Nedbank Debt Consolidation loans involves transferring high-interest balances to an account–usually a credit card–with a 0% introductory interest rate. Nedbank has a good selection of cards available to customers who meet minimum criteria. Credit cards such as the Nedbank Greenbacks Card have a 55-day grace period of no interest charged on top of the principle balance. Transferring existing debts from other credit cards to this new card account is a viable option, but it does come with a definite caveat to avoid even more interest charges.
This financial institution offers banking options for all types of customers, from basic individual accounts to business loans. Customers who run into financial difficulties also have several resources available at Nedbank to help them begin repaying their debts and better manage their expenses. Some of the most common debt causes include high credit card balances, unpaid personal loans, unmanageable student loan payments and habits of excessive spending.
Nedbank employs experienced financial consultants who are able to help customers at all life stages, whether single and just starting out or married and more established as home-owners. Each financial planner is able to examine each individual’s situation and make custom recommendations for possible debt consolidation options. The first steps to better financial health are acknowledging current problems and making committed plans to change current spending, saving and repayment practices.
Nedbank Debt consolidation is one of the most common alternatives to filing for sequestration, bankruptcy or similar debt management practices. Nedbank customers are initially advised not to take on any more consumer debt without a financial planning consult. The next measures customers can take on their own are cutting up credit cards, making personal budgets and cutting out spending on non-essential items.
Based on financial day-to-day needs, a Nedbank consultant can help each client make a detailed plan for paying down debts in the order of the highest interest rates. This plan is also known as a cash-flow analysis, and it’s a vital tool in recognizing areas of personal money management to be improved in order to facilitate debt repayment.
Nedbank debt consolidation for credit card debt with a balance transfer is a viable option with the proper planning. Nedbank cardholders need to be certain they are able to budget the funds for this plan of debt consolidation. They need to be able to free up the funds from their existing income and household budgets to completely pay off the consolidated principle before the expiry date. Nedbank’s balance transfer option carries an interest rate of 11.9% that remains fixed for the initial 12 months of opening the card account. The Nedbank Classic Card is the most flexible for this type of debt consolidation, and it also has the same 55-day interest-free grace period as the Greenbacks Card.
Nedbank’s customers who are able to plan for this debt consolidation option don’t need to be current Nedbank credit card holders. After outlining their repayment budget with a financial consultant, they can then get started by filling out an online application form and selecting the “balance transfer” checkbox. Minimum eligibility criteria include at least R 36.000.00 in annual income and having reached the age of 18. In cases of debt consolidation balance transfers, past bank account statuses are reviewed on a case-by-case basis.
Nedbank credit card debt consolidation also comes with a flexible repayment period for customers whose budgets may not reasonably allow for interest-free repayment in 55 days. Customers can stretch out their consolidated repayments for as long as 36 months at a current interest rate of 13.4%. Provided this rate is still lower than previous credit card rates, individuals can still save money while working to pay off their existing debts.
Smart financial planning is a top priority for Nedbank, and the bank’s debt consolidation consultants are excellent resources of information about better methods of borrowing, saving and budgeting. They can help each customer become more informed about the National Credit Act and how it may apply to individual situations. Advisors can also outline viable options for those whose debts initially seem unmanageable. Each consultant adjusts the Nedbank Six-Step Plan for financial planning to each client’s circumstances, including:
Nedbank has the advantage of financial expertise and flexible debt consolidation plans for each customer wanting to improve his or her money situation. Once each borrower is able to repay outstanding debts, the bank can be a continued source of useful information about avoiding future excessive balances owed on credit cards. Prospective debt consolidation clients can contact Nedbank by phone or email.
Buy To Let – Investment Property
Home Income Plan: Senior Citizens
The Nedbank Home Income Plan is a home loan product that allows you to use the value of cash (equity) “locked” in your home, while at the same time being able to live in it. In short, the Nedbank Home Income Plan provides you with a loan against the value of your house. This loan is paid out in cash.
Nedbank’s HomeVision is a home loan solution that gives you the opportunity to register a bond, higher than the required loan amount, creating a surplus amount that can be accessed at a later stage.
The HomeVision facility (surplus amount) will be available to you when your property value and affordability has increased. Simply apply for the surplus funds when needed, bearing in mind that each application is subject to our credit approval policy.
As of 1 July 2007 Nedbank has reduced bank fees for its retail clients – for the second year in a row. While other banks have selectively reduced some fees and increased others, Nedbank has not increased any of its retail fees for individuals since July 2004.
Highlights of the fee changes for 1 July 2007 include:
Nedbank has reduced fees by an average of 6%.
This means that, together with the fee reductions in 2006 of over 13%, the average Nedbank retail client will have experienced more than a 19% reduction in bank fees since July 2006.
This latest review includes price reductions on 6 fee items, the scrapping of 18 fee items permanently and 6 fee items for one year. In addition, dozens of previously complicated fee formulae across various products and channels have been simplified, making it easier for clients to understand exactly what they are paying in bank fees each month.
This guide is designed to make our fee adjustments easy to understand and to help you choose the right option for your lifestyle and budget. The fees detailed in this guide are effective from 1 July 2007.