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South Africaâ€™s debt counselling magazine

November 2014 www.debtfreedigi.co.za

WHAT IS DEBT REVIEW? Debtfree asked Debt Counsellor Tania Dekker of Armani Debt to help explain the debt review process. Debt review is your first step to financial freedom! Do you battle to sleep at night stressing about how the month end bills are going to be paid? Can you afford your normal day to day living expenses? Do you come up with excuses if the creditors phone you for their money? Does your financial situation causes unnecessary stress at your workplace, which has a direct influence on your work performance? If you have answered yes to any of the questions above, the debt review process is for you!! Debt review is a process where Debt Counsellors assess your entire financial situation. A new budget is calculated and the Debt Counsellor calculates the amount of money needed to pay your creditors. Once you have applied, the Debt Counsellor renegotiates lower instalments with your creditors in

order for you to have more money on a monthly basis to pay for essential living expenses. In many cases you can save up to 50% on your monthly debt repayment amount. This is a formal process and a granted court order is obtained to protect you from legal action that creditors might take against you. Having financial stress has a negative impact on you and your family. The debt review process deals with over-indebted consumers, battling to meet their monthly financial obligations. Debt review became active under the National Credit Act in 2007, specifically to assist consumers with repayment of their debts. There is no reason to feel ashamed to apply for debt review. You are one of the few that realized you need assistance and professional guidance to become debt-free!! Donâ€™t delay, act today!

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CONTENTS NEWS

THE DEBT REVIEW PROCESS

WHY DOES THE BANK SAY I STILL OWE MONEY?

THE PROTECTION FROM HARASSMENT ACT

LIVING ON LESS SCHOOL SHOPPING FOR THE NEW YEAR

DEBT VADER

EDITORâ€™S NOTE The end of the year is fast approaching. Time to see if we still fit into our summer clothes. For some the end of year arriving is great news and brings them that little bit closer to some well deserved relaxing and holidaying. For others it is a time of increased pressures. The pressure of having to care for kids who are not at school for most of the day, the pressure of gift giving, the pressure of trying to make ends meet when income is reduced due to companies shutting down for the year end break. It requires a lot of focus and self-control to get through the year end (and face all those extra January costs) without blowing your normal monthly budget. The consequences of missing a debt repayment or debt review payment over December could throw all your hard work towards paying off your debts in a responsible way out the window so you need to plan now. This issue we continue to look at some tips for LIVING ON LESS and still having a bit of fun.

The long awaited announcement of the new regulations for debt review and the effective date of the National Credit Amendment Act is still pending (hopefully any second now). The industry holds itâ€™s breath to see what the new regulations will look like in their final format. If you are struggling to repay your debts then you are certainly not alone and we look at the debt review process in this issue and the length if each step along the way. We interview role players and discuss news that will affect you. Summer is upon us and just as we all wish we were a little skinnier to fit into our costumes we wish our debts were skinnier too. We hope they soon are and that you get debt free.

HAVE YOU TAKEN THE PLUNGE?

DEBT COUNSELLING COMMUNITY SUPPORT www.dccsupport.co.za

INDUSTRY

CONSUMER

NEWS FLASH For daily debt counselling news in 3 minutes or less visit www.debtfreedigi.co.za

NCR DATABASE OF REGISTRANTS

The National Credit Regulator (NCR) keep a record of all the credit providers, credit bureaus and Debt Counsellors who are registered with them. The records can be found online here: http://www.ncr.org.za/register_of_registrants/dc.php

In the past there have been a lot of complaints in regard to the accuracy of this database. Many Debt Counsellors have found that their details are incorrect or out of date. This has caused concern that the NCR might be referring consumers to out of date numbers and email addresses when consumers ask for help from a Debt Counsellor in their area. The NCR have reported that they provide 3 Debt Counsellors details to consumers enquiring about debt review. The NCR have now hired a company to help sort out the database. They are called Devnomics. They are now beginning the process of contacting all registrants to ask them to check on their own details.

Nedbank employees from what they call six campuses in and around Johannesburg. They are calling it the â€œJohannesburg Consolidation Projectâ€?. Nedbank Debt Rehabilitation and Recovery Services will be moving during November to the Newtown Junction Campus. Nedbank have stressed that though they are moving their contact details (the main ones) will stay the same. The head of debt review says they are striving to make these relocations as smooth as possible with minimal disruption to our valued stakeholders, as we continue to support and be committed to the debt review process.

DEBT COUNSELLING COMMUNITY SUPPORT

You may have heard about a new community based project by Debt Counsellors, Credit Providers and Consumers to try support one another and those most vulnerable debt review consumers. The Project is called: Debt Counselling Community Support or DCCS. The project, looks to encourage those within the NEDBANK DEBT debt counselling community to support each REVIEW IS ON THE MOVE other and the process, as well as offer skills Nedbank Debt Review Centre (DRC) is on beyond just the bare minimum of debt review. the move. The Process is taking place over One initiative is aimed at identifying especially 2 weekends (hopefully). They are joining vulnerable but well paying consumers under thousands of other Nedbank employees at the debt review and help ease the pressure through new offices in Newtown. April this year saw corporate sponsorships and community the start of the relocation of several thousand training. Our Debtfree DIGI Editor Zak King is

South Africaâ€™s largest Debt Counsellors

NEWS CONT. one of the founders and says: Many consumers, debt counsellors and credit providers are able to assist consumers and one another in more ways than just debt review through the courts. We have skills, knowledge and opportunities that we can bring to one another and we hope to see DCCS assist all of the community to harness these”. He says that:” The debt review process can sometimes become a data capturing process with the consumer not getting the vital aspect of counselling and ongoing support…We all have the opportunity to get involved and make small changes that will have large ramifications in peoples lives outside of their monthly debt installment.” Adri De Bruyn co founder of DCCS, says that she would like to see Credit Providers, as well as, consumers get involved. “We are challenging the public, including credit providers and debt counsellors to take the plunge and get involved”. One of the first projects that DCCS is embarking on is trying to arrange sponsorships for some school clothing for some vulnerable Debt review families to help ease the burden of the end of year season. Many consumers fall foul to this time of year when extra expense can creep in and poor planning leaves some consumers in trouble when it comes time to covering all the extra expenses associated with school books and clothes and stationery Zak King says: ”Summer is here and we want the community to take the plunge. We want the community to show they are not above going that extra step to make the process work and support vulnerable, loyal, well paying debt review consumers”. We are using social media to get people involved both consumers and those in the debt review industry. www.dccsupport.co.za

