When you are DEEP in debt. How to deal with loan sharks, banks. Listen!

In this BizNews podcast, Alec Hogg and Candice Paine discuss the options when you have left it too late to ask the bank for money and have ended up in the hands of loan sharks as your debt continues to spiral.
Published on:Β 

One of the earliest money lessons I received was to borrow money from the bank when you don't need it – because, when you do need urgent financial help, the bank will not give you funds. So: set up an overdraft, but don't use it unless there is an emergency; try to have an access-type bond for emergency funds and have a credit card – but don't use these unless you absolutely have to tap into this money. This is because the bank will assess you on your ability to repay. And, the way the system works is that you will not tick all the boxes for the back office if you have a cash crunch. In this BizNews podcast, Alec Hogg and Candice Paine discuss the options when you have left it too late to ask the bank for money and have ended up in the hands of loan sharks as your debt continues to spiral. – Jackie Cameron

What do you do if you are struggling to support three families on R20,000 a month and the bank wants you to pay your home loan arrears fast – or it will evict you and your relatives?

This is the real-life case being discussed on BizNews Radio, with broadcaster Alec Hogg asking independent adviser Candice Paine for her suggestions on how this desperate woman can get out of a money mess.

"We had an email today – a genuine request from someone I worked with a few years ago who was in a desperate situation. She got a letter from the bank to attach the house unless she paid off half of the arrears, or R50,000. She went to all the banks… and then eventually looked on Gumtree where she found a loan shark," explains Hogg.

___STEADY_PAYWALL___

Loading content, please wait...

Related Stories

No stories found.
BizNews
www.biznews.com