Direct Talk

What to do When you Lose Everything

Losing everything seems like something that only happens to characters in movies, or someone else. It’s never meant to happen to you, so when it does, it’s not just the financial blow that can leave you floored. It’s often a huge emotional blow as well.

 

Denver Daniels is familiar with this feeling. As a teenager, his family lost everything, and he went from being one of the most privileged kids in his area, to one of the poorest.

 If you met Denver today, you’d never guess that he lived through such a troubling experience. His level head and financially savvy nature belies the family’s past, but it’s exactly because of his family’s perseverance and working together that Denver grew into the secure person he is now.

Denver and his family are thriving these days, and the hard lessons he learned give him a unique perspective on how to deal with financial crises. So, if you find yourself in a dire situation, take a look at his advice on what to do when you lose everything:

  1. Speak to a debt counsellor or financial adviser. They have the knowledge and experience to be familiar with your situation, and will know what to do to help you recover.
  2. Don’t be afraid to be vulnerable and accept help in whatever form it takes. You are not alone in this situation, and people will want to help you however they can.
  3. Be brutally honest with yourself. Figure out exactly how you ended up in this situation, and make a promise to yourself to do everything you can to prevent this. If it was a bad business decision, do better research next time. If you were a victim of theft, make sure you start saving for an emergency fund as soon as you can.
  4. Strip down your spending and track every last cent. Limit your expenses to crucial bills only, and put any extra income you have into savings accounts. Make a budget and stick to it!
  5. Work hard. Accept any additional work, try creating an additional income, sell things you don’t need, do small tasks for people. At this point, anything you can do to create more cash is important.

Remember that this will pass. Keep your spirits up, and don’t be too hard on yourself, this is something that happens to thousands of people all over the world. Through perseverance and planning, you will live through your crisis, and come out stronger.

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

Pulse

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
Insurance

You could save on your monthly premiums by insuring your car and home with the same insurer.

Find Out More
Medical Aid

Find medical aid cover that best suits you and your family’s needs.

Find Out More
24%

of customers use loans for consolidation

24%

of customers use loans for renovations

12%

of customers use loans for education

Our Sponsorships

Read more about how we support grassroots Rugby through our Currie Cup Sponsorship.

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 Initiatives

Find out more about the corporate social initiatives we're undertaking to deliver positive change.

Read More

Your direct connection to Financial Services. Direct Axis SA (Pty) Ltd (Registration no 1995/006077/07) is an authorised Financial Services Provider (FSP 5 and FSP 7249) © Copyright 2018 
Privacy Policy - Legal Documents - Sitemap
This page is protected by reCAPTCHA, and subject to the Google Privacy Policy and Terms of service.

Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 27.5% 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 27.5% 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 110 013.57 which is a maximum Annual Percentage Rate (APR) of 30.74%.