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THE DEBT REVIEW PROCESS & TIMELINE

You may wonder what is involved in the debt review process. How long does it take and what will happen if you decide to use the process to help get you out of debt? What can you expect? Debt Review is a legal process, as set out in the National Credit Act. Role-players, fees, actions, and timescales are strictly regulated by the National Credit Regulator. While dealing with your debt you may have done some research online (like in Debtfree magazine) or maybe a friend told you about debt review. You could also have received a scary letter from a creditor threatening legal action and suggesting that you talk to a Debt Counsellor for assistance in sorting out your debt. Letâ€™s take a look at the steps along the way and consider how long the various time periods are during each step.

check for their NCR certificate on the wall. Learning to trust the Debt Counsellor is a big part of the process so, get to know a lot about them.

DAY 0 Apply for Debt Review At the first interview, your Debt Counsellor will want to hear about your situation. How you got into debt and how you have been trying to cope so far. They will also ask that that you bring supporting documentation â€“ typically, proof of identity, employment, income, address, marital status and so on. In addition, your Debt Counsellor may request permission to draw your credit report from one or more of the Credit Bureaux. If a Debt Counsellor does not have all the necessary documentation they will not be able to proceed and, later on, your application for Debt Review may be unnecessarily delayed, rejected or terminated. Going to talk to a Debt Counsellor does not start the debt review process. After all you may just be curious or shopping around for a Debt Counsellor who you feel meets your needs. The clock only starts running when you sign the completed application (Form 16). This might be the day of the interview or even months later. When visiting the Debt Counsellors office (it is good to know where they operate from)

DAY 1 - 5 Notify Creditors and Credit Bureaux Once your Debt Counsellor has received the completed application (signed) and all the supporting documentation, they have 5 days in which to notify your Creditors and the various Credit Bureaux that you have applied for Debt Review. From this moment until you complete your Debt Review, you will not be eligible for further credit (truth is, you probably could not afford the credit anyway). However, you are also protected from any further legal action by your Creditors. Remember, your Debt Counsellor is authorised to act on your behalf (by your Power of Attorney) with creditors â€“ always refer Creditors and Collectors to your Debt Counsellor if they contact you directly! Remember if you do not give someone from

a call centre permission to record your voice then they have to end the call. FEES A fee of R50-00 (+VAT) is payable to the Debt Counsellor for processing the application. Not all DCs charge this amount. The NCR say you can pay this directly to the Debt Counsellor and not via a PDA like the rest of the payments.

DAY 11 - 20 Construct interim repayment plan

DAY 6 - 10 Collect supporting information

Your Debt Counsellor completes an overindebtedness assessment (figures out if you need debt review or can rather just change how you are spending your money each month). Based on this they will work to propose a repayment plan for your Creditors, and a monthly living budget for you. Your Debt Counsellor will advise you on cancelling your existing debit orders and setting up a new deduction to what is called a Payment Distribution Agency (PDA) in accordance with the new repayment plan they have created. At the same time they then take this plan and send it to your Creditors. It is hoped that your creditors will be quick in checking the proposal and respond quickly agreeing. They may not agree to the plan (normally because they want more money) and may ask the Debt Counsellor to amend the plan a bit.

Your Creditors have 5 days in which to provide confirmation of credit agreements, balance owing, interest rate, terms and conditions, etc. During this time the Debt Counsellor continues to collect as much information as possible. All this information will eventually be presented to the magistrate to explain the restructure of FEES A fee equal to the first restructured debt your debt repayments.

repayment, which can be equal to a maximum Beware of any offers outside of the process of R6000 (+VAT) will be paid via the PDA to your as these will negatively effect the protection Debt Counsellor. If the plan says you will pay offered via the process. less toward your debt then you will only pay whatever that figure is to your Debt Counsellor once off. Even if the plan says you will pay more toward your debts each month then you only pay the R6000 to the Debt Counsellor once off.

DAY 21 - 39 Collect supporting information The Debt Review process is built upon a foundation of good faith. During ongoing negotiations between your Debt Counsellor and Creditors during this time (as they try to agree on the best plan) it is essential that you continue to make payments in accordance with the new repayment plan right away, adjusting payments to the PDA as necessary. Creditors may accept or decline at any point. Remember to always refer Creditors and Collectors to your Debt Counsellor if they contact you directly!

DAY 40 - 60 Collate legal documentation and initiate court proceedings Having talked repeatedly to all your creditors and finding out who is happy and who is not the Debt Counsellor now prepares a final repayment plan for the court and probably appoints a legal representative. You will be required to sign an Affidavit summarising all the facts. This, together with your original application new debt repayment plan and all the supporting documentation, is prepared for court and a court date is booked to hear your

case. The actual court date may be some weeks or months into the future. In the meantime, you must continue to observe all the terms of the final repayment plan until the court order is granted. Some people wait only a few days while others face a longer wait when creditors or courts delay matters. FEES A fee out of your second repayment (or maybe even more payments if you are paying very little each month) will be retained via the PDA towards your legal fees or paid by them to your legal representative. If your all Creditors accept the proposed repayment plan probably if you are able to pay a high percentage of what you should normally pay each month) the court application may under certain circumstances sent to the National Consumer Tribunal, capping the legal fees at R750 (+VAT). This can also take a while.

to ask the magistrate to approve the final repayment plan. Even if some creditors are not happy the Magistrate can make a ruling. You can help to ensure that the court order is granted at the first court date by making sure that your Debt Counsellor has all the necessary supporting documentation. You will have to go to court during the week to get your court order. This is a good thing but somewhat boring. The court order is binding on all parties and, once granted, your monthly payments are legally mandated even if you get a call from a stranger saying this is not so (beware). Now if you miss a payment you may be guilty of contempt of court, and your Creditors may terminate their participation in your Debt Review and start new legal action against you. You should never miss a payment and should keep proof of your payments in case there is ever a dispute. Once notified of the court order your creditors have 10 days to get this loaded onto their systems. Many creditors are unfortunately very lax in doing this. You may need to check on them.

