Another Debt thread

akescpt said:
How the hell did u clear a million in 5 years?
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Well.. the debt was just under a million.
For a long time more than half my salary went to debt.
and in some cases, I made compromise offers with some of the creditors (given that the debt was with the CC and not with me, and there were extenuating circumstances)
 
KingBel said:
Well.. the debt was just under a million.
For a long time more than half my salary went to debt.
and in some cases, I made compromise offers with some of the creditors (given that the debt was with the CC and not with me, and there were extenuating circumstances)
Click to expand...

well done on that.
 
KingBel said:
Well.. the debt was just under a million.
For a long time more than half my salary went to debt.
and in some cases, I made compromise offers with some of the creditors (given that the debt was with the CC and not with me, and there were extenuating circumstances)
Click to expand...

so does this mean u can save a mill every 5 years? if yes, pm me and gimme details!
 
Hamster said:
Who said I'm white?
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:D

On the real though, lending isn't like it was.
Speaking from personal experience. Vodacom contract for 3 years + Identity account (don't judge me) and couldn't get VF.

CC, 3 months later . Car.

Friend also had something similar with a different bank full of bucks.
 
Pho3nix said:
:D

On the real though, lending isn't like it was.
Speaking from personal experience. Vodacom contract for 3 years + Identity account (don't judge me) and couldn't get VF.

CC, 3 months later . Car.

Friend also had something similar with a different bank full of bucks.
Click to expand...
Racial profiling is wrong no matter how accurate it is! :mad:

I did have a credit card back then but never used the budget facility though. Had a contract with Telkom Mobile as well (I remember it being an issue getting the TM contract because of "no credit history").

What a weird world. You'd think people would be more eager to take your money.
 
KingBel said:
Well.. the debt was just under a million.
For a long time more than half my salary went to debt.
and in some cases, I made compromise offers with some of the creditors (given that the debt was with the CC and not with me, and there were extenuating circumstances)
Click to expand...

If your cc went under, how come you had to pay anything to the creditors? Did you sign surety?
 
Zilch. Going to keep it that way, too. If I don't immediately have the money for something (and not barely, but with a lot of $ still left) then I simply can't afford it.

Will only make debt for property and a car, and with cars I'm working toward cash purchases eventually.

Pho3nix said:
Not enough sadly for bigger purchases.
Click to expand...

Was enough for me to get a car loan around the R200k mark a few years back. Only had a cellphone contract, never had a clothing account or even a CC at that point.
 
Nothing other than car and house.

When I started working my only furniture was 2 camper chairs until I had saved about 2 months' pay so I wouldn't have to make any debt if something happens. As my salary increased, and the potential cost of something bad increased, so has my rainy day fund. It's quite nice knowing that things like replacing tyres, a clutch, a special levy, and an unexpected overseas holiday that I really want to go on with my friends wont change anything in my life.
 
How much debt do you have? [Excl house/Cars]: R4000
What kind of debt is it?: CC
How did you get there? Unexpected expenses
How are you paying it off?: I pay it off every month, and start the month on Zero
How long will it take: At this stage its quite manageable due to the fact that I pay it off every month.
 
JayM said:
If your cc went under, how come you had to pay anything to the creditors? Did you sign surety?
Click to expand...

Yep.. I signed surety on almost all the agreements. Most companies now insist on surety being signed. Had rental agreements for equipment (big mistake). Purchased a company car which was repossessed. Had bank loans, credit cards and overdrafts.. not to mention personal loans from family as well as a huge bill with SARS. And a few service providers that had to be paid.
 
KingBel said:
Yep.. I signed surety on almost all the agreements. Most companies now insist on surety being signed. Had rental agreements for equipment (big mistake). Purchased a company car which was repossessed. Had bank loans, credit cards and overdrafts.. not to mention personal loans from family as well as a huge bill with SARS. And a few service providers that had to be paid.
Click to expand...

jy was mos in jou m03r, ou maat.
 
Still 0 debt, although the wife wants a new house...
 
KingBel said:
Yep.. I signed surety on almost all the agreements. Most companies now insist on surety being signed. Had rental agreements for equipment (big mistake). Purchased a company car which was repossessed. Had bank loans, credit cards and overdrafts.. not to mention personal loans from family as well as a huge bill with SARS. And a few service providers that had to be paid.
Click to expand...

Holy cr*p. I have a small business and fortunately haven't signed surety on anything. If I did, I'd be on the hook for R80K/month for the next 2 years at least. At least you're out of it now.
 
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