Can I apply for a loan while being blacklisted?

Applying for a loan while being blacklisted can be a challenge, but it's not impossible. Being blacklisted means that you have a history of missed payments, defaults, or other negative credit events that have been reported to credit bureaus. This can make it difficult to get approved for a loan, as lenders view you as a high-risk borrower.

However, there are still options available for those who are blacklisted and need a loan. One option is to apply for a secured loan, where you put up collateral such as a car or property to secure the loan. This reduces the risk for the lender and increases your chances of approval. Another option is to apply for a loan with a co-signer, who can help vouch for your creditworthiness and increase your chances of approval.

It's important to note that applying for multiple loans at once can negatively affect your credit score and make it even more difficult to get approved. Instead, focus on improving your credit score by making timely payments and reducing your debt. This will take time, but it will ultimately increase your chances of getting approved for a loan in the future.

​​If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic. 

Types of blacklisting

Do you need help accessing credit in South Africa? If so, you may have been blacklisted. Blacklisting on your credit report can happen for a variety of reasons, and can make it difficult to obtain loans, credit cards or even a cellphone contract.

There are two types of blacklisting on credit reports in South Africa: payment profile and judgment blacklisting.

Payment profile blacklisting occurs when you’ve missed your monthly repayments on credit agreements. When you’re in arrears for more than 3 months, credit providers may report you to the credit bureaus. This can stay on your credit report for up to two years, and will make it difficult to obtain credit in the future.

Judgment blacklisting occurs when a credit provider takes legal action against you due to non-payment of debt. If the credit provider wins the case, a judgment will be made against you, which will be recorded on your credit report for 5 years. This information is publicly available, and can make it difficult to rent property or obtain employment.

If you’ve been blacklisted, it’s important to take steps to improve your credit score. You can start by paying off your debts and ensuring that you make your monthly repayments on time. You can also obtain a free credit report once a year from any of the credit bureaus to check for errors or inaccuracies, which can be disputed.

Remember, being blacklisted doesn’t mean you’ll never be able to access credit again. With some effort and dedication, you can improve your credit score and regain access to credit in the future.

​​If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic

What does being blacklisted mean on your credit profile?

When you are blacklisted on your credit profile, it means that you have a negative record of not paying your debts or loans on time. This can be due to a number of factors, including missed payments, defaults, and even debt review. The impact of being blacklisted can be significant, as it can make it difficult for you to obtain credit in the future. Lenders may see you as a high-risk borrower and may be less likely to offer you credit or may offer it to you at a higher interest rate. This can make it challenging to get a loan for a mortgage, car, or even a credit card.

One of the main consequences of being blacklisted is that it can have a negative impact on your credit score. Your credit score is a measure of your creditworthiness, and it is used by lenders to assess your ability to repay loans and other forms of credit. When you are blacklisted, it can lower your credit score, making it harder for you to get approved for credit in the future.

Another consequence of being blacklisted is that it can make it more difficult to manage your finances. If you have a history of missed payments and defaults, it may be a sign that you are struggling to keep up with your debts. This can lead to more financial stress and may even result in legal action being taken against you.

It's important to manage your debts responsibly and make sure you pay them on time to avoid being blacklisted. If you are struggling to keep up with your payments, it's important to seek help as soon as possible. There are a number of options available, including debt counseling, debt consolidation, and debt settlement. By taking action early, you can avoid being blacklisted and maintain a good credit score, which can be essential for securing credit in the future.

​​If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgment-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic. 

The process of applying for debt review

The article discusses debt review as a helpful process for individuals who are struggling with debt in South Africa. It outlines the benefits of debt review, such as making affordable monthly payments, protection from legal action, decreasing interest rates, decreasing credit life insurance, and improving credit score. The article : that debt review provides a structured plan to repay debts and helps individuals to regain control of their finances.If you are struggling with debt, applying for debt review could be a solution to help you manage your debts effectively.

Here are the steps to apply for debt review:

Find a reputable debt counsellor: Look for a debt counsellor who is registered with the National Credit Regulator (NCR) in South Africa. You can search for a registered debt counsellor on the NCR website.

Provide your financial information: Once you have chosen a debt counsellor, you will need to provide them with your financial information, such as your income, expenses, and debt obligations.

Undergo a debt review assessment: Your debt counsellor will assess your financial situation to determine if you qualify for debt review. They will also negotiate with your creditors to reduce your monthly instalments to a more manageable amount.

Sign the debt review application form: If you qualify for debt review, your debt counsellor will provide you with a debt review application form to sign.

Notify your creditors: Your debt counsellor will notify your creditors that you have applied for debt review and request a certificate of balance from them.

A court hearing: A court hearing will be scheduled to confirm your debt review application. Your debt counsellor will represent you in court.

Follow the debt review repayment plan: Once your debt review application is approved, you will need to follow the debt review repayment plan provided by your debt counsellor. This plan will outline your monthly payments and the duration of your debt review.

Do I need more advice about my current debt situation?

It is important to note that once you have applied for debt review, you will not be able to access credit until you have completed the debt review process. However, debt review offers many benefits, such as protecting you from legal action and helping you to regain control of your finances.

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic. 

