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PRESS RELEASE – 10 JULY 2013 (for immediate release) TO ALL INDUSTRY STAKEHOLDERS

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There is serious concern in the credit industry about the astronomical rise of unsecured lending in South Africa statistics quoting a 389% rise within the last five years. In its pursuit to protect consumers the Black Debt Counsellor’s Forum is initiating talks with major players in the unsecured lending industry. BDCF is very concerned about this distressed borrowing and the resultant vulnerability to consumers and has become proactive in addressing the problem. BDCF has initiated groundbreaking talks with African bank one of the major players in the field of unsecured lending. The key areas discussed were high interest rates, reckless credit and consumer education. ‘’We want to point out that this was not a name and shame exercise but a proactive approach in which for the first time African Bank was able to sit down with a Debt Counsellor’s Forum and carve a way forward to the interest of the consumer. The BDCF maintains that debt counsellors’ role in curbing the spiralling of debts are not fully appreciated in the industry. We want to alter the misperceptions and be catalyst for positive change in consumer protection. BDCF will soon be engaging with Capitec Bank and Bayport on the same matters.

1 BDCF

BLACK DEBT COUNSELLOR’S FORUM PIONEERS TALKS WITH UNSECURED LENDERS.

www.bdcf.co.za – info@bdcf.co.za

Chairperson: T Nhlengetwa, Deputy Chair: R Adams, Secretary Hlatshwayo, Treasurer: M Williams, Exec Members: R Matjokana, K Sono Address: Block A, 2nd floor, Elite Office Park, 748 Richards Drive, Midrand, Gauteng, South Africa Contact: 011 0540 0700 / Fax: 086 575 5961, Email: info@bdcf.co.za, Website: www.bdcf.co.za


BDCF will be holding a seminar in Alberton on Friday 19th July in which African Bank will be presenting its perspective on how communication with Debt Counsellor’s can be improved. All interested stakeholders are invited

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2 BDCF

Thandi Nhlengetwa Chairperson - BDCF

www.bdcf.co.za – info@bdcf.co.za

Chairperson: T Nhlengetwa, Deputy Chair: R Adams, Secretary Hlatshwayo, Treasurer: M Williams, Exec Members: R Matjokana, K Sono Address: Block A, 2nd floor, Elite Office Park, 748 Richards Drive, Midrand, Gauteng, South Africa Contact: 011 0540 0700 / Fax: 086 575 5961, Email: info@bdcf.co.za, Website: www.bdcf.co.za


Black debt counsellor's forum pioneers talks with unsecured lenders