08/03/2021
The consumer is still under pressure, and 42% have asked for relief, for a period of three months at least.
To those that were lucky enough to escape retrenchment, they however got salary cuts & can't afford their instalments.
Bellow are steps on how to avoid repossession and bad repayment history.
▪DEBT REVIEW
A new affordable monthly budget and payment plan will be drawn up by the debt counsellor, showing a clear picture of your household spending vs. your income and a detailed plan on how you will pay up your debt commitments. A debt counsellor then approaches your credit providers on your behalf with a manageable monthly payment plan to be paid within 60 months (maximum).
▪TAKE OVER INSTALMENTS
Here you can go rogue and make an agreement with out informing your credit provider.
If you choose to do it by the book & have your remaining instalments signed over. Your client will have to apply for vehicle finance.
▪SELL YOUR CAR
Yes you can sell & trade in your financed car privately or to a dealership.
The dealership will handle sending the payoff amount to the lender, but you must write a check to the dealership to cover any negative equity on your financed car. When the loan is paid off, the dealership will get the title, allowing them to sell the vehicle.
Privately
Ask your lender for the “payoff amount” and how to handle the transaction. The payoff amount is how much it will cost to sell it.
Get your car evaluated, know how much it costs & make sure your selling price is positive .
📲067 237 7788
📧 [email protected]
