Asked by Lynn Hugo on 18-03-2022 12:44:36
Question posted in the National Credit Act Law category relating to Northern Cape
Hello Sir
I would like to know if I have a loan with DirectAxis for 50 months left to pay and I get a loan from FNB and they pay the outstanding capital amount according to their systems, ( don't work for the bank so don't know how it works) can this then be used to pay off coming months loans and keep your loan and just drop the interest you have to pay??
Message from the Lawyer
Posted by Att. Patrick on 20-03-2022 09:17:34
Hi there,
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.
Yes, it is called restructuring your loans. But you must be sure that you are not getting yourself into a debt trap!
Att. Patrick
Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!
If you would like to view the entire answer, you will need to either login or register a FREE account.
Disclaimer
DISCLAIMER: Advice or answers from Lawyers on South African Legal Advice are not substitutes for the proper advice of an Lawyer. South African Legal Advice is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Lawyer who assists with your question is not your Lawyer, and the response above is not to be considered to be legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from individual Lawyers, not South African Legal Advice. The site and services are provided “as is”. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.