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Debt consolidation South Africa |
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Consolidate Your Debt
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FREEBOND™
is able to assist
you consolidate your debt if you are a homeowner with sufficient equity in your
property. We have various products that can help ease your monthly debt burden. |
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Are you struggling to
make monthly repayments on credit facilities and facing foreclosures and
repossessions?
What is Debt
Consolidation?
Debt consolidation is a means for you to ease your cash flow by
consolidating many smaller Short Term Debts into a single, more
manageable and lower interest bearing Long Term Debt.
Combine your Short Term Debt (credit card, vehicle finance, personal
loans, etc.) into a single Long Term Debt at a lower interest rate.
For additional financing on your homeloan, the
current market value of your property must exceed the loan amount
outstanding.
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By consolidating Short-Term Debt
you will: |
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Reduce your monthly repayment |
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Improve your immediate cash flow
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Save on service fees
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Immediately
pay off Short Term Debt |
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Example > |
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Long Term Debt |
Short Term Debt |
Total Before Consolidation |
Total After Consolidation |
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Homeloan |
Vehicle Finance |
Credit Card |
Personal Loan |
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Amount Due |
R800000 (A) |
R190000 (B) |
R39000 (C) |
R59000 (D) |
R1088000 (A+B+C+D) |
R1088000 (A+B+C+D) |
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Repayment Period |
240 months |
60 months |
On-going |
48 months |
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240 months |
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Interest Rate |
13.5% |
16% |
22% |
20% |
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13.5% |
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Monthly payment |
R9 659 |
R4 620 |
R2 023 |
R2 193 |
R18 495 (E) |
R13 136 (F) |
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Total Monthly Freed Cash
Flow |
R5 359 |
In the example above,
you will have extra cashflow of R5359 (F) per month in
your pocket after the debt has been consolidated. This will of course mean that
you have refinance your short term debt into long-term debt, and we will
recommend that you pay extra in each month to reduce the term once your
financial situation has improved.
Remember, its FREE!
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