DebtMap
- Debt consolidation up to R100,000
- Competitive interest rates
- Repayment up to 60 months
Table of Contents
[Accessed January 31, 2023]
About DebtMap
Since commencing operations in 2013, DebtMap has helped many South Africans find solutions to their debt problems.
They believe that each client's circumstances are unique and that the same solution won't work for everyone. Clients are thus provided with a range of solutions, each designed to solve their financial problems.
A trusted and caring service
Their services are well known because of how caring and helpful their debt counsellors are. The DebtMap team believes in treating each client with respect and taking time to find the best possible debt relief solution. They aim to provide meaningful information to their clients during a time of hardship and solutions that fit their needs.
DebtMap clientele
The company aims to serve South Africans who are over-indebted and would benefit from debt advice. They help clients to take care of their debt to be able to be in a position to look after themselves and their families again.
DebtMap Services
A debt consolidation loan is used to pay off several unsecured debts, leaving clients with only the loan repayment per month instead of many smaller payments towards different providers.
Unsecured debt includes short-term forms of debt such as credit cards, clothing accounts, and personal loans. Consolidating debt into one single loan allowing clients to now only have one payment per month that is more affordable and easier to manage.
You are in control of your finances
Clients can still take out other types of credit, such as a loan or clothing account, although it is not advised. Debt consolidation is different from debt counselling because clients do not need to be over-indebted to apply for a debt consolidation loan. Clients still pay the same amount towards their debt; the loan allows them to have one monthly repayment instead of many.
Benefits of a consolidation loan
- Reduced interest- Clients might be paying towards several high-interest forms of debt. By consolidating debt, they only pay towards one interest rate on one loan.
- Faster payment- A consolidation loan has a set term and repayment schedule. Clients are now able to manage their repayments easier, leaving less room for missing a repayment.
- Healthy credit score- Clients can now start rebuilding their credit score by taking care of their debt.
DebtMap – Consolidation loan
- Loan Type Debt consolidation
- Loan Amount up to R100,000
- Repayment 12 months to 60 months
Benefits of DebtMap
- Lower interest rates
- Improved your credit score
- Affordable debt consolidation solutions
DebtMap is dedicated to finding the best solution to get you out of debt
DebtMap has established relationships with credit providers thanks to the years of being an established debt relief provider.
They align themselves with the following mission, vision, and values:
- Mission – To offer South African affordable financial wellness and advisory support services that address the community's needs.
- Vision- DebtMap has a dream of being a leading financial and legal advisory service across South Africa.
- Values- Honesty and integrity; excellence and diligence; accountability and confidentiality
Missing a payment has significant penalties
Although a debt consolidation loan makes repayments easier, missing a repayment on a loan comes with great penalties. Clients who are not sure if they will be able to make the repayments should consider seeing a debt counsellor.
Extra fees might be charged
There are some fees involved for making alterations to current payment plans. Clients are also charged for late-payments and payment defaults.
Loans have high interest rates
Because the loan is a more significant amount, clients will possibly pay more towards interest than before. A loan, in general, has a higher interest rate than credit cards and clothing accounts. Some clients might save interest because they were already paying a lot towards interest on unsecured forms of debt.
No legal protection provided
Unlike debt review, clients don't have legal protection when missing a repayment. They are still in control of making payments at the right time because DebtMap doesn't take over power of attorney.
A debt consolidation loan is a long-term commitment. Clients need to make sure that they can prove that they can repay the loan over a long period.
Who can apply for a consolidation loan?
Anyone who can prove that they have enough income to cover the loan can apply for debt consolidation. DebtMap does require clients to have a minimum credit score to apply. It has the exact requirements as a personal loan but is only used to cover current debt and not to make more debt.
Customer Reviews & Testimonials
DebtMap Contact
Physical Address
- 3 Gordon's Bay Dr, Van Ryneveld Cape Town Western Cape 7139 South Africa
- Get Directions
Opening Hours
- Monday 08:30 – 17:00
- Tuesday 08:30 – 17:00
- Wednesday 08:30 – 17:00
- Thursday 08:30 – 17:00
- Friday 08:30 – 17:00
- Saturday 09:00 – 12:00
- Sunday – Closed