Stokvel rules tend to differ from plan to plan. Depending on what the savings are for and how much the contributors put in each month. A popular style of saving in South Africa, there are millions invested in these types of community savings accounts. A great way for low to mid income earners collecting a bulk amount every few months, this helps budget big expenses and cover emergencies when needed.
With over 800 000 different stokvel groups registered in South Africa, it is not surprising that rules different from one to the other. With different goals in mind and different saving plans employed, the guidelines are dictated by the governing body, known as NASASA – or the National Stokvel Association of South Africa.
As a debt and consolidation company in South Africa, contact Quick Consolidation Loans to find out more about budgeting, investing and the stokvel rules in our country.
We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.