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Do I qualify for this consolidation?
Our main objective is to place the client back into a state where he has peace of mind by rectifying the current bad credit he is currently in. We therefore have to consolidate to repay all the current debt like personal loans, credit cards as well as the existing mortgage bond.
The minimum mortgage we work on is R250 000 with a maximum of R2 200 000.00. The total debt including the excisting mortgage bond, may not exceed 65 % of the total property value.
For example if the value of the property is R800 000, the total value of your debt including the mortgage, may not exceed R520 000. Therefor a valuation is done as well to establish the current value of the property.
To qualify your normal income to repayment ratio must also apply namely 30 %. This means if your monthly income is R20 000. Your monthly repayment may not exceed
R6 000.00 p.m.
This rehabilitation repayment process can take between 6 to 12 months. The interest rate is higher than the prime mortgage bond rate but only for a maximum period of 12 months. During this period all your credit cards, personal loans, current mortgage and existing debt is repayed and you will no longer be black listed after the consolidation has been finalized.
The client may not apply for credit during the first 6 months of rehabilitation. You are therefore not allowed to use any of your credit cards during this period. We are here to help you during this period to correct your credit record.
We will pay all the creditors on your behalf in other words all finances are handled by us. No funds are paid over to you. The entire rehabilitation and consolidation is handled through us.
This whole process is done in order to place the client in a debt free environment as soon as possible. Our main purpose and objective is to place you in a position to re-apply for a mortgage bond at any High street bank.
Please contact us if you need any further information.
Consultant: Susan Fontini
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