Being a parent in the 21st century can be a tough nut to crack. Our children are growing up exposed to countless media channels, which means it is vital that we lay the groundwork for proper understanding of life skills such as financial planning, so they are able to make sound decisions despite the constant marketing onslaught.
When you’re happily married and placing your career on the backburner to take care of the children while your partner pushes their career boundaries as the main breadwinner, difficult discussions about financial responsibilities are something we tend to sweep under the rug. After all, who wants to come home after an exhausting day at the office to answer a slew of questions about how the household finances are managed and what would happen if divorce becomes a reality? Pretty much no-one
At Libertine Consultants, a part of the debt counselling services we provide includes sitting with our clients to determine what they’re monthly expenses are. Something we’ve noticed of late is that many consumers tend to underestimate their transport expenses. So, we thought we’d share a few of the hidden costs you may not be considering when budgeting for the month.
This is the fourth and final blog in our four-part series on clearing your credit record in South Africa. If you’ve been keeping an eye on the blog over the last few weeks, you are now all caught up on the role your credit record plays in determining whether you are a sound investment for financial institutions who extend credit to SA consumers. We’ve discussed the role of credit bureaux in determining your overall credit score, how a credit record differs from a credit report, and what a good credit report should look like.
If you’ve been keeping an eye on the blog over the past few weeks, you’ll have noticed that we are discussing where your credit record fits into the procedures South African financial institutions follow when determining whether you are a suitable candidate for credit or not. At Libertine Consultants, evaluating their credit report, is the most important starting point for each one of our clients – whether for a simple enquiry, a clearance issue or to determine if someone really needs debt review.
We really know our stuff when it comes to our clients' credit reports!
In previous articles, we discussed the role of credit bureaux in determining your overall credit score, and how a credit record differs from a credit report. Today we look at the main features of a good credit report.
If there is one thing that the Libertine Consultants team excels at, it’s helping our clients to improve their credit records! We have helped countless over-indebted South African consumers to properly manage the repayment of their debts. By fostering healthy repayment habits, their credit rating has improved significantly. But how does it all work exactly?
In our previous article, we discussed the role of credit bureaux in determining your overall credit rating. Today we are discussing your credit record and how it differs from your credit report.
At Libertine Consultants, we receive questions about credit records every day. We are often contacted by people who have taken out many loans and made a lot debt and are now unable to get any credit because of a poor credit record or blacklisting. But what does it mean when you have bad credit or a low credit score? And what can you do when you have a negative listing on your credit record and want to clear your name?
To make it as simple as possible, we’re going to break this rather complicated matter down into four questions and provide answers to each one in a series of four separate articles:
What is a credit bureau & what do they do?
What is a credit report & why do I have one?
What does a good credit report look like?
What causes a low credit score & what can I do to improve mine?
One of the credit services we provide at Libertine Consultants is credit clearance. This often includes helping our clients clear prescribed debt from their credit records. But what exactly is prescribed debt, when does it apply, and does it really mean you don’t have to pay an outstanding debt?
If you are currently battling to pay all your bills and struggling to cover day-to-day expenses, you might have heard of or considered debt review. The debt counselling process, developed by the National Credit Regulator (NCR), was created to safeguard consumers, but the process is often not fully understood. Today we take a look at the most important pros and cons of debt review in South Africa in 2018.
At Libertine Consultants, we don’t often have the opportunity to advise consumers on the importance of budgeting. Unfortunately, we only meet them when their financial situation has deteriorated to the point where they are desperate for our help. We step in and help them restructure their debt.
Prevention is always better than cure, so let's get budgeting before the crisis hits!
The answer too this question may seem a little obvious at first glance - i.e. when you can’t pay all your creditors - but it goes a little deeper that that. At Libertine Consultants, we believe the first step to a financially prosperous future is knowing your limits and deciding where to draw the line. So how do you do that?
South Africa is one of the most indebted nations in the world and the outlook for highly indebted consumers is getting bleaker, especially with the April VAT increase looming! One of the 'easy solves' that are touted as a solution for debt strapped South Africans, is the consolidation loan. But what exactly is it? How does it differ from debt counselling? Would it be a good option for you? Read on and learn more…
Did the spending frenzy over the 2017/18 festive season leave you with a flat wallet and a permanent frown of concern? You’re not alone! A vast portion of the South African population feels exactly the same way.
