Debtfree Magazine - May 2019

SOUTH AFRICA’S DEBT COUNSELLING MAGAZINE

CAN YOU GET

A BETTER

DEAL? May 2019 www.debtfreedigi.co.za

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Nobody likes poor service. These days we have so many choices that we hardly have to put up with it any more. If your mobile network is not delivering well then, you can switch networks. Is that queue outside the restaurant too long? Well then, simply go to the place next door. Every company seems to have a direct competitor and that enables consumers to be in the driver seat for once.

it sounds like an impossible dream but it can and does actually happen.

On top of that, as consumers we have become increasingly aware of our rights. This is a good thing.

Gone are the days when large credit providers could easily walk all over the rights of consumers with impunity (it still happens but these days consumers get to fight back when it does).

In this issue we also interview a credit provider, review recent events, catch up on the latest news and see what the Debt Counsellors associations are talking about. There are a lot of things on the go. Change seems to be the only constant.

Along with increased awareness of our rights, we are now able to exercise more choice in regard to the service we get. Things are changing so much these days that people are even sometimes managing to get out of timeshare contracts. I know,

The idea of sticking to one service provider (what they call brand loyalty) is gone. We now move to the best price and best deal quickly in order to get the most ‘bang’ for our buck. But can this also apply to debt review? What if someone calls from a different debt counselling firm and offers you a better deal?

We talk about this increasing trend and ask if we should be concerned or intrigued.

Sometimes change can be beneficial, other times not. For example, getting stuck with credit card debt for the rest of all time is probably not the kind of constant you are looking for.

So, be sure to check out our article about why you seem to always be trying to catch up on credit cards and not making any progress.

If your ‘constant’ has been struggling with your debt then debt review may be just the thing for you. Consider making the change. If you are already in debt review then we hope you stick with the process and are not too speedy to believe everyone who calls you up offering something new. Get the best deal sure but don’t get taken for a ride. Be wise, be cautious, get good service, make those payments and get debt free.

FROM THE

E D I T O R

CAN YOU GET A BETTER DEAL?

WHY PAYING CREDIT CARDS OFF TAKES SO LONG

2019 DEBT REVIEW AWARDS

NEWS

SERVICE DIRECTORY

DISCLAIMER Debtfree Magazine considers its sources reliable and verifies as much information as possible.

However, reporting inaccuracies can occur, consequently readers using this information do so at their own risk. Debtfree Magazine makes content available with the understanding that the publisher is not rendering legal services or financial advice. Although persons and companies mentioned herein are believed to be reputable, neither Debtfree Magazine nor any of its employees, sales executives or contributors accept

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C O N T E N T S

Don’t let debt be your legacy.

Debt leaves a mark on all of us. And if we don’t manage it, it can pass from us to our children.

But if you call us today we can help you. We have already helped 50 000 South Africans just like you.

We can significantly reduce the monthly payments on the money you owe, so you can pay off your debt and live your daily life stress free. What is your financial freedom worth to you and your family?

Call 087 237 7874 today and together we can take control of your debt.

DebtBusters voted SA’s BEST National Debt Counsellor at the SA Debt Review Awards 2014, 2016, 2017 & 2018

DebtBusters employs NCR registered debt counsellors | www.debtbusters.co.za

DEBT REVIEW SCHOOL If you are new to Debt Review then ask your Debt Counsellor what your debt review debit order will say on your bank statement when it happens. That way you won’t be confused when the payment goes off for the first time.

CAN YOU GET

A BETTER

DEAL?

CAN YOU GET A BETTER DEAL? Most of us are familiar with the thought of shopping around for a better deal. We do it while comparing the no-name brands with the well-known brands, and any Debt Counsellor will tell you this is an essential part of being a smart shopper.

Many of us have learned that changing, or updating our insurance policies can ultimately save us money in the long run. These days, we even have the option of switching mobile networks to get a better deal. Is this also the case for those under debt review? Can you switch and save?

