How to Get Your Debt Under Control

DirectTalk with Alfred Nyani by DirectAxis
  • Disaster has struck, and you’re in the deep end. You have to rebuild our life, but your debt seems to keep growing and it feels like you’re sinking. What do you do?

For Alfred Nyani, this seems a little too familiar. A few years ago, Alfred’s life changed forever when his house burned down in the middle of the night. He and his family lost everything but the clothes on their backs.

For Alfred it felt like a hopeless situation at first. No plan, no idea what to do next, and debt still hanging over his head. But his light came, and Alfred managed to rebuild his home, and life, because of the generosity of his friends, family and co-workers.

When it came to his debt, Alfred took ownership of his situation and sought guidance to help him implement his own strategies. Today he has straightened out his debt and is back on track to a stronger credit standing. 

Throughout this process, Alfred considered many different options to manage his debt. What follows are some useful points he collected that may help you make an informed decision about your debt situation.

1. Do it yourself. Chat to friends and family, do some online research, and formulate your own plan to manage your debt better. Remember to set realistic goals and be a little strict with yourself!

2. Consolidate your debt. Bringing all your debts together with one creditor could make it seem immediately more manageable. 

3. As a last resort, you could consider debt counselling. This is the process by which an over-indebted person restructures their debt in order to better keep up with repayments. But there are some important things to remember before you take this option:
    • You won’t be able to access further credit whilst under debt review, and your debt review will be noted on your credit record.
    • Your credit score more than likely will be negatively affected.
    • Your debt counsellor will negotiate with your credit providers and you may be granted an extended repayment term, reduced interest rate and a monthly instalment that you’ll need to pay to a payment distribution agent.
    Whether you take the more formal route of Debt Review or, like Alfred work to solve your own problem, it will require sacrifice and commitment, but like Alfred, you will survive and come out of it stronger.

    Check out Direct Talk for more stories on life, money and everything in between.

Pulse is a FREE financial wellness tool that allows you to check and improve your credit rating.

Find Out More
Personal Loan

A Personal Loan is a convenient way to take care of your personal and family needs and goals.

Find Out More
Consolidation Loan

Consolidating can be an effective way to manage your finances and increase your cash flow.

Find Out More

of customers use loans for consolidation


of customers use loans for renovations


of customers use loans for education

Our Sponsorships

Read more about our sponsorship with Cape Town City FC.

Read More
Job Opportunities

Thinking of working for DirectAxis? Why not explore what it means to work at DirectAxis.

Read More
Customer Care

We pride ourselves on delivering the best possible customer service. Get in touch today.

Read More
Social Investment

Find out more about our social investments we're undertaking to deliver positive change.

Read More

DirectAxis is a business unit of FirstRand Bank Limited, an Authorised Financial Services and Registered Credit Provider, NCRCP20. Direct Axis SA (Pty) Ltd, Reg no. 1995/006077/07, an authorised Financial Services Provider, FSP7249 & FSP5. 108 De Waal Road, Diep River 7800.

Legal Documents - Sitemap

Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 24.50% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile.

An illustrative example of a loan at an interest rate of 24.50% per annum would be: Loan amount R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69.00, over 72 months.

The total cost of the loan will be R 103 155.57 which is a maximum Annual Percentage Rate (APR) of 27.76%.