06/12/2025
Life lesson from one of our followers 👇:
HOW I PAID OFF OVER R1.5 MILLION IN DEBT
Back in 2015, I was doing alright financially. I genuinely enjoyed my job—even though it didn’t pay much, I was performing well. Wanting to earn more, I partnered with someone who was a loan shark and earned a small referral commission for every client I brought in.
Later on, someone introduced me to an “investment company,” which I later discovered was actually a Ponzi scheme. I started “investing” and saw returns for five months until the Financial Sector Conduct Authority (FSCA) issued a cease-and-desist order. The worst part? I had already taken out a R300,000 loan from a private lender and invested all of it into that fake company. In total, I lost nearly R1 million. On top of that, I had referred and co-signed a loan for someone who stopped paying and sadly passed away the following year. I was left responsible for the debt—over R400,000.
Desperate to manage the repayments, I began borrowing more money to pay off previous loans. Things quickly spiralled. I even used property as collateral just to cover interest. Eventually, my total debt exploded to over R1.6 million. For three years, I felt trapped—living in a dark space, constantly paying interest, never touching the actual debt. I felt like I was just paying to keep paying—by far, the worst financial decision of my life.
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How I Got Out — and What I Learned
1. ACCEPT the truth and ask for help.
You can’t hide forever. Many people keep quiet out of fear of being judged. I started telling close friends and family the truth, and that alone lifted a huge emotional weight off my shoulders.
2. TALK to private lenders—don’t disappear.
Be honest with them. Ask them to stop charging interest. If they refuse, remind them they can open a case. In court, interest is capped at 1% per month anyway, which already works in your favour. Speak to a lawyer. Knowledge truly is power.
3. NEGOTIATE with banks.
Never commit to a payment plan you know you can’t stick to. Be upfront about your actual budget. Banks may push you, but it’s important to stand firm on what you can realistically afford.
4. PRIORITISE small debts.
Clear off the smaller ones first, one at a time. These small wins help build momentum and give you confidence to keep going.
5. FIND a job that pays you fairly.
If your current job isn’t meeting your financial needs, it’s okay to look elsewhere. I eventually resigned, found a better opportunity, and things began to turn around. If needed, take on a side hustle or explore higher-paying roles.
6. PRAY, PRAY, PRAY.
I wouldn’t be where I am today without God. I’m now nearly debt-free, working in a high-paying job, and starting my own business. All the glory and honour goes to Him.
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After almost nine years, I’ll finally be completely debt-free after June. I even managed to recover the two properties I once used as collateral. I never thought I’d hold those title deeds again.
To anyone going through this kind of hardship:
If I could give just ONE piece of advice, it would be this—TELL THE TRUTH.
It may not fix everything overnight, but it will lift a heavy load off your chest and help you breathe again.