The benefits of debt review

The article discusses the concept of debt review, which is a legal process regulated by the National Credit Act in South Africa that helps individuals struggling with debt to manage their debts effectively. The article highlights the benefits of debt review, such as making affordable monthly payments, protection from legal action, decreasing contractual interest, decreasing credit life insurance, and improving credit score. The article concludes by emphasizing that debt review offers a structured plan to repay debts, protects individuals from legal action, and helps them regain control of their finances.

Debt review is a process that helps individuals who are struggling with debt to manage their debts effectively. It is a legal process that is regulated by the National Credit Act in South Africa. Debt review offers many benefits to individuals who are struggling with debt, such as:

Debt review allows you to make affordable monthly payments. The debt counsellor will negotiate with your creditors on your behalf to reduce your monthly instalments to a more manageable amount.

Debt review protects you from legal action. Once you have applied for debt review, your creditors are not allowed to take legal action against you. This means that they are not allowed to issue summons, repossess your assets or blacklist you.

Debt review helps you to decrease the contractual interest on your accounts thus allowing you to settle your account within the allocated time.

Debt review helps you to decrease your credit life insurance ensuring that most of your monthly goes to settlement of the capital on your outstanding debt. 

Debt review helps you to improve your credit score. Once you have completed the debt review process, your credit score will improve. This means that you will be able to access credit in the future at a lower interest rate.

Do I need more advice about my current debt situation?

In summary, debt review offers many benefits to individuals who are struggling with debt. It provides a structured plan to repay your debts, protects you from legal action, and helps you to regain control of your finances.

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. 

Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic. 

How to recover from 2021?

December has come and gone. Many of us have long forgotten the looming January stress and responsibilities and all of a sudden school fees, bond payments and car payments are waiting for us around the corner. In this article, we would like to provide you with some useful information and tips on how to recover from the December fever stress-free.

Tip 1 Reflect, learn and move on

You should never regret a decision you made. Many of us spend too much time worrying about the past. Reflect, learn and move on. Mistakes are such useful experiences. It provides you with wisdom no amount of books, articles or videos can give you.

Tip 2 Reflect

A new year is a time when you can reflect on all your good and bad experiences. These experiences will help you make better decisions in the future. Do not allow yourself to focus on the negative, but look at the positive and lessons you learnt from the possible bad or good experiences.

Tip 3 Learn

Spend more time learning than talking. Their talk is cheap and this is true. Life is full of endless possibilities such as learning a new skill, language or even starting a new business venture you have been dreaming about. Never stop learning. Use things like Netflix, Youtube and so forth to improve your knowledge base.

Tip 4

Once you have reflected and learnt. It is now time to move on. Life is too short to stand in one place and expect to feel fulfilled. True happiness and satisfaction are not found in our comfort zone but look at nature. Birds, trees and the sea never stop moving forward creating beautiful and amazing things on their way.

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. Be on the lookout for our Podcast that will be focused on empowering you and helping you on this journey.

What exactly is family mediation?

If you are looking up family mediation, odds are there are some issues within your family unit that need to be addressed. Or you may have a friend or family member that is in a difficult situation with their spouse or partner, and need help to get it resolved. This is when family mediation is a good option. However, even though this process is widespread and frequently used throughout South Africa, there are many people who don't quite know what it means and how it works. So, today we'll give you a clear and concise breakdown of how family mediation works in the South African context.

The definition of family mediation

In essence, family mediation is a process that offers a family who are in conflict the option to settle their disputes outside of the legal system in an efficient, and cost-effective way. This option is open to parties who stand in a relationship with one another, and wish to take care of their problems in a way that does not get any costly lawyers involved or add stress by going straight to the courts. It is also often referred to as ADR, or 'alternative dispute resolution'. Another benefit of this route is that it is more informal, which makes it a less stressful option, especially if there are children or minors involved.

What does a mediator do?

A mediator is normally a family attorney, psychologist, or social worker. This is a completely neutral, third-party facilitator who does not have any vested interest in how a given matter is resolved, and is tasked to take an impartial, holistic view with regard to a given set of circumstances. The mediator sits in on sessions with all the parties involved, and facilitates their discussion in order to keep communication from breaking down due to emotional outbursts or deadlocks. They guide the conversation, ask questions, and guide the discussion back to the matter at hand if it veers off course.

Are there lawyers involved in family mediation?

No, not at the start of the family mediation process. Although certain mediators are trained family lawyers, they will not be a part of the proceedings in their capacity as a lawyer in this case. If and when deemed necessary, lawyers can however be included in the mediation sessions at extra cost to the client.

How can I find out more about family mediation in South Africa?

Now you know! If you would like to find out more about family mediation, and how it could be of benefit to you, please feel free to reach out to a Libertine Consultants representative. We are here to ensure that you have all the information you need to pave the way for respectful conflict resolution. Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing your finances in a way that allows you and your family to thrive despite current economic challenges

4 Important things to consider before you apply for credit

Applying for credit is such a commonplace thing that many of us view it as a rite of passage these days. After all, you need to have credit to become credit-worthy, right? Well, to a certain extent this sentiment is true. Credit bureaus and banks look at how you handle your debt in order to know if you could handle more. Or at least, they are supposed to. However, credit applications should never be done on a whim. Here are four things you need to consider before you apply:
APPLYING FOR CREDIT? CONSIDER THESE 4 THINGS CAREFULLY

Is this a need or a want?

