Video on How to craft your Debt Cancellation Plan
This is a must watch video for those who want to know how to craft their own plans to get out of debt. One of the key things you will learn in this video is to identify whether you have credit life / credit assurance / loan protection policy on your debts and most importantly whether you need it or not. Adrienne saved herself R303 monthly by cancelling her credit life policies. She realised that she didn’t need credit life for her clothing account, her credit card and personal loan because she has enough life cover and is confident that she will not face retrenchment in her job.
She will be Totally Debt FREE by September 2021 and she will have R8 039 back in her pocket monthly
Adrienne’s Debt cancellation plan
This is the summary of Adrienne’s debt cancellation plan. From this point onwards, I will simply be awaiting her statements showing ZERO balances
| DEBT | FINAL PAYMENT DATE |
| Truworths account | February 2020 |
| Woolworths | June 2020 |
| FNB Credit card | November 2020 |
| FNB Personal Loan | April 2021 |
| ABSA credit card | September 2021 |
| Total amount freed up | R8 039 |
In September 2021, I will be helping Adrienne to invest part of the R8 039 for the following
- For university fees for her children
- For her own retirement
Hope you have learnt a few lessons from Adrienne’s journey out of debt
Share this knowledge with your loved ones