“Everything we do starts and ends with our customers. Without them, there is no Bayport. The current and future financial wellbeing of our customers informs the products we offer and the processes we design to deliver them. In their stories we track our progress and impact.”
When Jonathan came to Bayport Money Solutions he was under debt counselling, hence we referred him to our financial wellness partner Debt Switch to clear his name. Once he had exited the counselling process, we negotiated a 29% settlement discount on his credit card balance and settled it with a consolidation loan that also covered the Debt Switch fee.
The monthly repayment on Jonathan’s Bayport loan is higher than what his previous debt instalment was, but the loan period is now defined (in contrast to the revolving-credit nature of the credit card) and, most importantly, he is now rebuilding his credit record having exited debt counselling. Jonathan’s debt-to-income ratio is only at 10%, which is very healthy.
With a total debt exposure of almost R311 000, and all five her accounts in arrears, Sesetu was under debt counselling when she came to Bayport Money Solutions for help. Debt Switch, our financial wellness partner, stepped in to help her exit the counselling process and Bayport started with debt consolidation.
Aided by settlement discounts as high as 41%, we reduced Sesetu’s overall debt exposure by almost R100 000. Her Bayport consolidation loan settled all but one account and covered her Debt Switch fees.
Sesetu is not out of the financial woods yet as her Bayport loan instalment is 41% of her monthly salary. However, thanks to the significant steps she has taken to bring her debt under control, she can look forward to a future of financial wellness.
Thabo was one of the most over-indebted customers to have come to Bayport Money Solutions for help. With a total debt exposure of almost R213 000, more than 80% of his monthly salary was committed to loan instalments. Five of his 10 loans were in arrears when he came to us with a request to clear his credit bureau listings and help him gain control over his debts.
With settlement discounts we reduced his total debt by almost R37 000. With his Bayport consolidation loan, Thabo settled all but one of his other loans and received a cash pay-out. Instead of more than R14 000 per month, his loan repayments now cost R5 800, which is 32% of his salary.
Employed at the JB Marks Local Municipality, Gabakwe had a crippling debt burden made up of personal loans with several credit providers and store cards. Some of his accounts were up to nine months in arrears when he came to Bayport Money Solutions with a request to clear his credit bureau listings and help him gain control over his debts.
With settlement discounts – as much as 47% on one of the loans – we reduced his total debt and with his Bayport consolidation loan, Gabakwe settled all but one of his other loans. The cash pay-out portion of the loan was used to clear the arrears on his remaining store account.
With 59% of his monthly income meant to be servicing loans, mineworker Dumisani’s finances were not in a healthy state when he enrolled with Bayport Money Solutions. All seven his accounts – a mixture of bank loans, credit cards and store cards – were in arrears, some up to nine months.
The Bayport consultant negotiated settlement discounts of up to 40% on the bank loans and credit card debt and, based on his new total debt exposure and affordability, granted him a R102 550 consolidation loan. The loan was used to settle Dumisani’s bank loans and he received a cash pay-out.
Dumisani’s debt-to-income ratio is still very high (47%), but the steps he has taken with Bayport’s help have helped him to bring his debt under control. The cash-flow improvement brough about by the consolidation loan, makes it possible for him to pay off his store cards and start saving.
City of Ekhuruleni employee Donald approached Bayport Money Solutions when he had numerous active loans and a total debt burden of almost R294 000. His monthly debt repayments amounted to R66 000, which was far more than he earned. With one of his loans nine months in arrears, Donald’s credit score was dismal. Donald wanted to improve his poor credit bureau and credit score, and bring his debt under control.
Bayport started by negotiating settlement discounts on four of his loans. Based on Donald’s affordability, he was granted a consolidation loan that settled R84 000 worth of loans, and gave him a cash pay-out with which he could complete the house he was building in Vosloorus. These days Donald’s debt-to-income ratio is a manageable 33%, and his total monthly repayments come to just over R8 000. “I am overjoyed and grateful to Bayport for the support, and for taking me on this financial wellness journey.”