Take some time to consider the reason why you need to extend your line of credit. What do you plan to use it for? You need to distinguish between a ‘need’ and a ‘want’. For instance, taking out credit for your studies or to buy a car to get to work is one thing, while doing so to cover the cost of a holiday or a fancy new AV set-up for your home is something else.

Could I rather save up for this rather than take out credit?

It’s no fun to wait for the things you want, we know. However, when it comes to nice-to-haves like air fryers, luxury luggage, and top-notch gaming consoles, it’s best to save up rather than take on credit. This is the tricky bit about being a grownup – you have to make choices like these to manage your money effectively.

What should happen if I lose my job?

Would you be able the cost of the repayments of the credit you plan to take on even if you got laid off tomorrow? Do you have enough savings to keep you coasting until you could find another gig? The economy is pretty unstable at the moment, and if you plan to add to your monthly expenses, you need access to liquid savings to cover repayments if things should go awry.

Do I need more advice about my current debt situation?

If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice. Best of all, you can get R300 off our credit clearance services if you refer a family member or friend, and existing clients get 5% off their full outstanding balance.

Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward.

The ABCs of debt review

If you are new to debt review, the process can seem daunting we know. Where do you start? And how does it all work? At Libertine Consultants, we know that it can all be a bit much. This is why we've decided to share the gist of what you need to know right here.

What exactly is debt review/debt counselling?

Debt review, also referred to as debt counselling, is a form of debt rehabilitation that allows a consumer to settle his/her debt obligations and get on an even keel with their creditors with the help of an accredited debt counsellor and a payment agency.

Do I qualify for debt counselling?

Are you unable to make all of the monthly instalments required by your creditors? If your answer is yes, you quality for debt counselling. Please note that juristic persons (i.e. companies) are not eligible for debt review. Only private individuals (i.e. living, breathing humans) quality for this support.

YOUR STEP-BY-STEP GUIDE TO DEBT REVIEW

Consult a debt counsellor, e.g. a member of the Libertine Consultants team. The debt counsellor assists you to create a new monthly budget that considers all your basic needs, e.g. rent, food, electricity, school fees, etc. The debt counsellor reaches out to your credit providers to get all the information on your existing debts. Together, you draw up a new repayment plan, and send it to your creditors. Your credit providers agree to the repayment plan, or make a counter proposal. You start to pay your new reduced monthly amount via a PDA <what does this stand for?> Court documents are created on your behalf including your repayment plan and the responses from your creditors. You sign a confirmation affidavit for the court. The court considers the plan, along with the responses from your creditors, and creates a court order. You continue to pay the restructured amount every month. The PDA provides statements to this effect on your behalf. Once smaller debts are paid off, the funds that become available are put towards bigger debts. Once all your debt is settled in this systematic way, you are free to leave debt review. You will be issued with a clearance certificate and all the relevant credit bureaux will be notified. At this point, you will be eligible for credit again, if you see fit.

Still have a few questions about the process?

This is the short and sweet explanation of what debt review is and how it works. If you have any further questions about this process, please feel free to reach out to a member of the Libertine Consultants team. Remember, this is what we do every day; our team will be able to provide you with good advice.

Best of all - if you contact us before the end of August 2021, you can take advantage of discounted rates on our credit clearance services. New clients get 15% off, and existing clients get 5% off their full outstanding balance. We are also offering family mediation sessions at a discounted rate of R500 per hour, so bear that in mind if you or any of your friends or family members could benefit from this offer. Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward.

Expert insights on managing debt

How are you guys holding up? Over here at Libertine Consultants we are working hard to ensure that our clients are able to keep things on an even keel throughout the third wave of COVID-19 that is rushing through SA like wildfire as frosty winter temperatures take hold.

We all knew it was coming, but that does not make the newly tightened lockdown measures any easier to deal with. The economy continues to take a hit, which means that companies are forced to make more job cuts, many employees are being put in a position where they need to take pay cuts, and yet the price of things like fuel, food and electricity continues to rise.

It’s a perfect financial storm. In fact, many South Africans are now in a position where up to 60% of their monthly income goes towards servicing debt, or they find themselves having to take out loans just so their debit orders won’t bounce month after month. This is not sustainable, but what exactly is the alternative?

Sit with your statements

Swiping or tapping a card is so effortless these days that many of us don’t even know where our money goes throughout the course of the month. Take some time to sit down with your bank statements (at least 3 months’ worth), and sort your expenses into categories like groceries, home maintenance, education, entertainment etc. This will help to you determine where you can trim your budget.

Differentiate between good and bad debt

All types of debt are not created equal. Paying towards something like a house on a monthly basis is a good move, because you are gaining an asset. However, if you are taking on debt to buy groceries or clothing (things that are consumable or aren’t assets), you should be looking at a better solution.

Draw up a plan of action

The hard truth is that your debt is not going to manage itself, and if you ignore it things will only get worse. Start by cutting down on expenses where you can, and rerouting that money towards debt repayments.

Feeling overwhelmed? Contact the Libertine Consultants team today!

