If you are finding it hard to honour all of your financial obligations such as your car loan, hire purchase accounts, credit cards and other credit accounts, then maybe you should consider debt consolidation. If you find yourself in financial difficulties with a number of creditors, we recommend that you seek practical counseling, debt consolidation and financial planning advice.

Some helpful tips to assist you with the process:

1. Make a detailed and accurate list of all your debts.  You can prepare this list by completing the attached spreadsheet.
2. Contact each of your creditors, and inform them that you are attempting to consolidate your debts.
3. Ask your creditors to reduce late payment fees and finance charges.
4. Do an analysis of your true and correct situation.  Communicate to your creditors any solutions that you have already put in place or propose to before further debt collection action is taken against you.
5. Ask creditors for more time if necessary to avoid incurring additional Collection fees/Court costs.
6. Prepare a ‘plan of attack’ to get your refinancing loan, which will allow you to consolidate your debts and pay off your loans faster, and at lower interest rates.
7. Develop a strategy for paying off your creditors and avoid incurring additional debt during this period.