ANNUAL Review Repayment Plan Many debt restructuring plans are over 5 years or so based on your current situation. If things improve this can be reduced greatly. Each and every month you continue paying via the PDA, and each month you receive detailed statements from the PDA as to how your The appointed legal representative or Debt money has been distributed amongst your Counsellor appears in court on your behalf Creditors. These may differ from those supplied

ASAP Court Order Granted

by the creditors depending on how good your creditors are at getting their computers to show the debt review or not. Some are better than others. If they donâ€™t or if they call with demands for payments you can complain to various parties to get them to stick to the court order. You must make the correct payment each month and on time or you can derail the entire process and the progress made. Even one missed payment will cause a world of problems. At least once a year your Debt Counsellor will normally contact you to review and possibly update your repayment plan with any changes in income or expenditure that might have occurred. It is hoped that while under debt review your situation (being more stable) will improve. The goal is to pay off your debts as quickly as possible so that you can achieve full financial recovery. FEES A fee equal to 5% of your monthly repayment, with a maximum of R400 (+VAT) will be via your PDA to your Debt Counsellor for ongoing aftercare. After 24 months, this fee reduces to 3%. A fee currently equal to 3% of your monthly repayment, once again with a maximum of R500 (+VAT) is retained by the PDA for cost of administration of the distribution. Think of these as your debit order costs. Normally the amount you save each month on reduced interest and account fees is much more than these costs. If at any time you feel your Debt Counsellor (or one of your Creditors) is not living up to these regulations, you may file a complaint with the National Credit Regulator.

AD HOC Change in Circumstance Make sure you stay in touch with your Debt Counsellor all the way through Debt Review. Keep them apprised of everything that is happening in your life â€“ marriage, divorce, birth of another child, change of job, emergency medical expenses or repairs to home or vehicle, bonus payments, etc. Any deviation from the final repayment plan, which may or may not be ratified by court order by now, will invalidate the plan if you just go ahead and change your payment or pay late. Fortunately many creditors are reasonable and given enough of a warning or with a change to your court order (where necessary) a changed payment might be agreed upon between them and your Debt Counsellor. This is not a quick thing and you should try to avoid it as much as you can. Some companies can help you to ensure your monthly debt review repayments against things like retrenchments. Insurance can also help with things like accidents or complications

at home. Talk to a FAIS accredited advisor about such matters early in the process to get the best advice.

to try access new credit. Imagine how good it will feel to have a clearance certificate. The law changes from time to time and the process may be adjusted of fees may change so be sure to read Debtfree each month to keep tabs on developments in the industry.

CLEARANCE CERTIFICATE ISSUED Getting Debt Free! Time flies and as you settle into the habit of budgeting and frugal living then sooner than you think your debts will begin to be paid off one by one. As one debt disappears things begin to snowball in your favour until all your debts (or at least the short term ones) are paid up. Your Debt Counsellor makes sure that end balances have been cleared by the Creditors (and there can be fights about this so be prepared to have to pay a little longer on some accounts) and issues a clearance certificate notifying all the Credit Bureaux (there are 13 in SA) to clear your credit record. At this point the debt review status on your record is removed with the help of the NCR. If you wanted to and A Special Thanks to Cape Debt Clinic for their could afford it you could then go to creditors help in compiling this article.

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WHY DOES THE BANK SAY I STILL OWE MONEY? END BALANCE DIFFERENCES The aim of debt review is to help consumers pay up their debts. Each month as consumers pay they get a statement from their Payment Distribution Agency telling them what the balance on the accounts should be according to the plan the Debt Counsellor has made. It is with a growing sense of anticipation that consumers watch the amount owed start to reduce. The excitement that comes with seeing one of the account balances hit R0 is most gratifying. One less debt to worry about. That sense of accomplishment and satisfaction can be crushed when a credit provider suddenly says: hey, you still owe us money. How can that be? Is the debt paid off or not? If the PDA says the debt is paid up according to the court order but the creditor says it is not: who is right? This issue is known in the industry as end balance differences. It is an issue that is progressively becoming the entire focus of matters at the moment. The NCR are aware of

the issue and have asked the industry itself to make a proposal. How do end balance differences arise? When a consumer applies for debt review their Debt Counsellor contacts their creditors and asks for a Certificate of Balance (which is like a snapshot of the consumers outstanding balance) the creditors have 5 days in which to provide this info. While there are some incompetent, understaffed, unreliable creditors out there most try to get the info back to the Debt Counsellor within this time. Let us make up some rough figures and say that they send a figure of R1000. The day the Debt Counsellor gets the figure he adds it to the Payment Distribution Agency software. R1000 captured. The Debt Counsellor then uses this figure (R1000) as the basis for their proposals to the various creditors and then to the courts.