If you feel like debt has you in a constant grip, and there is no way to gain control of it, it’s time to get some expert help. Get in touch with Libertine Consultants today. Remember, this is what we do every day; our team will be able to provide you with good advice.

Best of all - if you contact us before the end of July 2021, you can take advantage of discounted rates on our credit clearance services. New clients get 15% off, and existing clients get 5% off their full outstanding balance. We are also offering family mediation sessions at a discounted rate of R500 per hour, so bear that in mind if you or any of your friends or family members could benefit from this offer.

Need legal advice? We can assist with that too! Submit your legal inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward.

5 Steps you should take to manage your finances

At Libertine Consultants we prefer to look on the bright side – we are in the business of helping people regain control of their finances to live more prosperous lives, after all. However, it’s also important to be realistic, and at the moment South African consumers have to be cognisant of the fact that COVID-19 had a big impact on our economy.

Recent findings by credit bureau TransUnion indicate that more than 80% of respondents are concerned about their ability to pay bills and loans, and more than 50% of households have not recovered from the financial impact that lockdown had on their income.

If you fall into this category, you’ll know that a sudden and unexpected decrease in income can seriously derail your financial trajectory and long-term goals. In fact, it could even affect your family to the point where you need to make difficult decisions about basic expenses like rent, tuition fees and even groceries.

Become extremely wary of get-rich-quick schemes

When times are tough, unscrupulous scammers take advantage of the instability. This is why so-called Ponzi- or pyramid schemes flourish in uncertain times. Similarly, online fraud also skyrockets. So, start by becoming extra vigilant about who you do business with, especially if the deal seems too good to be true.

Also take great care to protect your online financial activity by only transacting on secure platforms and taking head of phishing warnings extended by your bank.

Prioritise saving before all else

The ‘you only live once’ approach to life is all good and well, but it can also lead to reckless spending. Now is a good time to become serious about saving. Sit down with your budget, see where you can adjust and push your savings to the upper limit of what feels comfortable. Then make a point of ‘paying yourself’ as soon as your salary is paid – put away those savings before it gets rerouted elsewhere.

Consider your service providers

Are you getting the best rates possible from your service providers like your bank, medical aid, car insurance, etc? If you are unsure, it might be time to revisit your policies to see if you could get a better deal elsewhere. It may take a little time to do the legwork, but the eventual savings will be worth it.

Draw up a 5-year-plan

Where do you want to be financially in 5 years’ time? Set goals now and enlist the help of a trusted advisor or mentor to break it down into action items that you can implement one at a time. This way you can build towards a sounder financial future.

Contact the Libertine Consultants team to regain control of your debt

Would you like to find out more about getting to grips with your debt? Get in touch with Libertine Consultants today. We are experienced in handling these matters and will be able to provide you with good advice.

Best of all - if you contact us before the end of May 2021, you can take advantage of discounted rates on our credit clearance services. We are also offering family mediation sessions at a discounted rate of R500 per hour, so bear that in mind if you or any of your friends or family members could benefit from this offer.

Why your employees' financial health is good for your bottomline

As an employer, it can be tempting to think that every employee's financial wellbeing is their own business, and that issues in this regard should not affect your company. However, employees are complex human beings. Just because they are employed in a professional capacity at your place of business, does not mean that any financial stress they carry will not have a ripple effect.

Helping your worker to take care of their financial health holds countless benefits for your business. When a person who works for you feels secure and able to take care of all their responsibilities, they are free to devote all their mental energy to the daily tasks at hand, and really bring their A-game every day.

On the other hand, if they are under severe pressure because they are in debt, or unable to make ends meet due to inadequate budgeting, etc., it can lead to increased healthcare expenditures, low levels of productivity, and absenteeism.

This all adds up to reduced profitability, and a compromised company culture. With so much at stake, it only makes sense to support your team when it comes to managing their income and making wise financial choices.

Here are a few steps to take when you want to provide your employees with the option of receiving support in terms of the management of their personal finances:

Get buy-in from key stakeholders

Make the case for your financial wellness program from the top down to ensure that you have buy-in from all the key stakeholders. Start with C-suite, and work your way down to HR and beyond. Once you have everyone on board, it's time to engage with the people the program stands to benefit, namely your employees.

Determine the lay of the land

Talk to your people to find out what they need. Every business is different, and so is the needs of its employees. Remember that money is a very touchy subject, so anonymous surveys and focus groups normally work best. One-on-one interviews is another way to go, if you feel that your employees will be able to speak openly about their financial pressures and need for support.

Identify workable solutions

Once you know what your employees’ needs are, determine which processes can be put in place to assist. You may find that there is a need for professional financial planning support, debt management, or credit services. The onus then lies with the company to decide on the ideal suppliers of these services.

Promote program engagement

Merely having a program in place will not guarantee engagement – it is bound to gather dust if no-one pays attention to it. Ideally, you want to put someone in charge of promoting the program among your staff members and drawing attention to it regularly to boost participation.

Measure & improve consistently

In order to ensure that your efforts are not going to waste, you need to measure the success of your program in an ongoing fashion, so you are able to improve it continuously for optimal results. Start by establishing KPIs right from the start, so there is tangible data to inform your decisions.