Is there anything more rewarding than a loving, supportive relationship with a partner who shares your ideals and yearns to build a shared future together? It’s no wonder that getting married is such a big milestone in our lives – making the decision to spend your life with another person is a big step and such a union deserves to be celebrated.
Blacklisted. Has a terrible ring to it, doesn’t it? It’s a terrible thing when you apply for a loan to buy a big-ticket item like a home or a car, only to realise that somewhere along the line your credit rating took a big knock and you are no longer deemed eligible to receive credit. Let’s take a look at what it means to be blacklisted and how you can clear your name from a blacklist in 2018.
At Libertine Consultants, we realise that the festive season can be tough if you’re trying to control your spending. As one of the most trusted debt counselling companies in South Africa, we have brought many families and individuals back from the brittle brink of debt, so we know just how difficult it can be to pull in the belt when the rest of society spends like there is no tomorrow.
Here are a few tried and tested tips on getting through the holidays without worsening your debt situation:
This time of year, there is nothing worse than having to pinch your pennies. At Libertine Consultants, we know all too well that it can be a trying time to be under debt review, while many other family members and friends jet off to gorgeous holiday destinations or go on lavish festive shopping sprees. As such, around this time of year we often get asked whether consumers can withdraw from debt review once a court order has been obtained.
If this headline drew your eye, chances are you are currently undergoing debt counselling, but have been considering withdrawing from the process. At Libertine Consultants, we have assisted overindebted consumers from all walks of life, so we realise that there are situations in which withdrawal from debt review becomes a talking point around the dinner table.
At Libertine Consultants, we realise that debt review is not a one-size-fits-all process. What works for one person doesn’t necessarily work for another; certain consumers require a different approach. This is why you need a knowledgeable debt counsellor by your side to make sense of the process.
Credit cards has to be one of the most hotly contested transacting tools on the market today. Kids who grow up in financially savvy households are taught the evils of the credit card from an early age; while young, working professionals quickly come to rely on this soft, yet volatile, financial cushion to buffer them through the first years of their adult life.
At Libertine Consultants, we have helped many clients who encountered tough financial times due to a split from an abusive partner. It happens more often than you might think, and we’re here to let you know there is hope, even if you feel trapped due to a lack of financial resources. Here are the first steps you should take when you decide to leave an abusive relationship.
We all know we should save. After all, the day may come when you are no longer able to work the long hours you do now, or the economy may take another pounding and a round of retrenchments at your company could lead to months without work. This is not something we like to think about when everything is going well, but this is exactly the time when saving aggressively is most pertinent.
However, it is much easier said than done, especially for upwardly mobile people of colour in South Africa. While saving is a tough notion across all races, black and coloured men and women in our country have an extra set of hurdles to overcome on the road to financial prosperity:
There are many reasons South Africans go into debt to the point where they require debt counselling to improve their circumstances. While it often involves a loss of income, over-spending, unexpected illness or simply an inability to manage personal finances effectively, divorce is also increasingly ranking among the reasons for individuals to seek the assistance of debt professionals.
Bringing a brand-new life into this world is one of the most rewarding experiences you’ll ever enjoy, but it also comes with a whole lot of added responsibilities. And by ‘a whole lot’ we mean a boatload. It’s pretty intense. If you have been considering having a child or expanding your family, there are a few financial aspects to consider before you take the plunge.
Here are the basic costs you need to factor in when falling pregnant and having a baby:
If you have been following the news closely, you’ll realise that the South African economy is taking a bit hit in the wake of the contentious cabinet reshuffle in the first quarter of the year. As expected, this political move caused two of the three major credit ratings agencies to downgrade South Africa to sub-investment status, or so-called junk status.
In the wake of the recent downgrading of the South African economy following a contentious cabinet reshuffling, the country’s economy has officially gone into what is being termed ‘a technical recession’ by debt professionals. It has had a substantial impact on the financial situation of the most cash-strapped consumers. According to official statistics, 10 million+ consumers (more than half of South Africa's economically active population) are in arrears on at least three different monthly payments. This is serious.
