Posted by: malerato | 2009/07/22

friend in financial distress

my friend is 29yrs and is very caring and a good friend. she does not have children yet but her house is stressing her a lot.

now she wants to resign and has not find another job.

her nett is R6200 and she still has to pay the house bond of R4700 and pay for other expenses as well.

everymonth she struggles fiancially and the bank has warned that if she defaults they will reposses the house.

now she complains that she does not like her job and is going to resign. her pension payout will not be suffient to settle the house. how can i advice her?

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Our expert says:
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If she has ongoing debts to keep paying, and no new job to go to, it would be a really bad idea for her to give up her present job. rather stay there and continue looking for a better job. She should talk this over with her bank, and see if they can't make a plan to reduce the payments for a time, or some other solution. If she leaves this job now she will inded probably lose the house and all she has paid into it, and have nowhere to stay. She's lucky to have a job when so many other people don't.
And she should explore possibilities suh as Anon raises --- a R 4700 a month house is rather a lot for a single woman, and a bachelor flat would enable her to save money to get a more modest house when she needs it. And as Vin suggests, maybe she could rent out a room or rooms in her house, and earn money to help pay off the bond

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Our users say:
Posted by: Popi | 2009/07/23

Malerato where is the township is the house? i have a lot of chomi' s looking for houses in Soweto.......

Where is it?

Reply to Popi
Posted by: malerato | 2009/07/22

her house is in the township, 40 kilos from the city. and is struggling to get a tenant. she bought it for 370k in 2007 and is been trying to sell it since last year, but cannot find a buyer.

maybe we can approach property agent to help us find a tenant or buyer?

Reply to malerato
Posted by: Gracie | 2009/07/22

I agree with Vin Diesel - rent out the rooms (obviously doing her homework properly and getting references on her tenants!) It will help a great deal with her financial situation and she will not be lonely and may even make some great friends that way. My job entails repossessing properties - one question - how on earth did she manage to get a bond with the salary that she earns? She might have to look at rather selling the property if she cannot find a job that pays her better - if her bond account falls into arrears by one two or maybe three months, it' s very difficult to bring the arrears up to date, she can barely manage now, imagine the disaster if she fell into arrears with her account? The last thing she should do is leave her present job without having a new job to walk into! That would be very irresponsible!

Reply to Gracie
Posted by: Vin Diesel | 2009/07/22

Leaving her job before she finds alternative work would be very very stupid. If she' s struggling already, what makes her think she' ll be better off with NO JOB? Can' t she rent a room in her house? Lots of decent people are struggling- people need to help each other.

Reply to Vin Diesel
Posted by: Anon | 2009/07/22

Sell the house and rent a batchelor flat. Bond is R4700, rent would be around R2000 (in an average area) saving is R2700pm. Or move in with you, her friend.

Dont quit the job, work is hard to find nowdays, rather stay there and look for something better. Better yet, encourage her to study further and improve her education, that way she will command a better salary then R6200, you can barely survive on that...

Reply to Anon
Posted by: 9to5 | 2009/07/22

tell her to remain at her job while looking for a new job and stay there until she secures further employment, it may take awhile but if she is that unhappy with her current job she will eventually get a new one.

Reply to 9to5

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