Peter has been employed for 22 years at the same company. He earns R16 000 and is single.
He inherited the family home from his parents, but because of his poor credit record he could not apply for a bond which he needed to transfer the property into his name.
Peter had over R190 000 in loans and store accounts. Some were in arrears and some were listed with the credit bureaus. He also had the burden of settling up his parents late estate costs.
Peter came to us as a last resort as he was going to have to sell the family house.
But we were able to apply for a bond against the property into which we consolidated all his debts. By doing this we achieved two things: the first is we were able to save him from selling the house that he had inherited; and the second is that even with all the costs built in, we were able to save him R6 700 on his monthly debt repayments.
The property is now in his name and, as all his debt has been settled, we have been able cleaned up his credit profile. In the meantime, he has established a very good payment profile as he pays us on time every month.
We will be applying to switch the home loan back into the main stream banking system within the next month. This means he will now be paying the bank directly (instead of paying us) to carry on servicing his home loan. He has new attitude to debt and a clean credit profile to go forward worry free.
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