Getting married is one of the most imperative decisions of your life, not only in the present, but also for the future. Will you have children? Buy a house? Or maybe invest in a new car? Which ever it may be, it all comes down to finances.
With the many joys in life that money can provide, the reality is that your finances can also cause a lot of complications in your marriage, especially when you have to share accountability for something like a bond. The National Credit Regulator (NCR) has shown that as little as 49.2% of credit active consumers are abreast of their payments.
What is a “joint financial obligation” and how does this work?
What is the best options for both parties when your partner has exceeded his/her debt?
When facing debt review both partners will have to enter into the process as a unit, legally entering into a marriage under community of property, the husband and wife is seen as one body, except for when an ante-nuptial contract has been entered into before marriage.
Going under debt review as an entity might be a burden for the one party and a saving grace for the other as the credit bureaus will flag both parties and neither one will be allowed to apply for more debt or take out a loan.
What are the actions of going under debt review?
Any one person that struggles to keep up with monthly financial commitments can apply for debt review. A debt counsellor will take into consideration all of your outstanding debt while still making sure that your basic expenses such as food, schooling etc is taken care of.
Your debt counsellor will start the process of conciliating any payment terms and instalments with the various credit providers which in turn also legally protects you by the National Credit Act to guarantee that no creditor may bother you for payments.
How long will it take before you are debt free?
The period from being over-indebted to being fully debt free and financially fit will vary on a number of factors such as the amount of debt owed and the amount available to repay the debt. Although some may find this to feel like a never ending road, it is a very crucial step to take, as it may be the only step left to becoming debt free.
Contact DebtCrew today for a obligation free consultation.
DebtCrew, where we make your debt our problem.