Contact the Libertine Consultants team for more info

Would you like to find out more about helping your employees to regain control of their financial wellbeing? Get in touch with Libertine Consultants today. We are experienced in handling these matters and will be able to provide you with good advice.

Best of all - if you contact us before the end of April 2021, you can take advantage of one FREE legal advice session via WhatsApp videocall, Zoom or Google Meets. We are also offering the first hour of an initial family mediation consultation free of charge, so bear that in mind if there are any employees who could benefit from this offer.

3 Reasons why you need a will

Do you have your last will and testament in place? Chances are if you are still young, unattached, living by yourself and generally enjoying a carefree lifestyle, it's not very high on your list of must-deal-with priorities. In fact, it might not even be on your radar at all.

Most of us only start worrying about this kind of paperwork once we've walked down the aisle, ducked the confetti, and settled down to raise some kids and/or fur babies. However, you should ideally have your will sorted even before then, for a number of important reasons. This includes the following;

It states what should happen if you get seriously ill or injured

None of us like to imagine that we will get very sick, or be involved in a serious accident that might leave us on life support. However, it does happen, and for the sake of your loved ones, you need to be prepared by providing them with clear instructions on what should happen in a case like this. This is why a person’s last will and testament includes a portion on their wishes in the event that they should be permanently incapacitated without the hope of getting well. For instance, it may say that you do not want to be kept alive artificially beyond a certain time span, and that you want to donate your organs if you should pass.

It can be very difficult for a parent or loved one to make decisions like this on your behalf when you are unable to speak for yourself, so it really makes things easier on the people you love if you put it down on paper beforehand.

It plans for the care of your dependents

This includes pets! Even if you don’t have any children, you may still want to have a say in what happens to your pets, and who will care for them if you are no longer around to do so yourself. Naturally, it becomes a bit more involved when you have children, but the same principle applies – if you don’t have a will in place to say what happens, it can become quite complicated for the people you leave behind.

It ensures that your stuff goes where you want it to

This is perhaps the most basic function of a will. In its essence, your will states who gets what, and if you pass without one the state will normally divide your belongings among your parents, sibling and other family members. This also takes a really long time if you don't have it down on paper. So if you want your small-but-valuable art collection to go to your friend, or donate a portion of your estate (however small) to a charity of your choice, you need your will to say so. There you have it – three reasons why you need a will, even if you aren’t hitched or have any dependents at the moment.

There you have it – three reasons why you need a will, even if you aren’t hitched or have any dependents at the moment.

GET FREE ADVICE ABOUT YOUR WILL

Feel free to reach out to a member of the Libertine Consultants team if you want to discuss your options for your will. We are offering FREE consultations via WhatsApp videocall, Zoom and Google Meets throughout the month of March.

Additionally, we are offering 10% off all credit clearance services, and FREE consultations to discuss financial management options via WhatsApp videocall, Zoom and Google Meets.

What is a deceased estate and how should it be reported?

When a family member passes away the law is often the last thing When a family member passes away the law is often the last thing you want to be thinking about. However, when a person dies and leaves property and a will, there are certain important steps to take to ensure that their possessions can be passed on in the right way. 

Deceased estates can become an admin conundrum, but at Libertine Consultants we go out of our way to make new laws understandable for our clients. Take a look below to learn more about deceased estates in South Africa and how it should be reported:  

5 IMPORTANT THINGS TO REALISE ABOUT DECEASED ESTATES IN SOUTH AFRICA

1. It has to be reported within 14 days 

The estate of a deceased person must be reported to the Master of the High Court within 14 days of the date of death. The Master of the High Court has offices in all major cities in South Africa. There is also a helpline on (012) 315 1207, and queries can be emailed to chiefmaster@justice.gov.za

1. You won’t be able to access inheritance funds right away 

The estate of the deceased person is frozen at death, and once this happens no-one can withdraw funds from their bank accounts or deal with any of the assets within the estate without permission from the Master of the High Court. If you are married in community of property this can cause some financial issues for the spouse left behind, and couples should plan accordingly. 

1. There are certain documents you will need to report a deceased estate

This includes: 

• Original or certified copy of the death certificate

• Original or certified copy of the marriage certificate/decree of divorce (if any)

• Original will

• Completed death notice

• Completed next-of-kin affidavit

• Completed inventory showing all the assets of the deceased

• Nominations by all the beneficiaries for the appointment of an executor and a certified copy of the executor's ID

• Declaration of existing marriage

• List of creditors

• Acceptance of trust as executor/Master's Representative (in duplicate), together with a certified copy of the ID of such applicant

Read more about the various documents you will need here. 

1. Without a will the estate will be declared intestate 

Any person of 16 years and over is free to make a will in order to determine how his/her estate should devolve upon his/her death. If a person dies without a will, the estate will devolve in terms of the rules of intestate succession. Read more about that here.

1. You can contact us if you have any further questions

South African law has various other intricacies when it comes to deceased estates. If you still have questions that have not been answered in this article, we recommend that you get in touch with a member of the Libertine Consultants team. We are experienced in handling these matters and will be able to provide you with good advice. 

Best of all - if you contact us before the end of February 2021, you can get FREE legal advice on deceased estates via WhatsApp videocall, Zoom or Google Meets, or take advantage of R300 off all or our credit clearance services.you want to be thinking about. However, when a person dies and leaves property and a will, there are certain important steps to take to ensure that their possessions can be passed on in the right way.

