Dealing with debt after a payment holiday

  • List all your outstanding debt and the repayment information, including the outstanding amount, all applicable fees, term of the credit agreement and monthly or yearly instalments.
  • Create your debt repayment plan in conjunction with your budget. This means your focus will be to apply a disciplined debt settlement approach.
  • When you create your monthly budget, try to cut out unnecessary spending and free up every bit that you can to contribute towards your debt repayment plan.
  • Be cautious about immediately increasing your monthly repayment. Remember that you’ll need to afford any increases for months to come, and you don’t want to put extra strain on your wallet.
  • Once a credit facility is paid off, close it down and don’t open it until you are financially stable.
  • One repayment strategy is to target the smallest debt repayments first. This can create motivation as you may be able to pay these off quicker and gain momentum to tackle the bigger, scarier loans.
  • You can find more of our suggested debt repayment strategies in earlier blog posts here and here.
  1. When you receive your well-deserved bonus, contribute an additional amount towards your bond repayment;
  2. You can ask the bank to shorten the term of your home loan and your monthly repayment contribution will automatically increase;
  3. You can request that the bank increase your monthly debit order. If you’ve received a monthly salary increase, try to increase your instalment by that same amount.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store


Thoughts, observations and insights. About money, life and 22seven. Visit