This website talks at length about how a debt consolidation loan works, and Sanlam, like other financial services providers, is able to offer you a debt consolidation loan. Sanlam debt consolidation loans work through your home loan.
So how are you able to get a consolidation loan from Sanlam? Through re-financing your home. If you own your own home you will be able to re-finance your bond and use that extra cash to pay off big ticket items such as high interest especially at the current 2013 interest rates. This can also include the furniture you bought on hire purchase, you can pay them off and reduce your payment on them.
Are you able to be financially disciplined enough to take on a debt consolidation loan? Because that is the advice Sanlam debt consolidation loans demand, or any other consolidation loan for that matter. But unlike other companies that offer debt consolidation, Sanlam really thinks you should give it more thought. This is because a debt consolidation loan is a great tool if you use it properly. Now, I’m certain you have said to yourself that you will surely take better care of your financials and not come close to ruin again, but discipline is more than just making a promise to yourself and it is about actually changing the way you deal with money.
As always, it’s good advice that you apply with more than one lender so as to compare rates. You can be successful with one debt consolidation loan but fail with the other, so read up on how you can qualify.