Deceased estates can become an admin conundrum, but at Libertine Consultants we go out of our way to make new laws understandable for our clients. Take a look below to learn more about deceased estates in South Africa and how it should be reported:

What happens if you can't pay your rent during lockdown?

If you are renting a flat or house in South Africa during lockdown, you may have wondered if the amended Disaster Management Act regulations changes your understanding with your landlord – especially if your income has been affected by the pressure on the economy.

Things have been pretty confusing lately, but at Libertine Consultants we go out of our way to make new laws understandable for our clients. Take a look below to learn what the law says about renting during the national state of disaster, and what that actually means in practical terms:

What does the law say?

The amended regulations issued in terms of section 27(2) of the Disaster Management Act dated 29 December 2020 [Regulation 11CA] states that ‘no person may be evicted from their place of residence, regardless of whether it is a formal or informal residence or a farm dwelling for the duration of the lockdown.’ The regulations also go on to state: 37. (1) A person may not be evicted from his or her land or home or have his or her place of residence demolished for the duration of the national state of disaster unless a competent court has granted an order authorising the eviction or demolition. (i) whether the party applying for such an order has taken reasonable steps in good faith, to make alternative arrangements with all affected persons, including but not limited to payment arrangements that would preclude the need for any relocation during the national state of disaster.

But what does that actually mean?

So, those are the laws, but what does that mean in a practical, real, day-to-day sense? Here are a few basic implications that the disaster management laws have for people who rent their living spaces:

Your landlord cannot evict you during lockdown – this includes residences in informal settlements, as well as backyard dwellings.

Your landlord is also not allowed to terminate services without a court order (which they will be unable to get during lockdown).

Lockdown does not automatically mean you will get a ‘rent holiday’. If you should lose your job or have your income reduced due to lockdown measures, you have to enter into a discussion with your landlord to come to an agreement.

They may request proof of your retrenchment and/or reduced income, and you have to give it to them.

If you fail to pay rent during this time, you can still be blacklisted. If your relationship with your landlord goes bad due to continued non-payment, they can still get you blacklisted. However, they will have to follow the breach process either in terms of the Consumer Protection Act, the Rental Housing Act or the lease agreement before reporting the default to the credit bureau.

Your landlord cannot legally use your deposit towards rent at this time without your consent. However, in certain cases this could be a viable solution for both parties if you don’t have another way to pay at least a percentage of your rent per month.

Still have questions?

The laws have many other implications for landlords and the people who rent from them. If you still have questions that have not been answered in this article, we recommend that you get in touch with a member of the Libertine Consultants team. We are experienced in handling these matters and will be able to provide you with good advice. Best of all - if you contact us in January 2021, you can take advantage of a FREE budget analysis, and get 10% off on our credit clearance services. Get in touch today to find out more.

Budgeting is the best way to overcome financial stress of 2021

As we head into the new year, many South African consumers remain on the backfoot where the financial impact of the COVID-19 pandemic is concerned.

While there may be a glimmer of light at the end of the tunnel in the form of a trail vaccine, as well as a reopened economy, most people are still nervous about the possibility of further lockdown measures, as well as the effect curtailed economic activity has had on their income throughout 2020.

According to the findings of a recent poll by credit bureau TransUnion, South Africans are struggling to keep up with their financial obligations to the extent where the average monthly shortfall is R7000+ per household. To cover these expenses, many are taking radical steps by cashing out investments or using funds that have been earmarked for retirement.

However, these are just temporary stopgaps. The recession that is following in the wake of the extended lockdown period in South Africa has not yet reached its peak by a long shot, and the year to come is likely to be a tough one on most wage earners – not to mention the 30.1% of citizens who are unemployed.

This begs the question – what is the average household to do in order to keep things on an even keel as everything settles back down? The honest answer is that we all need to tighten our belts and focus on essentials for a while.

Here are a few things to consider when you look at your household budget for 2021:

What are my non-negotiable expenses? This includes things like your rent/bond repayments, electricity, municipal payments, school fees, data, and food. What are my expenses that can be trimmed down? Take a look at expenses like medical aid, retirement annuities, household- and car insurance to see if there is a way to restructure it (e.g. to move it all to one umbrella provider), or to lower it slightly (e.g. by bringing your annuity rate down for a while). What are expenses that I can avoid altogether for the time being? Life has to be lived, this is true, but when times are tough there are certain luxuries (even small ones) that need to be placed on the back burner. For instance, instead of buying fruit and veg from a major retailer, you can support a local vendor who may not have export grade produce, but sells it far more affordably. Or, instead of buying five new pieces of clothing for the season, you could rather find ways to reinvent clothes you already have, or add one new accessory to keep your look current.

In short, budgeting remains the best way to overcome the financial stress of 2020. If you feel that your finances are out of control, feel free to reach out to a member of the Libertine Consultants team for advice. We offer a variety of debt and credit services that have been tailored to ease consumer pressure.

What happens once I have my debt review clearance certificate?

Working at a debt review agency like Libertine Consultants can be a little strange at times – for one thing, unlike other businesses, we see it as a good thing when our clients don’t need us anymore. For most companies that would mean they did something wrong, but in our line of business it means we did our job well, and our clients are now free to go on and live their lives free from the shadow of debt.