R1075 now). The next month the matter goes to court and the consumer pays fees toward the legal costs while day by day the creditor adds interest and fees. They may also be adding insurance costs which can push the account amount owed even higher. They might also have tried to pass a debit order against the account and had rejection fees which they add to the account. By now their figure might be R 1300 while the PDA system still shows R1000 (or there about). If a creditor agrees to the proposal made they may then adjust the interest to match that shown on the PDA system and Debt Counsellors proposal to court before the court case. This means that the difference between to two balances should now stop growing. That said the difference now exists. PDA System R 1000 | Creditors system R1300

Once the court order is obtained the creditor has 10 days to adjust their system to match the The very next day the creditor’s computer adds court order even if they did not like or agree to a portion of interest to the account. Now their the proposal by the Debt Counsellor. balance is R1000.10. and then the next day Sadly this is where many creditors fall on their R1000.21 and then the next day... etc, etc face and can’t get their computers or records During the next few weeks the Debt Counsellor to match the court order. Some don’t want to. and creditors negotiate and correspond. Others have such pathetic multimillion Rand During this time the consumer begins to pay computer and email systems and bad data toward their debt and a portion of their first capturing practice that they do not put the payment (or maybe all if they are paying a court order onto their system at all and let the account just keep growing and growing. When smaller amount) goes toward fees. they don’t capture the amount then obviously At the end of the first month the creditor adds their figures are going to be way off. their account fees and continue to add interest to the debt making the debt bigger (Let’s say Where the creditor does capture all the right PDA System R 1000 | Creditors system R1000

info they then allocate payments etc to the account and don’t hassle you with bad letters and phone calls etc. Each month as the consumer pays (lets say R100 toward this account) the balance is reduced.

Trying to reduce the gap The PDAs have tried to assist in reducing the difference somewhat by making sure they add any interest to the balance that the Debt Counsellor proposes right away (if certain buttons are clicked). But even if the Debt Counsellor and Creditor do agree quickly the creditor’s computer will have added some interest and fees during that short time period.

After a number of months the PDA system now says that according to the court order the right number of payments of R100 have been paid to the creditor (eg. 10 x R100 = R1000 if no interest was charged). However because In an effort to reduce this some Debt of what happened right at the beginning the Counsellors use figures given in the Credit providers acceptance letters in their court Creditor’s balance shows R300 owing. documents. Even so the next day the creditors system adds fees and interest changing that PDA System R 0 | Creditors system R300 figure meaning that as soon as you put pen to At this point the consumer can feel a bit paper the figure is wrong (in a tiny way). cheated. They were so excited that their debt was nearly settled (according to their court Unlike in other parts of the world, SA’s creditors order and PDA statement) and now the bank are still eager to milk every last cent owed wants more money. They grow frustrated and from the consumer and do not want to have to write off small end balance figures if they angry at the creditor and Debt Counsellor. can avoid it. Every proposal made boils down to: consumers have to just pay more than the So... who is right? According to the court order the account is court order. If the differences are massive then paid up. According to the creditor they want they are willing to investigate but will probably their money since the consumer agreed to pay demand the consumer pay more. They are not fees and interest when taking out the account. keen on sticking to the court order. If no payment is made the next month the PDA system still shows R0 owing but the creditor Some Debt Counsellors say that the figure given now adds whatever interest amount they have in the original Certificate of Balance should be a fixed point in time and used full stop. Others agreed to. are looking for some middle ground. PDA System R 0 | Creditors system R300 plus One of the results of differences over the end more interest balance on accounts is that where a court order If the Debt Counsellor and Creditor continue allowed for an amount of R1000 to be paid off to fight about this month after month then the in a certain amount of months (at R100) and amount on the creditors system will continue then to use that amount to pay toward another account (to speed up those payments), this is to grow and grow.

delayed. The delay in paying off that account will effect the speed at which additional funds become available toward the next account etc. The NCR have asked the Credit Industry Forum (which consists of various industry role players) to make a proposal to them to possibly issue as guidelines on the matter. So far the creditors have once again pushed for the consumer to just pay more than shown in the court order. Where Debt Counsellors have asked creditors to try streamline the proposal process to reduce the time period of negotiations and acceptance they have been rebuffed. Whereas collections attorneys are able to offer huge discounts to consumers settling accounts, creditors do not want to offer any such concessions to debt review consumers. Some Debt Counsellors are so frustrated by this matter that they are willing to accept any proposal as long as it clarifies how they should deal with the situation. The industry now awaits the CIF proposal and possible NCR guidelines to try establish a (non legally binding) norm. So the next time you see that your bank statement (if you still get one) and your PDA statement differ realise you are not alone and this issue is raging at the moment. Hopefully it will be somewhat resolved in the next few months.

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“ It always seems impossible until it is done” - Nelson Mandela Specialist Attorneys dealing with Debt Review matters Magistrates Court and High Court Matters

TEL 021 913 2514 FAX 0866070940 EMAIL info@liddles.co.za PHYSICAL ADDRESS 7 Chenin Blanc Street, Oude Westhof POSTAL ADDRESS PO Box 3407, tygervalley, 7536

THE PROTECTION FROM HARASSMENT ACT BY QUINTIN ZIMMERMANN DIRECTOR AT LIDDLE & ASSOCIATES

Tired of being harassed by creditors? Are credit providers bombarding you with threatening telephone calls and SMSâ€™s even after your debt review order has been granted? Are they threatening to re-possess your vehicle or sell your home on auction? If you have the protection of a granted debt review order and you are complying with that order, you need not tolerate this type of harassment any more.

Protection from Harassment Act 17 of 2011 The Protection from Harassment Act finally came into operation on 7 April 2013 and very few people seem to be aware of the additional protections that they now have at their disposal. The Act provides an effective and inexpensive legal remedy against harassment that may not necessarily amount to a crime, but which affects your rights to dignity and privacy.

What is harassment? Harassment is any conduct (whether it be direct or indirect) that the offender knows or ought to know will cause mental, psychological, physical or economic harm. This harm includes unreasonably engaging in verbal, electronic or any other communications.

the warrant executed and the offender will be arrested.