Business photo created by pressfoto - www.freepik.com

CAN YOU GET A BETTER DEAL?

THE BAD OLD DAYS In the bad old days when debt review first started, many of the banks were worried about consumers entering the process so they would call a consumers up and offer them even more discounted rates and installments to try get them to leave debt review.

They would say something like: “Don’t pay R300 through debt review. Leave the process and rather only pay us R200 a month”. Though this helped those consumers with that specific account short term, it ignored all the other debts and consumers who took these deals are still trying to put their lives back together, a decade later! Ask yourself, why would a bank want less money every month? Very suspicious!

Many of the consumers who made this mistake ended up with a debt review status (so they can’t access more credit), ongoing debt from other credit providers and no Debt Counsellor to help them ever get out of debt.

Pretty soon, the banks realized that while they were offering the consumer a ‘better deal’ (of only paying R200 a month) for a debt they could have been getting R300 (which the consumer could afford) through debt review all along. They eventually stopped trying to fight debt review, and now love it! Unfortunately, they have already created a generation of troubled trapped consumers stuck in limbo.

CAN YOU GET A BETTER DEAL?

DEBT REVIEW MATHS Debt review is actually a simple math formula. You take the consumers income, and subtract the consumer’s actual, realistic living expenses each month. That leaves you with a set figure left over for debt repayments. This (correctly adjusted) figure is shared with all the consumer’s credit providers so they understand the consumers’ situation better.

INCOME - EXPENSES = Amount available to pay Debt Then the Debt Counsellor uses software (or a calculator) and makes a repayment proposal to the courts. The courts then decide if they agree, and if they do, then turn that proposal into a court order, restructuring the debt.

Once the court order is in place, making significant changes to the repayment figures will require going back to court again.

CAN YOU GET A BETTER DEAL?

GETTING A CALL FROM ANOTHER DEBT COUNSELLING FIRM Some Debt Counselling firms find it hard to get any new clients who need debt review help and instead, try to convince existing clients of other Debt Counsellors to switch to their services. This may simply be because they are not good at finding other people who need help (but doesn’t everyone?) or perhaps they simply have poor ethics.

These firms may call and offer the consumer an even ‘better deal’, promising that they can pay less for their debt review.

What should you do if you receive such a call, and can they actually get you a better deal? Should you think about switching to a new Debt Counsellor and will it save you money?

CAN YOU GET A BETTER DEAL?

PROMISES & LIES Since debt review works off a simple formula (income – expenses = debt repayment amount) it is suspicious when someone calls you and offers you a smaller debt review repayment amount each month.

How could they accomplish this?

One way would be for them to lie to your credit providers about your monthly expenses. If they pretend your expenses are actually higher, they may convince the credit providers that you have less money to repay each month. Can you trust someone who would lie about your finances to the banks?

Another way for them to possibly reduce your monthly costs by a few rand, would be to reduce the amount of monthly aftercare fees you pay to the Debt Counsellor. Normally this capped 5% figure is small to start with. For example, many people pay around +-R125 to their Debt Counsellor each month (this fee is percentage based, but this is a fairly common average figure at the moment). Could the new company reduce this rate from only 5%? It is unlikely.

KIM ARMFIELD

AND ASSOCIATES

DEBT REVIEW | CREDIT LAW | LITIGATION CONTRACTS | FAMILY LAW | WILLS & ESTATES Tel: 021 949 1758 | 084 702 3760 info@legalwc.co.za | w w w.capeat torney.co.za

CAN YOU GET A BETTER DEAL?

WILL THEY CHARGE MORE DEBT COUNSELLOR FEES? When someone enters debt review, they pay 50% of all the fees they are likely to ever pay in the first month of the process. That’s half of all the fees they will pay during their entire debt review, before they get out of debt and no longer need debt review.

If someone calls and says they can get you a better deal, be sure to ask if they charge a big fee again in the first month you switch to their services.

