Trustco Finance is the financing arm of the Institute for Open Learning (IOL) that provides student loans and 100% financing on all courses offered by IOL.
Course financing is instrumental to students who cannot afford to further their education due to financial constraints. Trustco Finance provides affordable and flexible payment options to all prospective students countrywide.
Financial difficulties through an increased cost of living, sourcing basic goods and services, as well as the effects of the current global pandemic, may often leave students in a precarious situation when it comes to keeping up payments and their general financial obligations.
Regular and timeous payment of student fees forms part of an important aspect of taking control of your financial life. The habit of paying bills on time can reduce stress, saves money by avoiding penalty interest, boosts your credit score, and enables you to qualify for lower interest rates in future credit applications.
Below are a few guidelines of significance to ensure that all students understand the importance of keeping their financial obligations up to date.
Blacklisting: You are blacklisted when certain negative information is placed on your Credit Bureau profile. This information is listed by creditors whose accounts you failed to honour as per agreement or by the attorneys tasked to collect outstanding amounts on behalf of the creditor.
Summons: A summons is a document that is a court order requiring someone to appear in court in a civil lawsuit. A summons is issued to the defendant in the lawsuit. When you receive a summons, you must take note of the date by which you must respond. Although it might be tempting to ignore a summons and complaint, ignoring a lawsuit does not make it go away. It could result in the court awarding a summary, monetary judgment against you by default.
Warrant of Execution: This gives an Enforcement Agent (Bailiff) the power to visit your home or business to collect the money you owe or to establish if you own goods equivalent to the value of the money you owe. If you need time to pay, you may need to ask for the warrant to be suspended and for an instalment order to be made.
Communication with creditors: If you cannot pay the full monthly amount on certain debts, contact your creditors immediately and explain the situation. You may also write a letter to your creditors and explain how much you can pay them each month and commit to this altered arrangement.
For more information regarding Financial Management and Trustco finance loans contact any of the Trustco Finance offices country-wide or visit the Trustco Finance website at www.trustcofin.na or email at TrustcoFinanceCustomerCare@tgh.na