Debt does not have to be a life sentence

2011-12-03 15:06

In January, City Press and FNB helped Stanley to obtain a mortgage through FNB Housing Finance.

Stanley had previously experienced financial difficulties and had put himself under debt administration.

He had been struggling to obtain finance because, despite the fact that he had paid off his debts ahead of time, his name had not been removed from the bureaus.

Marius Marais, the chief executive for FNB Housing Finance said: “He showed us the evidence that he had resolved his judgment but it had just not been cleared by the credit bureau. This is a major complaint we often deal with, but if we are provided with the correct paperwork it is relatively easy to sort out.”

Marais said the bank focused more on current behaviour and frequency to see if the person was a serial offender.

In fact, Marais considered Stanley a low-risk customer despite his judgment.

He could well afford the loan – he had a deposit and he had demonstrated that he was the sort of person to honour his debts.

Stanley was provided with a home loan below the average lending rate for the division.

Stanley’s response:
I bought a property in Threerivers suburb in Vereeniging. The property was in a good area next to a school and near a business area, so it was a good investment.

FNB offered me a bond with a deposit of 10% and I also had to pay the legal cost of change of ownership.

I continued to save 20% of my salary. Some of the money that I received from my previous property I invested in RSA Retail Savings Bonds. I have also bought BEE shares from different companies for future investments.

My advice to readers is that if you have financial problems, seek help as soon as possible and learn from that mistake. Start to cut unnecessary expenses, save and invest for the future.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.