In the course of providing over-indebted South Africans with our comprehensive range of debt services and credit services, there are a few things we are asked almost every day. One of the most frequently asked questions is ‘what happens once I have my debt review clearance certificate?’.

This makes sense; after all, when you take the big step of admitting that you need help to regain control of your finances, you want to know when you will be able to take that big sigh of relief and get on with living your life. So, in short, here’s what you need to know:

What exactly is a debt review clearance certificate?

It is a letter issued to you by your debt counsellor that states that your debt has been settled in accordance with your debt restructuring plan. This means that all of your unsecured debt has been paid up; that (where applicable) your bond or mortgage payments and other long-term payments are up to date; and that your debt counselling fees have been paid as well. Your debt counsellor will distribute this notice to all of your credit providers, as well as the relevant credit bureaus.

Does receiving a debt review clearance certificate make me eligible to secure new lines of credit?

The short answer is no, not straight away. You need to factor in the time it takes for your credit providers to check in with the credit bureaus to ensure them that your debt has been paid up, and then some more time has to be allowed for the bureaus to update their records. To play it safe, assume that you will not have access to any new lines of credit for at least three months.

Also keep in mind that your credit score is not going to be great just after debt counselling. Give it some time and allow the credit bureaus to adjust your credit score upward before you apply for any additional credit. In fact, if possible, try to steer clear of taking on any debt for at least a year if you can. Try to live within the means of your income for a while with the advice provided to you by your debt counsellor.

There you have it – what to expect once you have your debt review clearance certificate, in a nutshell. Keep an eye on the blog in the coming weeks and months for more expert insight into everything associated with debt review in South Africa. In the meantime, feel free to reach out to a member of the Libertine Consultants team if you want to learn more about the services we offer.

What do debt consolidation services cost?

If, like many South Africans, you are currently feeling the effects of the curtailed economy and wondering how you’re going to keep up with your debt repayments in months to come, you may be considering debt consolidation services.

At Libertine Consultants, we understand that this is not an easy decision to make. When you choose to apply for debt consolidation, you are admitting to yourself and the world at large that you need help to manage your finances, and this can be very tough. However, we’re here to tell you that it is perhaps the bravest thing you can do.

Making this decision will be the first step towards regaining control of your finances and ensuring a prosperous future for yourself and your family. Once your debt is under control, you can go on to make sound financial decisions that will pave the pay for a far less stressful lifestyle in years to come.

This brings us to the question of cost. After all, when you’re trying to keep your expenses in check, the last thing you want to do is add to your mounting debt in order to sort out your finances.

HOW MUCH DOES DEBT CONSOLIDATION COST?

Happily, we have some good news in this regard. Debt consolidation, also referred to as debt counselling or debt review, is governed by the National Credit Act, and South Africa’s credit act is one of the most progressive in the world. It was written to protect the consumer.

As such, all debt review fees are charged in accordance with the guidelines set by the National Credit Regulator, including: • A R50.00 application fee. • A fee equal to your first monthly instalment (subject to a maximum amount of R9000 and determined after deducting your monthly expenses from your monthly income). • An after-care fee of 5% of your instalment for a period of 2 years, 3% thereafter.

There are usually also legal fees involved. These have to be disclosed to you upfront and will be deducted from your second monthly instalment.

IF I HAVE TO PAY THESE FEES, HOW WILL I ALSO PAY MY CREDITORS?

Once you go under debt review all payments to creditors are legally ceased for up to 60 business days. The debt counsellor’s fees and any legal costs that may be incurred are deducted from your first and second monthly instalments; your creditors receive payment from the third month onward.

As you can tell, the debt consolidation process has not been tailored to punish overindebted consumers – it’s been created to help. If you have any more questions about the costs of our debt services, or how it works in general, please feel free to get in touch with a Libertine Consultants representative. We’ll be happy to answer any questions you may have.

Affordable ways to make your household more cost-efficient

Let’s not beat around the bush, it’s been a tough year. Nations around the globe are feeling the effects of curtailed economies due to the impact of shutdown initiatives to curb the spread of the COVID-19 virus. South Africans, in particular, have had to adopt to some of the most stringent lockdown regulations put in place the world over.

Wrap your geyser

Wrapping your geyser with an insulation blanket is a very affordable and effective way to cut down on your electricity bill. Because the geyser unit itself is insulated, it uses less electricity to warm the water in the cylinder.

Harvest rainwater

Putting up a tank and rigging your gutters to capture rainwater generate some up-front costs, but once the water harvesting system is in place, you’ll enjoy the benefit of being able to water your garden without tapping into the municipal grid. In fact, there are ways to hook the tank up to your home as well, which means your harvested water will come out of the taps. Although this water is not 100% to drink, it can be used to wash, clean and bathe.

Plant a vegetable garden

Planting a vegetable garden is one of the simplest ways to save money – and it’s good for you mentally and emotionally as well! Plus, everyone can do it, even if you live in a flat. Even if you start out with a few containers of herbs on your kitchen windowsill, you’ll still be saving the money you’d be spending every time you buy dried herbs to use in your cooking.

Compost your kitchen scraps (or make stock!)

