It’s a fact that people take out credit every single day and sometimes they cannot afford to repay it. Having too much debt can be very stressful and make life difficult for one. This does not have to be the case as Old Mutual has a financial solution that can remedy one’s financial crisis. My Money plan is a loan from Old Mutual that assists clients to consolidate their debt by combining all their debt into one amount. A lump sum is paid to the client to pay their debt which in turn they repay to Old Mutual in lower instalments over a specified period.
My Money Plan offers clients a consolidation loan of up to R150 000. This is great news for the client because they now pay a lower interest rate which is fixed from the date the loan becomes active; however the interest rate depends entirely on the client’s credit rating. This means that clients with a higher credit rating can expect to pay a lower interest rate. Repayment plans are entirely up to the client depending on how much they can afford to pay monthly, however Old Mutual gives clients a period of between 1 and 60 months.
Due to a reduction in finance charges clients on My Money Plan have no financial worries as they also get regular cash injection when they most need it, ensuring that they have no financial setbacks. Old Mutual, like any registered financial credit provider has terms when applying for My Money Plan. Clients need to be South African citizens over the age of 18, be permanently employed with their current employer for at least 12 months and must be in a position to provide Old Mutual with a valid South African ID, current payslip that’s no older than one month and three months’ bank statements.
Old Mutual also requires clients to always pay their monthly instalments and also inform Old Mutual when they change bank accounts or approach money lenders. Clients meeting Old Mutual’s application criterion can apply online by visiting www.oldmutual.co.za or by going to their nearest Old Mutual branch. To get further information on My Money Plan and other services offered by Old Mutual, clients can also call 0860 000 886 or SMS their name + MMP to 44964 and one of Old Mutual’s financial consultants will call them back.