Here are a few things that will definitely happen as a result of the current economic recession:
If you are someone who keeps an eye on the news, you’ll know that the world’s foremost credit rating agencies have downgraded South Africa to sub-investment status in the wake of the president’s contentious cabinet reshuffle. While we all realise this is very bad for the South African economy, few of us actually understand how this could impact on our own finances further down the line. Here are a few reasons why the economic downgrade should inspire you to save more.
South Africans are facing very trying economic times. At Libertine Consultants, we understand the pressures of mounting debt and the fear that you may not even be able to make the basic consolidated repayment brokered by a debt counsellor. In fact, that is one of the questions we hear most frequently during our initial meetings with debt-stricken clients: What should happen if I lose my job while I’m under debt review?
The short answer is not a happy one - debt counselling is only an option when you have a regular income, and if you should lose that income during the review process, your creditors can terminate the review in terms of the National Credit Act. However, don’t lose heart, there are options available to debt review clients who lose their regular income.
In the wake of the downgrading of South Africa's sovereign debt rating to sub-investment grade (so-called junk status) by the world's foremost credit rating agencies, SA consumers are bracing for a tough time ahead in terms of their finances, and rightly so.
We have great news for all South African consumers who have been trying to improve their credit scores – several international credit bureaux are in the process of implementing new reporting legislation that will make it much easier to boost your credit rating. Equifax, Experian and TransUnion will be removing a handful of negative factors from their reports after July 1st 2017, according to the Wall Street Journal.
According to the 2016 report by the South African office of the Credit Ombudsman, the organisation managed to return a whopping R10.7 million rand to South African consumers' pockets last year; a feat that is all the more remarkable when you consider that many of individual amounts repaid are quite small and the total repayment marks an increase of 40.2% from the previous year.
Do you live under the shadow of a poor credit score? At Libertine Consultants, we know what a hassle it can be to secure credit or even do something as simple as upgrade your cell phone if there is a blight on your credit history. Today we take a look at a few simple ways in which you can improve your credit rating.
At Libertine Consultants, we firmly believe the easiest way to keep maintain a healthy credit score is to be informed about how it’s calculated and what you can do to improve it. Here are five important things you should know about your South African credit rating:
At Libertine Consultants, we are often approached by consumers who are at their wit’s end due to unscheduled withdrawals from banks who use the funds to settle credit arrears without prior notice. This kind of situation can be devastating if you had been counting on a cash deposit to pay another creditor or to take care of your day-to-day living expenses.
Today we take a look at debt off-set, what the law says about it and how to safeguard yourself against this controversial practice.
Our previous article regarding effective ways to stay debt-free in 2017 was so well-received by our readers that we decided to share five more! Here are another five budgeting tips to keep you on the financial straight and narrow in the coming year:
At Libertine Consultants, we know first-hand the devastating effects that debt can have on the quality of life of cash-strapped families and couples. In the spirit of enjoying a financially sound and prosperous 2017, we share five effective ways to stay debt-free in the coming year.
Today we take a look at withdrawing from debt review. Normally, the debt review process is only finished once your debt is paid off and Libertine Consultants has issued a clearance certificate to each of your creditors and notified the National Credit Regulator (NCR) and credit bureau to remove the debt review flag from your profile.
However, South Africa’s National Credit Act is one of the most progressive in the world, which means it makes allowance for the fact that the consumer and/or debt counsellor may want to withdraw from the debt review process before it has been completed in this fashion.
At Libertine Consultants, we realise that the very notion of having to apply for debt review is stressful enough, which is why we make the debt review application process as simple as possible. Here is a step-by-step explanation of what you can expect when you apply for debt review with Libertine Consultants.
The debt review process can be quite daunting, especially if you don’t know what to expect once it had been completed. At Libertine Consultants, our clients often ask whether they’ll ever be able to buy a house, finance a car or get any sort of credit once their debt counselling bas been completed. Happily, the answer to most of these questions is YES. Debt management is a measure that has been put in place by the National Credit Act to safeguard South African consumers against the crippling effect of piled-up debt, which means the process is meant to rehabilitate, not to punish. So how does it work?
At Libertine Consultants, we often provide debt counselling services for individuals who learned that they were blacklisted without even knowing what this means. Today we give a quick overview of what blacklisting means, why it happens and how you can avoid it.