Job loss is one of the main causes of over-indebtedness. Here's how to manage it:
Immediate steps:
• Contact all creditors to inform them of your situation
• Apply for UIF benefits if eligible
• Check if any credit life insurance covers retrenchment
• Review all expenses and cut non-essentials
If you find new employment but are now over-indebted:
• Debt review can restructure your debts to match your new income
• We can negotiate reduced payments during your transition
• Your assets will be protected while you recover
If you remain unemployed:
• Debt review requires income, so it may not be suitable
• We can advise on alternative options available to you