There is hope for thousands of over-indebted consumers who are struggling to get a handle on their finances.
This is according to Chief Executive Office of Money and Legal Matters, Anba ‘Paddy’ Padayachee, who is encouraging people facing financial woes to take a step towards their ‘Money Victory’.
‘We found that there is a need to assist people on how to budget, save money or resolve their financial woes,’ said Padayachee.
This will be achieved through a free online ‘Money Victory’ course, a programme to help consumers navigate their debt as many feel the financial pinch of an economic downturn.
‘With the current pandemic and its restrictions, I found that some people are not earning the kind of income they were earning before – many have had to take a knock in their salaries, others have lost their jobs which means a number of households are struggling financially.
‘Although many are being assisted with food parcels, they need a more long term solution to their financial woes.
‘They need the skills to sustain them even after the pandemic,’ he said.
According to the National Credit Regulator (NCR), the total outstanding consumer credit balances as at March this year, is R2.04-trillion.
This amount represents money that South African’s owe in terms of credit which is made up of among others, mortgage bonds, vehicle finances, credit cards, personal loans and store cards.
Credit can however cause serious financial strain when used recklessly, leaving many consumers struggling to repay their monthly debt instalments.
Padayachee says this financial strain can be avoided if consumers have the tools to stay above their financial commitments.
‘With our Money Victory programme, we dive deep into all the challenges people are facing.
‘We teach them how to take control of their finances and how to push through debt if they are over committed,’ said Padayachee.
How to sign up for the Money Victory course
The course is divided into seven modules which are available in the form of weekly emails, where consumers will be provided with all the course materials.
‘The course is accessible through the ‘Money Victory’ Facebook page.
‘Once you have downloaded the course, you will then complete the work sheets provided and then email it back to us where will then assess and provide feedback.
‘One-on-one consultations are also available at your request,’ said Padayachee.
For more information visit https://www.facebook.com/MoneyandLegalMatters
