whats the simplest and shortest legal way to get out of debt?
Started working last year december earning a net basic income of R10400, for investment purposes I bought a newly developed upmarket apartment and ended paying morgage of R4300pm(I stay in it) and then after that I bought my first car and I am paying R3500pm and since I work 2km away from work, the little that I had left was is enough for fuel and other necessary expenses. I then took up a loan of R42000 (which I pay R940pm for 7yrs) and I bought a R43000 central city apartment with it and used up the R12500 overdraft facility to renovate the flat which now brings me an extra net income of R3000 per month additional to my salary. My salary has since gone up so my net is now R13000.
I know it wasn’t a good idea to take up a loan and exhaust my overdraft but I wanted to have as many long term investments as possible but now the problem is that I don’t like my progress in paying off the loan. Please assist with means of me paying off the loan faster ans staying debt free.
well, the flat that I bought was a bank repo…so it was quite a bargain (has 4 bedrooms, a bathroom, kischen and 2 reception areas) and after just six months I can sell it for at least R120k which will be more than enough for me to get initial invetsment and profit…but I don’t think its wise to sell at least now.
Quick House Sale
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Tagged with: Necessary Expenses • Net Income • Overdraft Facility
Filed under: flat renovation
bankruptcy.
Chapter 7 or 13 Bankruptcy
hello, sorry to hear about this, hopefully one day you’ll look back at this from a better position, things always go up and down. I would avoid bankrupcy at all costs.
Here’s some reading that will cover some of the points, all free
also plenty more to read here
good luck!