Consolidating debt with fnb

04-May-2015 13:39

It is a widely abused mechanism that exists in a structurally weak system that shifts all the control to the credit provider.

At the risk of over-simplifying the legal issues, a garnishee can be summarised as when the magistrate's court provides the credit provider with an order that forces your employer to make deductions from your salary to repay your outstanding debt.

This includes claiming benefits from the UIF if you are receiving partial or no income from your employer.

The risks of consolidation loans include the following: • The interest rate or fees on the consolidation loan could be higher than that of the debt being settled; • If an asset like a house is used as security for the loan, you could lose your asset if you miss payments; • Paying an additional initiation fee on the consolidation loan; • Paying credit life fees on debts that were previously not subject to credit life; • Your repayment term could be extended so that you will be paying off your unsecured debt over five years or more; and • Until the consolidation loan is paid off, it is highly unlikely that you will qualify for wealth-enhancing debt such as a mortgage loan.

Garnishee orders Thirdly, the garnishee order is unfortunate and could perhaps be challenged.

The concern is that not all credit providers are settling third-party claims directly and rather rely on the desperate consumer to exercise discipline to settle their debt with the consolidation payout.

consolidating debt with fnb-9

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Further, not all consolidation loans are in the best interest of the consumer.Most personal loans also come with credit life insurance, which can include benefits that pay out in case of disability, retrenchment or death.

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