THE FACTS

RICHARD Rashoalane from Delmas in Mpumalanga has an account with Exact stores.

He said his employment was terminated in February and he took the termination to the store, so they could see he couldn’t pay his account.

He said he was told there was no such insurance and he needed to continue paying the account.

THE ADVICE

Unfortunately, losing your job doesn’t release you from your debt obligation.

There are some kinds of debt, like personal loans, that have credit insurance.

It’s important to read the terms of the credit insurance you’re offered.

Richard can contact the store to enter into a payment arrangement.

Making no payment at all will have a bad effect on his credit profile.