But what if I donâ€™t know the identity of the offender? If you do not know the identity of the offending person, the Magistrate can also order the police to investigate the matter further so as to ascertain the identity and the whereabouts Where do I go? You are empowered to approach your local of the offender. If you are being harassed Magistrates Court to make application for by means of electronic communications or a protection order and the assistance of an electronic mail, the court may order that the attorney is not even required. The clerk of the electronic communications service provider court will assist and explain the process to you. furnish the court with the full details and You simply complete the relevant application identity of the offender. form which is made available at court, provide the details of the harassment and the reasons Final protection order On the granting of the interim order, a future why protection is being sought. date will then be arranged to give the offender an opportunity to oppose the interim order Interim protection order The Magistrate can make an interim protection being made a final order. The court may also order without the prior knowledge of the subpoena any person as a witness or to bring person against whom the order is sought. This documents to the court that is essential to order provides you with immediate protection a just decision in the case. Failure to comply as it comes into effect straight away. The order with a protection order is a criminal offence is served on the offender by the sheriff and the which is subject to a fine or imprisonment not onus to ensure that this is done falls upon the exceeding five years. clerk of the court and not you. Conclusion Simply put, consumers no longer have to sit What protection is available? The Magistrate has the powers to prohibit a idly by and simply accept abuse from debt person from engaging in or attempting to collectors and staff members working for engage in harassment or enlisting the help of the credit providers. We are all entitled to be others in committing any acts specified in the treated with dignity and respect. Given the protection order. This means that a protection history of this country, we should not hesitate order can be tailored to your particular needs in to avail ourselves to the legal protections that your specific circumstances. At the same time, are available to us under the auspices of our a suspended warrant of arrest is also issued. Constitution. So should the harassment continue after the order is granted, you can immediately have

CONSUMER

LIVING ON LESS Times are tough and we all need to make our money stretch these days. As the cost of living increases it seems that, come the end of the month, there is always a little less cash left to enjoy life with. The Living on Less is a section of Debtfree DIGI which looks at ways wise consumers can keep their living expenses down and save funds. We also consider ways to still have some fun for less. Living on Less is about spotting a great deal and letting others know. Itâ€™s about changing our mind set to reflect the reality that times are tough and we need to get savvy. Sure times are tough but you can still have fun while Living on Less.

SCHOOL SHOPPING FOR THE NEW YEAR PARTY PLANNING ON A BUDGET

G N I P P O H S SCHOOL R A E Y W E FOR THE N Whether your child is just now starting their school career, or it’s your babies last year, the cost of stationery, clothes and other items required for school can quickly add up! It takes good planning to get through the beginning of the year. Making a Plan Before you buy anything, first work out how much you can afford to spend overall. Next, make a list of all the things your child will need, don’t leave anything out (nobody likes surprises down the line that cost). Involve your children (age dependent) in the planning and shopping of these items, it’s a good way to teach them about budgeting and managing money. Buy a few items each month. Be good, and don’t steal stationery from work! The earlier you start, the more likely you’ll be to avoid panic high price shopping at the last minute. Be on the lookout for big back-to-school sales, and scour the papers for coupons and promotions. Some stores offer bulk purchase discounts which can add up. If you are going to buy stationery (or other items) in bulk then why not organise to share with friends and cut the cost for all of you?

Clothing can be one of the most expensive items so check with the school if they have a trade or discount program for uniforms. Get together with parents of older children to see if you can arrange something for your younger child. Shop around and get the best deal. Go to Jet, Ackermans, Mr.Price and GAME to look for generic school clothes. If you see a good deal tell your friends about it. Going to school can be a traumatic experience for young kids but parents too can be quite traumatized by the bills that quickly sack up. Plan ahead and start shopping now already to keep your costs down.

G N I N N A L P Y PART T E G D U B A N O With the holiday party season coming up, there is no time like the present to start planning for that special celebration! Start out by writing down everything you think • Go to your local R5 store to buy serviettes, you might need and how much you plan to party favors, decorations, wrapping paper spend on each item. Once you have set your • Look on Pinterest for interesting ideas budget, stick to it! www.evite.com has a simple party budget • Don’t be afraid to stop yourself before you estimator, free web templates for invitations regret spending too much. and a great party ideas section for all kinds of parties. If your final budget is still too much, • Ask others to contribute. find ways to cut back. • Ask guests to bring snacks or drinks. Here are some ideas to decrease your budget: Try to remember the reason for the celebration • Use an e-vite as your invite rather than have and don’t let a debt hangover ruin your memories! to print something.

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Gerhard Dyzel gerhard@dcpartner.co.za 082 828 7595 / 044 873 4532 (ext 110) Yolandi Meyer pda25@dcpartner.co.za 082 338 2680 / 012 348 7624 www.dcpartner.co.za

debtstar

DEBT VADER

CONSUMER

I want it. I want it ALL. I want it NOW!

effort to drive sales up now and ensure that we spend with them now rather than shop around and get a better deal with someone else later. Ironically, they too are falling prey to greed and putting off the reality of dealing with the There is no doubt that we live in a instant situation. Some creditors like African Bank have gratification generation. We want things, no… learnt that if you lend to a lot of consumers we deserve things and we deserve them right who are not good at paying it might make your now. Who wants to wait? I certainly don’t. books look good at first but later you too will Seriously who does? have to face reality. Sadly this attitude: that we are somehow special and deserve nice things now is what has gotten so many people into deep holes of debt which they cannot seem to climb out of. Nobody likes to save or work hard to get things anymore. We would rather someone gives them to us now. It is a classic sales technique to offer the consumer two choices. One sooner (the one you don’t care about) and one later (the one you really want them to take). It fools people into thinking they have control of the situation. Our natural inclination is to chose the option that allows us more time. For example: Would you like to pay for that now or…later? It is not your fault however. We should blame our parents for telling us that out of the billions of people on the planet we are special somehow. They taught us that we should have nice things and that having more things means we will be happy. The media too show us rich people and hold out their wealth and lifestyle as a thing to be desired. After all rich people are happy all the time…right? Then too, we can blame the smart credit providers who have made it possible for us to have things now and pay for them later. They have destroyed the savings culture in an

Greed is everywhere. Shops make you walk through a lab rat’s maze of sweets and treats before you can get to the till in an effort to get you to buy on impulse rather than do targeted budgeted shopping. They too wish to squeeze those last few cents out of us. We are weak and they know it. Why yes, those Chuckles do look delicious. Can I afford them? Well, I would rather not think about that right now. I want to think about how delicious those chocolates look and how nice they will taste. You know what? I will take them. I can always put it on my card after all.

