Old Mutual My Money Plan – Debt Consolidation of up to R120,000

The debt consolidation loan by Old Mutual offers loans up to R 120,000 with up to 60 months to repay.  The whole idea of this type of finance is to combine all your current loans into one lump sum amount and to have only one amount to repay monthly.

The product is called My Money Plan.

So what do you need to apply for the My Money Plan?

–  You need to be employed for more than 12 months with your current employer.

–  You must be a South African resident.

–  You need to be older than 18.

–  Need to have a valid South African ID book

–  You need to provide the bank with your latest payslip

–  You need to provide the bank with the last 3 months bank statements … to proof that your salary has been paid into your account.