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DebtSafe, one of South Africa’s largest debt review agencies, recently launched an Over-Indebtedness Calculator, a feature currently operating from their website. This latest tool is available to all consumers and will assist in determining not only their household expenses, but also advise any shortfall/s on payment commitments each month.

“The Over-Indebtedness Calculator offering is a bespoke application and not only will an individual be able to calculate the monthly shortfall, but can also act as a budgeting tool,” says Hein du Plessis, Managing Director for DebtSafe.

The calculator application has a two pronged approach where the first step is drawing up a budget to include income, deductions, essential living expenses as well as creditor payments. Once these values have been entered, the application calculates the level of over-indebtedness or in some cases, the surplus thereof. Based on this information, the consumer has the choice to either stay anonymous or subsequently submit the calculated results and be contacted by a DebtSafe consultant in order to enter the debt restructuring program and incorporate their six step solution.

“The purpose of the calculator is to identify all the monthly financial commitments before consumers get catapulted in a position where financial institutions begin servicing them with payment requests and legal notifications.” concluded du Plessis.

 

Click here to try out the Over-Indebtedness Calculator