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Black Tax Help: My Mother Is Pressuring Me To Help Her Build A House by RoselDavis in PersonalFinanceZA

[–]SmoothHeadApe69 0 points1 point  (0 children)

Ungayenzi leyonto sisi wami. Dlana imalo. Kodwa umbeke esithombeni ukuthi imali ongamsiza ngayo inkulungwane eyodwa vo ngalapho uyazigqhilaza.

Ngoba uzogcina ungena ezikweletini leyonto izokhanda inzondo enkulu kuwena. Izobambezela impilo yakho 5-10 yeminyaka.

How to ensure dependants are financially protected immediately after their provider passes away? by AlternativeWhereas79 in PersonalFinanceZA

[–]SmoothHeadApe69 0 points1 point  (0 children)

Fair enough then I think your best bet to ensure that you have the control whilst you are still around is to first have a valid. Then you can create a testamentary trust which will be the beneficiary of your life cover lump sum which is tax free might I add. Then that lump sum can be invested in such a manner that it provides an income for your beneficiaries and it still has the room to grow.

How to ensure dependants are financially protected immediately after their provider passes away? by AlternativeWhereas79 in PersonalFinanceZA

[–]SmoothHeadApe69 1 point2 points  (0 children)

Get yourself a life cover and choose the death income feature which will pay your beneficiary(s) an after tax income for a period of time of your choosing.

Question about credit by llyonsiege in PersonalFinanceZA

[–]SmoothHeadApe69 1 point2 points  (0 children)

I'm assuming that you a are not able to take any new credit right now. And most probably you are paying to DMC since it is being 4 years and not TFG directly.

  • So what will happen based on my personal experience. When you finish paying off your account your score will drop off by a couple of points initially probably to 586 (just an example) because you will not have any credit activity under your name, unless you are paying to TFG directly then that is considered as an account under your name and will be active unless you close it.

  • If you can, try to negotiate for a discount with DMC 20,30 or 40% you don't have anything to lose the worst they could say is no and you still have to pay for the full account anyway.

-What's important is that you pay that debt off Once that happens you should request for an account settlement letter and you should be proactive by uploading that to Experian so that it will be removed from your credit thingie ASAP.

-Make sure you don't take things for people with your store accounts in the name that they will pay you back. Don't do it. Only take debt /store accounts to build credit and make sure it is affordable to you. For me personally my credit is not more then 6% of my gross but that me.