Debt Vader

SECTION 127 OF THE NATIONAL CREDIT ACT 34 OF 2005 REPOSSESSION OF ASSETS KNOW YOUR RIGHTS Section 127 of the NCA, provides for a credit provider to terminate a credit agreement and institute repossession procedures where the consumer defaulted on a credit agreement, including that proposal by a Debt Counsellor or a granted debt review order. The consumer has a choice to voluntarily sign a notice (a S127 Notice for the termination of an installment agreement and the repossession of a vehicle) issued by a creditor. It is important to note that if the consumer does not want to sign the notice he can refuse. Only a sheriff can repossess a vehicle and then only if a summons was issued and a writ of execution properly served on the consumer. (This section is also applicable to goods purchased by the consumer under an installment sale agreement). Debtfree asked Ancil Van Heerden, a Debt Counsellor since 2007, to go through this section of the NCA and explain the meaning for debt review consumers. S 127 of the National Credit Act 127 Surrender of goods (1) A consumer under an installment agreement, secured loan or lease ‒ (a) May give written notice to the credit provider to terminate the agreement; and (meaning that the consumer MAY (NOT MUST) agree to and sign the S 127 Notice, delivered by a collector. A S127 must be a formal notice, typed on the credit provider’s letterhead, containing the consumer’s details. It must refer to S127 of the National Credit Act 34 of 2005.

The collector must explain the Notice and the consequences of signing the notice, to the consumer. The collector has no right to force a consumer to sign the S127 letter or and other document. The vehicle cannot be repossessed if a consumer refuses to sign the Notice. ONLY A SHERIFF, WHO CAN PROVE THAT HE IS AN OFFICER OF COURT AND WHO CAN PROVIDE A WRIT OF EXECUTION CAN REPOSSESS YOUR VEHICLE. A writ of execution is an order to a sheriff issued by a court, on behalf of a plaintiff, to repossess an asset to satisfy the terms of a judgment). A CONSUMER CANNOT REFUSE TO HAND OVER THE VEHICLE TO THE

SHERIFF BECAUSE HE CAN BE ARRESTED AND INCARCERATED for disobeying a court order. If a consumer signs a S127 Notice, voluntary permission is given to the collector to repossess the vehicle. A consumer has no recourse (way out) after signing the S127 Notice if in default of the credit agreement. A signed notice can unconditionally be withdrawn if there is no default. Rather do not sign any document delivered by just a collector. (b) If ‒ (i) The goods are in the credit provider’s possession, require the credit provider to sell the goods; or (by signing the S127 notice, the consumer gives permission to the creditor sell the vehicle. The credit provider must follow the provisions of S127 before it can continue). (ii) Otherwise, return the goods that are the subject of that agreement to the credit provider’s place of business during ordinary business hours within five business days after the date of the notice or within such other period or at such other time or place as may be agreed with the credit provider. (Meaning that the consumer, after receiving the 127 Notice, voluntarily agreed, in co-operation with the credit provider, to return the vehicle to the credit provider’s place of business or as arranged (within 5 business days or as per arrangement) with the creditor after the notice (S127 letter) was served on him and this must be done during ordinary business hours. Make sure to take the vehicle to the credit provider yourself to ensure that fraudsters do not unlawfully take possession of the vehicle. This is a general occurrence because it is easy to obtain names of consumers under debt review or in default of credit agreements. Intimidation results in repossession of vehicles. Know your

rights and prevent the loss of your asset. (2) Within 10 business days after the later of ‒ (a) Receiving a notice in terms of subsection (1) (b) ; or Receiving goods tendered in terms of subsection(b)(ii) A credit provider must give the consumer written notice setting out the estimated value of the goods and any other prescribed information. (Meaning that within 10 business days, after collecting the car, the credit provider MUST give you a written notice with the estimated value of the goods). (3) Within 10 business days after receiving a notice under subsection (2), the consumer may unconditionally withdraw the notice to terminate the agreement in terms of subsection (1)(a) (meaning that the consumer, within 10 days after the vehicle was returned to the creditor, may withdraw his permission to sell the vehicle and resume possession of any goods that are in the credit provider’s possession, unless he is in default under the credit agreement. In practice, and what a knowledgeable Debt Counsellor will arrange on your behalf, the default can be rectified (if summons was issued, the legal costs will also have to be paid). If a consumer did not default then proof must be given that the consumer adhered to the Debt Counsellor’s proposal and/or the granted restructuring order (S88(3)). The consumer must always make sure to keep proof of deposits to a PDA/or direct deposits to the creditor. Keep the monthly PDA distribution statements, received from the PDA at hand. (Creditors will instruct repossession if it was determined that the consumer is in breach of the credit agreement, proposal by