Get in the habit of keeping vegetable scraps and fruit peels aside to make your own compost. Again, this can be done in a space as small as a balcony. Even if you don’t end up using it yourself due to lack of a garden, you can always donate it to a school, park or charitable food growing organisation in your community. Alternatively, you can keep vegetable scraps in a container in the freezer until you have enough to make your own veggie stock – another simple and effective way to save.

These are just a few of the changes you can make around your home to make it a little more cost-efficient. Initially, the savings may seem small, but it will add up to quite a tidy sum over the course of months and years to come as you continue to enjoy the effects thereof.

Implementing these kinds of changes also has an impact on the way we think about our consumption of consumer goods in general, and is likely to make you think twice before loading something in your trolley at the supermarket when you go for your weekly shop.

Keep an eye on the blog in coming weeks for more valuable insight into living a more cost-effective life. In the meantime, feel free to reach out to the Libertine Consultants team for info on our debt services and credit services if you feel your finances are out of hand. We are here to help you pave the way to a more prosperous life.

Creative Ways to Shop on a Budget

A survey by Gallup in 2019 found that only 32% of Americans maintain a household budget. Roughly half of Americans are living paycheck to paycheck, meaning many of us have to get creative in how we shop for things like groceries, clothes, and entertainment.

Living on a shoestring budget can be stressful, but it is possible with some of these creative tips to shop and make the most of what you have.

Grocery shopping on a budget

Food tends to be one of the biggest spending categories in anyone’s budget. The USDA estimates that Americans spend an average of 6% of their budget on food; 5% of income also goes to dining out. How can you stretch that grocery shopping budget to go even further?

First, time your shopping trip to capitalize on sales and promos: Wednesdays: The middle of the week is often when grocers release their weekly circular. “You'll have first dibs on sale items for the week ahead and, if you're lucky, the store may still honor price reductions on items you forgot to pick up from the previous week's sale,” says one expert.

Avoid Tuesday and weekends: Weekends tend to be busier as people shop on non-workdays. Tuesdays can also be crowded as other shoppers try to take advantage of last week’s expiring deals, and therefore sale items go quickly.

Shop late or early: The hour before closing is when some grocers reduce prices on bakery items or produce items that won’t last until the next day. Early in the morning is also when there is less competition for sale items.

Next, before you head to the store, download an app. Not just any app, but one that gives you discounts: try Food on the Table, an app that lets you type in your food preferences and then generates a list of recipe options based on current promotions at your go-to grocery store. Or, try Ibotta, an app that lets you retroactively apply coupons to items you purchased by scanning your receipt and claiming deals. Many grocery stores also have apps that deliver exclusive offers and digital coupons.

Finally, put your dining out budget into your grocery shopping budget. A meal at a fast-food restaurant costs around $8; if you stop eating an $8 lunch every day during the workweek, you can save $40 a week ($160 a month!).

How to budget for an apartment

Rent is a big budget item for most people, and there are lots of hidden costs in budgeting for an apartment. Whether you’re on the hunt for a new lease or looking to reduce your utility costs and other apartment expenses, there are a few key things to consider when budgeting for your apartment.

First, if you’re looking to sign a new lease, try to find an apartment that’s close to public transportation. Longer-term leases (a year or more) tend to be cheaper, as the landlord doesn’t have to search for a new tenant or spend on renovations as often. If there are fixes that need to be made, offer to do them yourself in exchange for a discount on the security deposit.

If you’re in an apartment and hoping to save on utility costs, go beyond basic steps like turning off lights and turning down the heat. Think about turning off the devices that consume energy in a passive way, like your microwave and water heater that you aren’t using constantly. Winterize your apartment to cut your cooling and heating bills (winterize is a bit of a misnomer, as many of these steps can also keep your apartment cool in the summer). And, avoid running your energy-intensive appliances – washing machine, dishwasher, or dryer – during “peak hours”. Electricity companies tend to discount rates during the night when fewer people are using their grid.

Thrifting and other shopping ideas

What about other expenses: clothes, gifts, and entertainment? There are creative ways to shop on a budget for these items too.

Thrifting is an obvious choice for saving your clothing budget. Many shoppers also turn to fast-casual brands like H&M and Forever 21 – but be aware that those retailers may be more expensive in the long-term. Spending $10 on a t-shirt that lasts fewer than 10 wears is worse than spending $50 on a shirt you’ll own forever. “Unless it's practically free, you're better off buying clothing items from good brands with a reputation for well-made items,” wrote The Simple Dollar.

Look to see if clothes are well made by checking the seams and material. Seams on a good quality item will be perfectly straight, with no dangling strings; any patterns should match up well. The material should be higher-quality. Look for natural fibers and blends like wool, and avoid synthetics like polyester.

For gifts, go for something thoughtful rather than expensive. Find gifts that are unique to the recipient and require time, rather than cash. For instance, give someone the gift of time by babysitting or hiring a house cleaner. Give your family member a recipe book of meals from your childhood. Or, start a new tradition – holiday cookie-baking, for instance – that leads to memories rather than things.

Shopping on a budget isn’t always easy. Sometimes, what you really need is a little Lift to cover a shortfall or meet a financial emergency.

This article is contributed by LiftRocket.