Firstly, this new big switching fee is not one advised by the NCR or any of the associations. Secondly, this big fee will quickly eradicate any possible saving on monthly fees (if those are even offered at all).

CAN YOU GET A BETTER DEAL?

WILL THEY CHARGE MORE LEGAL FEES? Traditionally in Month 2 of the process, legal fees are paid to attorneys, who work for consumers under debt review, to help them get a court order restructuring their debt. This is normally a once off figure and the credit providers know that this happens, and are happy to wait a little longer to get their debt repayments to ensure this court order is in place.

Included in the court order are details of who your Debt Counsellor is, and perhaps which PDA you may be repaying your debt via. If someone calls and says they can get you a better deal, ask them if there will be new legal fees (which you have already paid). If they say “no� then ask them how that can be, since debt review is a legal process done through the courts and if they are arranging a smaller payment then the court documents need to change. If they say yes, then ask them exactly how much the new legal fees are.

You might save money on a smaller monthly debt repayment, but the danger is that you could actually lose thousands of Rands by having to pay legal fees again.

CAN YOU GET A BETTER DEAL?

SPEAK TO YOUR DEBT COUNSELLOR If a new Debt Counsellor is saying they can get you a better deal, then you may wonder why your existing Debt Counsellor did not get you the same deal. There must be a good reason, right?

Why not call your existing Debt Counsellor, or go visit them at their office and give them all the info about the deal you are being offered? They will have good advice for you that is based on more than their getting a few rand from you every month in aftercare fees. They have worked hard on your case and want to help you get out of debt as soon as possible.

CAN YOU GET A BETTER DEAL?

THE ETHICS OF POACHING Who loves a Poacher? Nobody, that’s who! We don’t like it when they target vulnerable and endangered species, and nobody likes it in business either. It shows incredibly dodgy ethics, especially because their clients are not benefitting financially.

But what if these firms actually can get the consumer a better deal?

If they can get the consumer a better deal, then shouldn’t their existing Debt Counsellor be able to get the same deal? This is where the credit providers have to consider what is happening if they are suddenly approached by a new Debt Counsellor for an existing consumer under debt review. Perhaps they need to closely analyze the consumer’s situation and rather think about sticking to the original restructured and agreed amounts, if they can detect that this is simply a case of poaching. They know who these firms are.

CAN YOU GET A BETTER DEAL?

Do these consumers need additional help? They already have found a Debt Counsellor they trust and are already successfully busy with the process.

They have already paid half of all the fees they will ever pay for their debt review in the first month of debt review. They have already spent money on legal fees in month two . Should they be tricked into paying someone else more money for the help they have already received?

Even if the consumer gets a smaller monthly repayment figure, this will usually mean that the consumer will simply be in debt review for longer.

This is seldom the best option for a consumer or for the credit providers who need their money back to run their businesses.

We appear in the following courts and act as a correspondent for Dc’s and their attorneys.

ATLANTIS BELLVILLE GOODWOOD CALEDON CAPE TOWN WYNBERG CERES GRABOUW

HOPEFILED KHAYELITSHA KUILSRIVER MALEMSBURY MITCHELLS PLAIN MOORREESBURG PAARL PIKETBERG

ROBERTSON SIMON’S TOWN SOMERSET WEST STELLENBOSCH STRAND TULBAGH WELLINGTON WORCESTER

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+27 (21) 200 5644 adri@kempdubruyn.co.za 21 Station Street, Paarl, 7646

CAN YOU GET A BETTER DEAL?

CAREFUL

So, if someone calls and offers to get you a reduced debt review repayment deal then be very, very careful. You may be tricked into paying them more fees for a service you already enjoy and they could keep you in debt for longer.