regarding the estimated value of the goods the credit provider can continue to sell the vehicle, but it must be for a REASONABLE amount). The consumer must always make sure that the creditor, as soon as the vehicle was sold, informs him of the proceeds. He can get his own quotations (3 if possible) before the vehicle is repossessed and make sure the amount received by the creditor is in accordance with TAKE NOTE: UNDER NO CIRCUMSTANCES the quote the creditor gave you or the quotes (except for the 60 business day period given you obtained.) YOU ARE WITHIN YOUR RIGHTS to finalize the initial debt review process up TO TAKE ON THE CREDITOR IF THE VEHICLE to the proposal faze, but preferably before the WAS SOLD OR AUCTIONED FOR LESS THAN end of this period) must consumers default. THE QUOTATION GIVEN TO YOU. Payments must be precise (the exact amount deposited on the same day each month) as DO NOT BE INTIMIDATED IF A COLLECTOR arranged between you and the DC and/or as TELLS YOU THAT HE IS GOING TO BREAK rearranged by the Magistrate on the granted DOWN THE DOOR OR WILL GET THE POLICE TO ASSIST OR ARREST YOU. This is intimidation order.) and not allowed. Phone the police or your security company to assist and phone your (4) IF the consumer ‒ (a) Responds to a notice as contemplated debt counsellor to assist with negotiations. in subsection (3), the credit provider must By informing the debt counsellor of the return the goods to the consumer unless the S127 Notice, there will be time to do what is consumer is in default under the agreement; necessary to secure the asset. or (meaning that after repossession, the credit provider did not issue a valuation quotation; the consumer acts within his rights in accordance with S127 to ask for the return of the vehicle. Please note a consumer has no rights if he defaulted on the proposal by the DC after the 60 business days or if he defaulted on the granted order.) the DC or granted order. Non-payment can be a late distribution from the PDA or mistake on the DC’s side (this can be rectified and must be done immediately). A creditor is within it’s rights to collect a vehicle if the consumer defaulted on the payments or on the proposal or the granted order, notwithstanding the fact that it could be the PDA or DC’s mistake.

(b) Does not respond to a notice as contemplated in subsection (3), the credit provider must sell the goods as soon as practicable for the best price reasonably obtainable. (This means that if a consumer did not respond to the Notice from the creditor

I have enough money to live comfortably for the rest of my life... If I die next thursday!

South Africaâ€™s debt counselling magazine

INSIGHTS FROM THE ʻHEART’ OF THE NATIONAL PAYMENT DISTRIBUTION AGENCY (NPDA) What is the role of the NPDA? The successful collection and distribution of consumer payments to creditors, with the aim of zero defects in the process. However, because of the nature of the industry, and given that human beings are prone to making errors, the NPDA invests heavily in software and systems, as well as a good support infra-‐ structure to limit this impact.

How does the NPDA add value to consumers and the industry? The NPDA plays an independent, intermediary role in the industry and will do everything humanly possible to protect consumers’ homes and cars, particularly where the consumer has acted in good faith and paid their contribution as required. The NPDA is part of the Payment Distribution Agent Association of South Africa

(PDASA) and amongst others works with the National Credit Regulator, the Department of Trade and Industry and the Banking Association of South Africa to address the challenges faced by the industry, in order to constantly improve the status quo.

ensures debt review consumers are more educated and make payments as required. This makes a very positive impact on a DC’s cash flow and revenue. What do you enjoy about working at NPDA? GROWING “We are a working family that cherishes and YOUR BUSINESS protects our clients like we would our own family.” – Charlene Korff

In what type of cases does the NPDA act as an intermediary? The NPDA gets involved in unique, difficult INCREASE IN for the heart than better cases, where both the consumer and the “There is no exercise PAYING CUSTOMERS DRIVE YOUR BUSINESS debt counsellor (DC) have already attempted reaching down and lifting people up.” – Carissa to negotiate with the affectedWITH creditors but Engelbrecht SUCCESS THE DCMreach PARTNERSHIP unfortunately a stalemate.PROGRAMME™ In these Better Payment Behaviour Adding value through innovation and partnership. situations the NPDA will act as an intermediary “You have not lived today until you have done To increase your revenue, contact us on in the best interests the consumer, provided something for someone who can never repay 0861 628 628 of or businesspartner@dcmgroup.co.za WWW.DCMGROUP.CO.ZA you.” – Nicolene de Kock the consumer has acted in good faith. Improvement in Collections you had a magic wand what would you Tell me about a recent case which the NPDA If Immediate change? helped to resolve? A DC by mistake uploaded the incorrect We would like all industry stakeholders to distribution amount on the client’s home loan take complete ownership, responsibility and account. The error was picked-‐up only after work together to enhance the effectiveness Consumer Protection Provided of the industry (DCM Protector Card™) so that more and more over-‐ four months, once the home loan account was handed over to the legal department. The DC indebted consumers are protected and attempted to re-‐instate the account, but rehabilitated. after several failed attempts asked the NPDA to intervene. The NPDA assisted inConsumer finding aSupport Provided (24hr Stress Helpline; Bank Account Facilitation; Creditor Support) workable solution that all parties were happy with. Most importantly the consumer didn’t lose his home. Consumers Educated & Nudged

How does the NPDA assist debt counsellors? The NPDA has a personal relationship with each DC. Every DC has their own consultant and there is an ongoing drive to upskill debt counsellors and educate consumers. Leaders in creating The sustainable financial wellbeing NPDA proactively shares their knowledge and experience, and develops programmes like the DCM Business Partnership Programme, which

DEBT COUNSELLORS ASSOCIATIONS ANNOUNCEMENT BOARD

18 November AGM at Kempton Park Golf Club. 26 November Gauteng Branch Meeting at Kempton Park Golf Club. 28 November Western Cape Branch Meeting. For more information on meetings and membership, send an e-mail to dcasa@dcasa.co.za

www.dcasa.co.za

Our KZN workshop to be held on 20 Nov. The workshop is open to all DCs (regardless of association), PDAs and other industry stakeholders. The objective is to further address & ensure operational challenges are highlighted; along with the NCA amendments impact.

The cartels that are running our banking system, legal system and judiciary are being exposed and rooted out. In the latest expose below, see how the banksters continue to manipulate the system: http://news.acts.co.za/blog/2014/09/fraud-accusations-fly-over-nedbank-liquidationof-guest-lodge

This is happening all over the country. Blatant forgeries are being allowed and endorsed by the courts.

www.newera.org.za

A special thanks to our outgoing NEC for all their hard work over the past months. The association has continued to move from strength to strength through your hard work. We wish our newly elected NEC and regional chairs well for the coming year.

