After the bond has been registered in the deeds offices, the attorneys will be notified, and they will also inform you about the registration. The bank will normally release the pay out amount within 24 hours after successful registration of the bond.
Once you received the proceed from the approved loan, you can use the money to consolidate all your smaller debt like personal loans, credit cards, over draughts or anything else you might need it for,
Should you choose to use debt consolidation, you will be able to improve your cash flow significantly and your credit score will increase because you paid off your accounts earlier.
Debt consolidation will help you to pay off all your smaller debt with the higher interest rates and high instalments. You then just repay one much lower instalment back on your bond.
Personal loans and credit cards are the credit facilities with the highest interest rates and repayments per month. Consolidate your debt now and improve your cash flow!