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Examples Of How A Consolidation Loan Could Help

Situation 1: A Home Break-In with No Insurance

Irene’s home was broken into and her laptop, television and smart phone were stolen. Her insurance policy didn’t cover her personal belongings and she urgently needed a phone and laptop for work.

Unfortunately, Irene did not have any savings to fall back on and the cost of replacing the stolen goods threatened to put a tremendous strain on her finances. She already had a couple of credit card and clothing accounts plus a small personal loan to pay off. Any added pressure would put her in a precarious position.

Consolidation: The Alternative Repayment Strategy
A consolidation loan from Direct Axis bundled her credit facilities into a single account. Her other accounts were settled immediately and she was left with a single loan to pay back in smaller, more comfortable repayments over a longer period. And because her monthly repayments were lower, she could free up enough surplus cash to put away into a rainy day fund.

The next time there is such an emergency, she won’t be caught out in the cold again!

How Consolidating Helped
Loan amount:
R 32 000
Cash portion after accounts settled:
R 3 137
Monthly cash-boost:
R 1 833
Situation 2: A Dream Home turns into a Nightmare

Dawie Smit bought a beautiful three-bedroom house in Stellenbosch at the height of the property boom. There was a bit of renovation work needed and they resolved to start a savings plan to cover the necessary work.

As determined as the Smits were to start saving, a series of unfortunate events unfolded. The petrol price went up and so did the interest rate. The price of groceries shot up too, severely depleting their disposable income and forcing Dawie and his wife to rely on loans, credit cards and store cards to finance their lifestyle. Then came disaster: the ceiling in the lounge and one of the bedrooms began leaking badly - the most affordable quote to repair them came in at a staggering R40 000.

Consolidation Loan for a Happy Ending

The Smit’s realised they were in a bit of a predicament, especially considering their existing debt, and although Dawie had no idea what a consolidation loan was, his brother did and convinced him it was the way forward.

His brother explained that consolidating their existing debt under a single loan would mean one repayment to one creditor as well as ensuring better control of their finances. He added that they would most likely make smaller monthly repayments, because a consolidation loan is typically paid back over a longer period. This would enable the couple to fix their ceilings and perhaps even take care of the other repairs. Dawie’s wife agreed and they contacted Direct Axis that day.

“Applying for the loan was quick and hassle-free and we were over the moon to learn that our application was successful. The ceiling is now fixed and, thanks to Direct Axis, our home is now looking better than ever,” Dawie said.

How Consolidating Helped
Loan amount:
R 100 000
Cash portion after accounts settled:
R 3 714
Monthly cash-boost:
R 3 112
Situation 3: Stressed about Missing Looming Payments

The mother of a four-year old boy, Denise has a job as a shop cashier. She enjoys her work but she had recently been struggling with increases in the cost of living, especially as she didn’t have any additional financial support for her son.

Store cards had helped initially but she had come to increasingly rely on them and had started to miss payments. She had already received several gentle reminders to pay her arrears.

A Consolidation Loan for Peace of Mind
Denise approached Direct Axis and was given a R15 000 consolidation loan which she used to pay off all her store cards in one go, giving her immense peace of mind. Spread over a five year term, her total monthly payments were significantly less than before and she no longer had to juggle different lenders and pay multiple fees and debit order costs.

The convenience of a single fixed payment meant she could follow a monthly budget and she was able to pay off her consolidation loan comfortably. As for the store cards, she cut them up and no longer worries about missing a payment!

How Consolidating Helped
Loan amount:
R 15 000
Cash portion after accounts settled:
R 4 928
Monthly cash-boost:
R 731

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