Continuously implement your personalized 5-stage debt management plan to ensure you’re taking on what you can afford and avoid over-indebtedness. Banks usually offer a specialized product for pension secured home loans, and the monthly installments are deducted from the employee’s salary by the employer each month. You’re going to have a hard time getting loans, but slowly you’ll be able to open a few small credit accounts and maybe a credit card if your bank is ready to give you one.
Can I buy a house in South Africa after the debt check?
It is also advisable to have your ITC records deleted after the debt check so that banks do not reject your application in the future. According to statistics from ooba, 8.4% of home loan applications have declined due to poor credit ratings and 7.7% due to affordability. You must therefore ensure that you must continuously work on a personal debt management plan to ensure that you meet all of your obligations so that you can improve your score or balance sheet.
References:
- What happens after debt review?
- https://www.debtbusters.co.za/faqs/what-happens-once-debt-review-is-over/
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.