Please RSVP & feel free to bring 2 employees / admin DC staff.

For more details on our AGM and NEC please see our newsletter in this issue.

www.bdcf.co.za

www.allprodc.org

OCTOBER

NEWSLETTER AGM Our Annual General Meeting was held in October 2014 and a great time was had by all. Thank you to those members who travelled far to attend and those who sent proxy votes. Some minor amendments to our constitution were voted on and a new NEC Committee was elected. We want to say thank you to the out going NEC for all their hard work. It is much appreciated. We also extend a warm welcome to the new NEC members.

You can download the submission here: http:// goo.gl/ezdR9c

The New NEC CHAIRPERSON: ZUNE COETZER VICE CHAIRPERSON: GERALD RODRIGUES TREASURER: HENNIE VERMAAS SECRETARY/LEGAL: ADRI DE BRUYN ADDITIONAL NEC MEMBERS: KARIN AUGUSTYN, MARIE KRUGER Additional roles within the provincial branches of AllProDC were confirmed on the day namely: GARDEN ROUTE REPRESENTATIVE: GIEL VAN ZYL; KWAZULU-NATAL REPRESENTATIVE: MARTIN SNYMAN; FREE STATE REPRESENTATIVE: ZUNE COETZER; GAUTENG REPRESENTATIVE: GERALD RODRIGUES

The PASA Rule We have asked that the NCR look into adherence to the PASA rule regarding unpaid Debit Orders. The particular PASA rule says that after two unpaid debit orders are returned due to insufficient funds that the debit order must be cancelled or stopped by the member. It seems that many, if not all, banks are ignoring this rule. We have raised this matter at CIF and did not receive much joy. We feel strongly that this matter has to be addressed and that the PASA rule adhered to. Failure to do so exacerbates the “end balance difference” problem.

You can download the copy of the NCA standard From 17.2 mentioned here: http:// goo.gl/PN3FcN We feel that several key points have been overlooked and have made some suggestions along these lines to improve the CIF recommendation.

New Regulations and the NCAA2014 - When? We have been addressing our enquiries to the CIF We have made a submission to the Credit DTI in hopes of gaining further clarity beyond Industry Forum in regard to withdrawal from the announcement that some regulations will debt review (in view of the Rougier judgement). be published end October.

CONTACT DETAILS FORUM: www.debtconcern.webs.com / WEBSITE: www.allprodc.org / FACEBOOK: www.facebook.com/AllProDC / TWITTER: www.twitter.com/AllProDC

TIGHTENING BELTS FOR MORE AGILE DEBT REVIEW PROCESSES INTO 2015 Process improvements equal faster turnaround The Gauteng Nedbank Debt Counselling workshop was held on the 10 of October 2014, in Muldersdrift at Olwazini Conference Centre. The Gauteng workshop was the culmination of various conferences and industry interactions that Nedbank had hosted and participated in around the country this year, including workshops held in Durban and Cape Town. Two sessions were held at this workshop to In a bid to make the over indebted clients create focus on separate processes allowing experience as smooth as possible Nedbank the Debt counsellors to raise concerns and regularly engages with external stakeholders Nedbank to clarify same. to inform them of our internal processes. The bank hosts regular industry workshops The first session addressed concerns regarding around the country as well as engages with the Debt counselling process in general. Some individual debt counselling practices to tackle of the discussion points were the reinstatement challenges facing the industry as a collective. of subsequent debt review applications, The purpose of these types of sessions are to notices of default and terminations. In a bid reach common ground with Debt counsellors to improve the acceptance rate in respect of and inform them of Nedbankâ€™s internal re-arrangement agreements so as to better processes. This, we believe will go a long way assist our mutual clients, Nedbank briefly to stream line the process to ensure that the gave guidelines on how the assessments of best client experience is created by both the proposals are done by their credit team. One of the main points highlighted and discussed was credit provider and the debt counsellor. The debt review process has come a long way since 2007, with the credit industry working alongside all stakeholders including the National Credit Regulator (NCR) to ensure improved debt review processes and practices.Nedbank acknowledges the key role debt counselling plays in the industry by helping to minimise and prevent further over indebtedness. This role is essential for both the consumer and the health of the credit industry.

how to stop the continuous reworking and resubmitting of proposals. The importance of completing the debit order cancellation form, which is attached to each certificate of balance, was once again highlighted.

always a place for negotiation and compromise. All debt counsellors, not just those present at the conference, were invited to meet with Nedbank on a one on one basis to discuss any particular issues or concerns that they may have.

How not to waste time in court The second session was to inform the debt Fact is applying the guidelines of debt review counsellors of our internal litigation process under the National Credit Act is a learning and our reasons for opposition to try and curve for both courts and the industry. prevent opposing matters unnecessarily. That said, Nedbank supports responsible The session related to the court process when debt counselling and engaging with debt applications for debt review are opposed, counsellors is something that Nedbank does what the triggers are that lead to oppositions on a continuous basis throughout the year, and why rescission applications are brought using various forums and means. in respect of certain court orders. The position We look forward to future engagements with with regard to the interpretation of certain debt counsellors, and should they wish to meet portions of the National Credit Act was also with us we are an email away. explored. The main outcome of the second We would like to take this opportunity to thank session was that all parties agreed that it is all attendees for partaking and attending this better to reach a settlement than to fight session and the two previous sessions held in legal battles. It was re-iterated that Nedbank 2014. is a committed member of the debt review industry, and even in circumstances where Call centre: 0860 109 279 opposition or rescission are envisaged, there is Email: Debtcounsellingqueries@nedbank.co.za

DONâ€™T WORK WITH AN OUT DATED VERSION OF THE ACT

2014

When the National Credit Amendment Act 2014 comes into effect along with new regulations you will want to make sure you have an up-to-date copy of the Act. Pre-order your Revised National Credit Act Booklets now

PRE ORDER NOW http://debtfreedigi.co.za/product/pocket-sized-national-credit-act-booklet/

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