Debt counsellor sounds the World Cup alarm

2010-06-15 11:44

A surge in applications for debt review is expected in July as

consumers decide to splurge on World Cup tickets, alcohol and fun, according to

a debt counsellor.

“South African consumers need to stay diligent during this exciting

time. They need to make sure that once all the festivities are over, they are

able to afford their monthly debt obligations,” said Debt Busters managing

director Luke Hirst.

He warned that banks might see more consumers defaulting on their

home loan payments in July. Missing a payment while under debt review had

serious consequences. This was most common during holiday seasons such as

Christmas and during global sporting events.

“South Africans under debt review need to realise that they have

been thrown a lifeline. By agreeing to pay a reasonable amount each month, you

can avoid repossession of assets and legal proceedings,” Hirst said.

Credit providers were rightly taking legal action against irregular

payers.

“If a consumer under debt review misses a monthly payment, the

credit provider will terminate their debt review and take them to court.”

Hirst said the National Credit Regulator had gone so far as to warn

consumers not to spend recklessly during the World Cup as this could plunge them

further into debt.



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