In the following video Nicolette explains Debt Consolidation
Debt Consolidation | South African Youtuber
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Hi Nicolette love your videos.
Can you please do a video on how one can increase/better their credit score.
it's not a matter of "you might pay more than your initial debt" because you will definitely pay more because you are pay your debt with a debt. it's a dumb idea that works with dumb people because they are just nothing more than legalized loan sharks.
I went to one of these entities to ask about a R45k debt and was told they can do it with a 30 month period which will also prevent me from taking anymore new debt and the total repayment amount would be R75K at R2500 per month for 30 months. They would be making 30K from me in the 30 months but I decided to do it myself because if I was to pay the same R2500 per month into the debts that are already existing, it would take me about 18 months for my debt and he charges in interest I would have to pay adds up to about 12K which means my total repayment amount when I do it by myself is R57K and it would take me about 22-23 months to pay it off with that amount of R2500 per month.
When you stop being lazy to calculate and take charge of your own life and stick to a plan, it's a lot easier than to have other people do it and then charge you for doing it. You will always lose that way.
What happened with me is that i had a car that i was still payin for 3 years + and Balloon payment was still waiting for me after 5 Years worth 50k plus which i was stressing about, then Black tax was still waiting for me on the sideline so i took 180k Bond to build my parents a home from RDP house they used to staying in, everything went well i build my mom her dream home once the house was done, now we needed electricity and Plumbing and other things, bra i went to the Bank and Took debt Consolidation loan then ka change i managed to wire the house, and plumbing, ceiling and tiles.
The bank will give you 1st month without deducting ,Geez 2nd month came now that 2k + i was paying, was now 4K + and together with the car installment 3K + per month i was now paying bo boma 8k + every month, i felt like i could quit my job and run away, then 1 day i saw a post on FB people talking about Debt Review i joined the company called Freedom Debt.
I'm telling you those guys asked for my papers, then they went to all my credit providers and when they came back they took my loan back to 2K and my car stayed on 3K because of Balloon payment but then the good news was that i was no longer going to pay Balloon payment from 8K i was now paying 5K for both and they didn't increase my term either and now they are all paid up. thanks To FREEDOM DEBT.
The bad part about Debt Review is that once they take you in you can't take any skoloto i had to live off paying everything cash.
awesome video, i would add its a good debt consolidation if it gives you a better interest rate than the one you have under the existing loan
Thanks Nicolette l now know what is debt consolidation things are clear.lm definately learning something
Thanks Nicolette, your videos are very helpful!!
I almost too took it last year and sat down with my finances then started paying off the small debt accounts and worked my way through my debts.
I even improved my credit score as it was horrible.
Thanks girl …appreciate
Hi Nicolette, How do we contact/reach out to you for advice?
Thanks indeed I'm learning through you my Sister… Keep up the good work more South African they need such information
Thank you for this informative video
thanks Nicolette for the info, when you have time please also break down the debt review/counselling
Thank you so much Nicolette. You are such a gem. How does one book you for an event?
Could you also do a video breaking down debt counselling and how it works exactly.
I remember when I was a consultant at a bank, consolidations were helpful to some clients. It can be good and/or bad though, always read and understand your contracts thoroughly folks.
I almost took it last year until I read the contract and noticed that it only solves the money problem now but still pay more later….so glad I didn’t. Thank you.
I have listened to the video as yet coz am at work .i will listen to it later but am glad there is a new video
Thanks to your videos I’ve saved R3500 since i got my first job last month.
I am 22 years old and looking At saving R7500 then i will invest my money.
Then i am opening my fixed account in June when I’ve saved another R3500.
My goal is to buy a house before i turn 30
Notification Gang ?
Well I've heard all that I longed to hear atlest I've got a clear picture of dept consolidation loan but I'm not taking that move I'm going the Nicollete way I'm close to finishing line. ?