how to get out of debt.

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• Credit Industry 2013

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Who We Are?

• Pay Plan Solutions is registered with the
  National Credit Regulator and therefore abides by
  the National Credit Act and the codes of conduct
  and best practices. Eugene Cilliers is also a
  member of DCASA, the Debt Counsellors
  Association of South Africa and serves on the
  National Executive Committee. He also does many
  industry presentations to employers to advise on
  how to keep employees debt free, thereby creating
  a happier work environment.

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Present Problem

• 870 000 people lost their jobs in 2009, and
  many were forced into starting their own
  businesses, but as we have heard before, 4 in 5
  new businesses dont succeed.
• A quarter of the population are actively
  looking for employment, and therefore they are
  currently a drain on someone elses salary.
• Because many of us have not had salary
  increases and the cost of living has gone up,
  many people cannot afford the loans they were
  granted a few years ago

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Reasons why people getting into Debt

1. The most obvious one must be not adapting your
   spending to your current income, but also rising
   cost of living.
2. Bad investment decisions
3. Not planning for the unexpected as an example,
   major medical expenses can cripple a family
   financially
4. Retrenchment or short time
5. Marriage and divorce
6. Debt itself can get you further into debt. As an
   example, trying to consolidate your debt, or
   applying for tie over loans.

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Who is Over Indebted?

• Research has shown the most over-indebted
  people in South Africa are aged 25 to 35 and earn
  between R5 000 than R15 000 per month and on
  average they are using more than 50 of their
  salary to repay debt.

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A Case study from a Pay Plan client

• One of Pay Plan Solutions clients, a newly
  married couple from Cape Town was faced with
  financial difficulty after they had their first
  child. To give you an idea of how serious it was,
  after they had paid all their creditors every
  month, there was virtually nothing left for them
  to live on. They had already cut their grocery
  bill in half, and foolishly cancelled their
  medical aid and insurance to try to avoid
  summons.
• Contd...

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To be continued

• Pay Plan Solutions turned this around for them
  by firstly looking at their budget, and working
  out a new repayment plan so that they could cover
  all their essential living expenses first before
  the creditors got their share. By stripping out
  some of the interest and charges, Pay Plan
  Solutions also managed to lower their payments
  quite drastically.
•  
• Pay Plan Solutions tries to get rid of all the
  smaller high interest loans in three to five
  years, as most of the clients agree that if they
  only had a car or a house to pay, they would be
  fine. It is usually unsecured debt that pushes
  people over the edge.

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So how do you stay out of debt?

• Often the solution is NOT to get a further
  loan but rather get rid of what you already have
  through the debt counselling process which
  protects you under the National Credit Act of
  2005, so you dont have to be worried about
  losing assets like a car or a home.
•  
• Pay Plan Solutions will determine if you may
  have a problem already and they offer a free
  service to the public on their interactive
  website which has an example of Debt counselling
  showing real savings made by a consumer who had
  gone through the process.  All applications are
  completely confidential and there are no upfront
  fees to apply for the process.

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Call Us Today!!

• Pay smarter to get out of debt faster.
• Contact person- Eugene Cilliers
• Pay Plan Solutions
• 3 Cutter Close, Blouberg Sands,
• Cape town , SA 7441
• [phone]
• [phone]
• http//payplansolutions.co.za/