Every year Debtfree magazine hosts a prestigious industry awards event in recognition of excellence in the field of debt review. Entries are open to Debt Counsellors, Credit Providers as well as Payment Distribution Agencies, thus giving a variety of financial service providers the opportunity to showcase their contribution to the improvement of the debt review industry.
Iemas Financial Services have been nominated yet again in the category for Large Non-Bank Credit Providers for the support that they provide to their members who are under debt review. Iemas has longstanding relationships with Debt Counsellors and provides them with the assistance they need for members who are under debt review.
Nicoleen Naidoo, Collections Manager at Iemas Financial Services advise: “As a responsible credit provider we always caution our members against over indebtedness. This is when someone fails to meet their debt obligations and as a result might have to go under debt review”. Naidoo gives a few top tips on how to prevent over-indebtedness:
- Compile a budget and stick to it. If you know what your income is and what your expenses are then you will be in a better position to make informed financial decisions. The rules are simple: do not spend what you do not have and know how much money you have at all times.
- Pay your loan accounts on time. Late payments or failure to pay will reflect negatively on your credit score. Also, getting into the habit of paying all your loan accounts on time will make it easier for you manage your debt responsibly and avoid over-indebtedness.
- Speak to your financial services provider about options available to you. As we have seen with the outbreak of COVID-19 one’s income and financial situation can change in a blink of an eye. If your income changed and you are having difficulty meeting your loan obligations then speak to your credit provider about options available to you. One such option is a consolidation loan to manage your debt before it is too late. Iemas offers debt consolidation loans, bringing all your loan accounts into one with one interest rate which makes it easier to pay off and manage your debt.
Should you go under debt review then Iemas’ Collections department will hold your hand and guide you throughout the entire process. Speak to us about options available to you on 0861 043 627 or visit www.iemas.co.za.