Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Community blog

Read our latest news and views and get to know us better

What you can do when you find yourself in financial trouble
TeamSouthAfrica
Senior Member

80366_03_01_800x320_Alwayson_02_Sep_2016.jpg

Steadily increasing interest rates and growing everyday expenses mean that financial difficulties can affect even the most stable and sensible financial plan. Falling into debt can happen to anybody, but this situation is manageable with patience, persistence, and a plan.

 

If you find yourself owing more than you earn, these helpful tips can help you take care of yourself and your family while you get your finances back on track:

 

  • Firstly, make contact with your bank’s collections or credit rehabilitation division to work out a payment arrangement. You may negotiate to pay a lesser instalment each month or be granted an extension, which will definitely relieve some financial pressure.
  • If your debt is for an asset, like a vehicle, consider selling it for the price of the remaining balance (what you still owe on your loan for it) and then pay off the remaining debt.
  • You could also sell your asset privately to try for a higher price, which could possibly make some profit, as well as help you service your debt.
  • If you feel that you can’t handle this process alone and need extra protection, you can also consider applying for debt review. This means legal action can’t be taken against you while you’re in the process of paying off your debts. You can contact our Debt Review helpdesk on 0861 111 402.

When it comes to tackling debt, try to identify all proactive debt-reduction solutions and then decide on the ones that best suit your situation and lifestyle. With time, this strategy should help you return to financial stability.

 

For more information or help managing your finances, please visit http://www.standardbank.co.za/standardbank/Personal/Borrowing/Managing-your-debt

For more Information on our Savings and Investments opportunities, please visit: https://www.standardbank.co.za/standardbank/Personal/Banking/Savings-and-investments?cid=SO_yvd4j