insurance and consolidation loan tips

insurance and consolidation loan tips

The debt consolidation company settles the debt on your account with the creditor and takes on that responsibility. usually debt consolidation companies give you more than you will need to settle the debt. The idea behind this account strategy is that since you were initially in debt it stands to say that you cannot make any significant commitment in the next three months and so the consolidation loan sometimes gives you this credit to enable you have ample time to settle and start a consistent repayment.

Once an account is included in this type of program, the creditor will close the account. Closing your credit cards will cause your credit utilization rate to increase, which can hurt credit scores. The creditor may also add a statement to the account that indicates the payments are being managed by a debt consolidation company. This statement may be viewed negatively by lenders who manually review your report.

can debt consolidation improve credit.

Yes Debt consolidation will improve your credit score in the long term provided you pay your debts on time. Usually immediate debt consoolidation loans tend to decrease your credit score because of the implementation of credit utilization. However when the loan repayments are on schedule it will improve the credit score of thr debtor significantly.

banks that have debt consolidation loans.

Here are a list of some banks and their debt consolidation products.

  • Nedbank Consolidation loans
  • Directaxis debt consolidation loans
  • debt busters consolidate your loans
  • oldmutual debt consolidation loans

Can I have my vehicle repaired at a panel beater of my own choice?
The choice of any panel beater rests with us and we have established a selected panel of repairers whose work is guaranteed for 12 months. You may elect to choose your own repairer, although we cannot guarantee the quality of their workmanship.

If my stolen car is recovered one day, can I buy it back from OUTsurance?
OUTsurance has a salvage contract with an external company which sells all recovered vehicles on auction. You would need to deal directly with the salvage company.

What does car insurance not cover?

While comprehensive car insurance covers you against most types of accidents, it doesn’t look after the maintenance and servicing of your vehicle. Mechanical breakdowns won’t be covered by insurance and things like depreciation and gradual causes (like wear and tear and worn tyres) will also be for your account.

Speak to your insurer or broker to see if car hire is included in your policy, should your car have to go in for repair work, and whether you get any complimentary emergency support services.

Best car insurance quotes

South African motorists need innovative, tailored car insurance products that are affordable and cost-effective. However, you describe it, car insurance such as this could help millions of South African motorists. The South African Rand has depreciated by more than 60% in the last three to four years. Consequently, the price of imported vehicle parts has skyrocketed, steeply pushing up the cost of vehicle repairs and the average car insurance claim amount with it. In addition, the price of vehicle recovery and salvage has risen dramatically too with up to 40% of the average R20 000 claim going to the cost of getting the vehicle from the site of the accident to the repairer.

Many people are looking for cheap car insurance in South Africa and for good reason too. It’s no wonder then some comprehensive car insurance companies have been forced to increase their premiums materially each year just to keep their motor portfolios out of the red. Many are now also shifting their practices away from a “replacement of parts” approach to a “repair what can be repaired” approach.

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