COVID-19 and the Effect on the South African Economy

Since South Africa went into lock-down stage 5, the South African economy was the biggest loser.  COVID-19 and the Effect on the South African Economy

COVID-19 and the Effect on the South African Economy
Source: www.la-tour.ch

The South African Government has implemented, what is viewed as the strictest COVID-19 lock-down measures, globally.

Essential services, as promulgated by the South African Government, has had the effect that most small to medium-sized businesses who fell outside the ambit of the Government’s definition, had to either close down or downscale, leaving many employees stranded and unemployed, in an already saturated unemployment market.

It is understood that any humanitarian crises shall have significant implications for private business.

Even though COVID-19 has caused a slowdown in world trade globally, with disruption in global supply chains, a huge change in tourism flows and demands as well as supply, it seems that the South African Government has taken a clear stance that health should prevail over the business and financial supplies to all.

What If I No Longer Can Meet My Monthly Credit Obligations?

COVID-19 and the Effect on the South African Economy
Source: www.sowetanlive.co.za

If this COVID-19 pandemic and regulations caused you to either be retrenched or to accept a decrease in your monthly income (salary) due to these constraints, you will soon receive Section 129 letters of demand.

How Can I Avoid Being Placed in This Position?

Luckily for South Africans, Debt Review is always an option. However, you must meet certain criteria. You must be employed or earn an income. If you are retrenched during this period of Covid-19, UIF and other forms of income might still suffice to assist you in Debt Review.

However, YOU must NOT wait until you have received the Sec 129 letter, as this will effectively cause your debt to fall outside the ambit of Debt Review protection.

If you are in this position, it is very important that you contact a Debt Counselor without delay.

Where can I find a Debt Counselor Who Will Assist Me Whilst I Am Being Protected?

COVID-19 and the Effect on the South African Economy
Source: www.debtangels.co.za

Debt Angels, a registered Debt Counselor is ready and able to assist you. On their website www.debtangels.co.za you will find a free debt calculator to assist you to determine your position. You will also find contact details.

How Confidential Will My Financial Situation be Treated?

Debt Angels will protect your dignity and your freedom with their Angel Wings. They will keep all matters confidential and assist you through their circle of trust to stress and debt-free life.

Will I Have to Appear in Court?

NO, Debt Angels’ Debt Counselors will bring the Court application on your behalf and you will not have to appear in court in person.

Once you have been placed under Debt Review, you will only pay one monthly payment to cover all your debts as arranged and agreed by your Debt Angel and your creditors.

May I Make Further Debts Whilst Under Debt Review?

The simple answer is NO. Debt Review has a clear intent to assist you to become debt-free. Should you continue to make more debt, you will be acting in contrast to your Debt Review Court order.

Where Do I Begin?

To start the debt review process, and to obtain more and further information, visit the website of Debt Angels or send an email to contact@debtangels.co.za

What Happens To My Financial Situation Once All My Debt Is Repaid?

Once you have repaid all your debt in terms of your debt review Court Order, your Debt Angel will provide you with a Certificate of Compliance.

You can then ask your Debt Angel to assist you in clearing your name at the various Credit Bureaus where after you will be in a position to once again obtain credit.

Source: www.alamy.com

Do not wait until it is too late! Act today and become debt and stress-free! Debt Angels are ready to assist you on your journey!

Read more from our success editor

1. The Real Hero’s Of COVID 19
2. Tough Times Require Tough Entrepreneurs…how to stay afloat

Michélle du Plessis
Michélle du Plessis

Success Editor

Michélle, a former beauty queen and model, is a lawyer and conveyancer of the High Court of South Africa as well as a Solicitor in England and Wales. She specializes in International Law, with specific reference to International Divorces and Family Law as well as Business Law. Michélle also holds an MSc in Business Administration with a Major in Business Development and Promotion from the Lucerne School of Business Switzerland. Michele believes that success starts within yourself, with a positive attitude, assertion and mindset. A growth mindset, instead of a fixed mindset, does wonders! The glass is never half empty, but always being filled! As a keen traveler, Michélle travels regularly throughout Europe and America for both business and pleasure! Her motto, Carpe Diem (Seize the day), she lives out every day. Success is not who you are, but what you make of every opportunity!

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