Financial Hardship

By paying more than the minimum repayments you will lower the principal and thereby reduce the interest charge.

List all your debts, ranking them according to the rate of interest. Concentrate on paying off the higher interest debts first. Once the highest-rate debt is paid off, add the total you were paying on this debt, to the next one on your list.

Some members make the mistake of avoiding making payments all together as they fear contacting us. There is no need to be embarrassed; we are more than willing to try to help in these circumstances.

It is much better that you call before your credit history is affected. In circumstances such as these, we can possibly revise your repayments and/or extend the time you have to pay.

Debt consolidation involves combining all your debts into one loan. This can have many advantages including reducing your minimum monthly repayment; establishing a payment structure that will see the loan paid off in a structured way, setting a fixed monthly payment that helps with budgeting. Note though, that this strategy only works if you change the spending habits that got you into debt in the first place.