# Regulatory Compliance Category > National Credit Act Forum >  Debt

## pieksie

Hi Everyone,

I need some urgent advice please.  I have some debt and I am really struggling through every month because of it.

I went to the bank to ask for a consolidation loan but what they offered really doesn't help at all!  Does anyone know of a place that helps people like me?  I really want to stay away from debt review but it seems like at the end of the day I don't really have a choice.

I have sleepless nights because of stupid decisions that I've made in the past and it seems like this hole I am in is getting bigger.  :Helpsmilie: 

I will appreciate any suggestions.

Have a great day!

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## Citizen X

> Hi Everyone,
> 
> I need some urgent advice please. I have some debt and I am really struggling through every month because of it.
> 
> I went to the bank to ask for a consolidation loan but what they offered really doesn't help at all! Does anyone know of a place that helps people like me? I really want to stay away from debt review but it seems like at the end of the day I don't really have a choice.
> 
> I have sleepless nights because of stupid decisions that I've made in the past and it seems like this hole I am in is getting bigger. 
> 
> I will appreciate any suggestions.
> ...


Hi Pieksie,

1. Can you elaborate a little more, what type of debt is it? Vehicle finance, personal loan, retail apparel, cellura account?
2. When did you make a last payment i.e. in March 2007 etc, please be very specific1
3. Did you ever sign a acknowledgement of debt, I mean in recent times such as , 'yes, I do owe the money, I will pay you etc?

If you can answer these questions very specifically I just may be able to assist you right here on TFSA! :Big Grin:

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## pieksie

Hi Vanash,

It is only personal loans.  There is some doctors bills that I am paying off every month but that is not really an issue.

It is all up to date and I pay every month.  But there is not much of my money left because of this. 

No, I haven't signed anything like that.

Thank you   :Smile:

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## adrianh

@pieksie - 

look at how much money you get in every month.
Work out how much money you need to stay alive.
Compare that amount to the amount of money that you need to spend on debt each month.
See what the shortfall is.

Now, look at what you can do to bring the two ends together:

Can you bring in more money?
There are many ways to make more money from home, I don't know what you are into but one could bake or make cards or all sorts of things...


Can you negotiate with your creditors?
Most companies just want their money and don't want to take you to court. 99% of them are willing to negotiate with you to get their money in the long term, even the doctor. (It takes a hell of a lot before they came and take your furniture)

PM me and I'll give you some ideas. Whatever you do, don't let the walls close in on you, money is just a tool which you need to learn to manage.

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## Blurock

Pieksie if you are not in trouble yet, it should be fairly easy to manage your way out of the hole. I have yet to see a creditor refuse a reasonable offer to pay. They are all prepared to negotiate a settlement. Be cheeky and ask for a discount!

Make a list of all your debt. Is it possible to reduce or skip a larger payment in order to settle a smaller debt? By settling small debts, you will have more money to pay on the larger, more important debt. Once you have worked out the detail, approach your creditors and inform them of your payment plan. By reducing the number of creditors, you now have fewer people to deal with.

Be very disciplined and do not make promises that you can not keep - even if the creditor demands more. Stick to your guns and to what you can afford. NEVER break a promise! They will not trust you again. 

After about 6 months you should start seeing the light and may then want to renegotiate repayment terms. Do not make new debt. It is easy to stay without those fancy things you see in the shop windows once you apply your mind. :Wink:

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## pieksie

Thanks for your replies  :Smile:  

I will take a step back and try to come up with a plan of action.  I will also see if I can't generate a second income somehow, although this will be quite a challenge.

Between nappies, creche and milk (we have twins) there is barely any money left to live.

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## Chrisjan B

On a different note - have you heard about the Wiseman Concept?

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## pieksie

> On a different note - have you heard about the Wiseman Concept?


ROFL!!!!!!!!!!!    :Rofl:

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## pieksie

May I never be THAT desperate!!!   :Big Grin:

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## Citizen X

> Hi Vanash,
> 
> It is only personal loans. There is some doctors bills that I am paying off every month but that is not really an issue.
> 
> It is all up to date and I pay every month. But there is not much of my money left because of this. 
> 
> No, I haven't signed anything like that.
> 
> Thank you


Pieksie,

I'm trying in earnest to rule out extinctive prescription( as if extinctive prescription applies , you won't be liable for the individual debt at all, you simply need to invoke extinctive prescription: I'll guide you practically step by step)
For this to work a total of 3 uninterupted years had to have passed from the date of the last payment and you should have made no payments whatsoever in this period, no acknowledgement of debt should have been signed and this must not be a judgement debt!!!
If not, then Adrian's advice was actually sound, I'll just add that in my opinion you should contact the National Credit Regulator and request that they refer you to a debt counsellor registered on their systems in your area...

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## adrianh

@Pieksie - do you work full time?

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## pieksie

> @Pieksie - do you work full time?


Yes, I do.  I was retrenched a few months ago but found other work in the same company.  But my new salary now is a few thousand less.

I've looked for other work but other companies pay even less than I am getting now.

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## pieksie

> Pieksie,
> 
> I'm trying in earnest to rule out extinctive prescription( as if extinctive prescription applies , you won't be liable for the individual debt at all, you simply need to invoke extinctive prescription: I'll guide you practically step by step)
> For this to work a total of 3 uninterupted years had to have passed from the date of the last payment and you should have made no payments whatsoever in this period, no acknowledgement of debt should have been signed and this must not be a judgement debt!!!
> If not, then Adrian's advice was actually sound, I'll just add that in my opinion you should contact the National Credit Regulator and request that they refer you to a debt counsellor registered on their systems in your area...


Thanks Vanash.  No, I don't have debt that is that old!  As for debt consolidation, this will be my last option if all else fails!

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## adrianh

You'll be surprised at the things you can do to make extra money. My wife sells SandArt which has a 100% markup. We lasercut MDF (hardboard) for a lady who uses the designs to create Mosiac kits for kids (She sold R 6,000 worth of kits last week). The kids just love to do Mosiacs. My wife sells stuff at the Ice Rink in Cape Town and she also sells stuff to the people who are into horse riding (picture frames, mirrors etc)

Let me tell you something, all you need is a bit of drive and you can make a fair bit of money on the side. The best is to find something that is fairly simple that appeals to mothers of young children (think about the things you would like)

We already have products that you could sell to those people. All that you would need to do is use a bit of paint and ribbon and you can start a nice little business.

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pieksie (01-Nov-12)

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## Blurock

> Yes, I do.  I was retrenched a few months ago but found other work in the same company.  But my new salary now is a few thousand less.
> 
> I've looked for other work but other companies pay even less than I am getting now.


Working full time with small kiddies does not leave you much opportunity for a home industry type of sideline. Keep knocking on doors and look for opportunities, also with other institutions. 

Do not be content with just doing the job you are doing now. The boss is unlikely to promote you or give you a raise unless you keep knocking on the door. Keep learning new skills. Make yourself indispensable. You do not have to acquire a formal degree etc but if you were a filing clerk 10 years ago and you are still a filing clerk there is something wrong. I am sure things will work out for you as you are not content with the status quo, but are looking to change your circumstances. :Thumbup:

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pieksie (01-Nov-12)

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