estate, you will be smiling again.
…and if the banks don’t want to listen to you, you can apply for debt review and protect your assets against your creditors. Debt review is was born via the NCA, but not many people know about the advantages of applying for debt review.