Be sure to: 1. Get all the company details and name of the Debt Counsellor involved; 2. Ask them for a detailed written quotation which will show you all the fees involved throughout the entire plan they have in mind and make it 100% clear that you are not switching without first talking to your existing Debt Counsellor; 3. Speak to your Debt Counsellor, send them the info and ask if the deal this firm is offering is realistic, and if your Debt Counsellor could try get you the same deal; 4. Carefully think about if you want to be in debt review for longer, or rather pay off your debts faster; 5. Do some research online on sites like Hello Peter for info about the firm who called you; 6. Don’t get tricked into paying thousands of rand more in new fees to try save a little on monthly fees.

There are situations where a consumer genuinely needs to change from one Debt Counsellor to another (perhaps even within the same Debt Counselling firm). Consumers who are not getting the service they require should insist on getting it from their existing Debt Counsellor and avoid switching too quickly as this often causes many negative complications.

Consumers’ situations might also genuinely change for the worse and they may need to go back to court to adjust the restructuring agreement. These are situations were changes are needed. However, switching to get a better deal is seldom better and often not the deal the consumer thinks it is.

What if...

YOUR CLIENT’S VEHICLE IS STOLEN OR WRITTEN OFF?

Is he really insured, and if so, properly?

Could the insurer repudiate the claim because of his debt review status?

As he cannot borrow, how does he replace his vehicle?

Since he can’t get more credit, how does he replace his vehicle?

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We genuinely protect your clients… in partnership with you.

CALL US NOW 011 141 2799 | www.meliorleaf.co.za

MA XIMISING INSUR ANCE RELATED INCOME

PARTNERSHIPS How Meliorleaf partnerships with Debt Counsellors work.

We keep you advised regarding your clients to ensure they are covered properly and remain covered.

We remunerate you, ongoing, for what you choose to do: Some debt counsellors want to be actively involved in arranging and managing insurance relationships, and we fairly share commissions earned Some debt counsellors are also registered Financial Services Providers. They can advise clients and provide a full broking service, and are entitled to earn the full commission But, Meliorleaf understands that some debt counsellors cannot or do not want to be actively involved. However, they do want their clients to be properly insured: For these debt counsellors, Meliorleaf can provide a fully outsourced turnkey solution. What’s more, we will still provide you with ongoing remuneration on all active policies.

Are you interested in partnering with Meliorleaf?

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WHY PAYING OFF CREDIT CARDS CAN TAKE SO LONG If you are one of the thousands of South Africans who have had, or are currently using a credit card, you may find that you never seem to pay off all that debt. It may have just become a constant feature in your life. You are always talking about paying it off “one day�, but your account is permanently in the red.

For those in debt review, things are of course, different as the process simply stops them using the card at all and due to commonly offered concessions from the banks they quickly begin to reduce the amount owed. But why DO credit cards take so long to pay off? And why does it feel like you are chasing an elusive phantom dream of ever paying up a credit card?

WHY PAYING OFF CREDIT CARDS CAN TAKE SO LONG

UNDERSTANDING HOW THE INTEREST FREE PERIOD WORKS One of the big selling points about a credit card is the +-55 days to pay interest free. That sounds great and it is, as long as you keep your payments up to date and in full. Research however indicates that hardly anyone actually gets to benefit from this arrangement, perhaps as few as only 15% of users. The 15% make it a habit to pay up their credit card each month, getting out of a negative balance.

If you don’t pay your debt on the card off in full by the due date, the 55 days interest free falls away. This means that the bank works out interest from the day of your purchases, and not the payment due date on the statement.

It is also important to realize that if you draw cash on credit from your credit card, you immediately start getting charged interest on that amount. It does not qualify for any interest free period. This is also true if you start to use your credit card account to pay money into another one of the same banks other types of accounts (like an overdraft). So don’t think you are being smart by moving money around within the same bank, they know what you are doing and will charge you interest.

NEVER JUST PAY THE MINIMUM AMOUNT One feature that many people under financial strain appreciate is only having to pay the minimum required payment. Traditionally, this is a small percentage like 3 % or perhaps 5%. This makes having the account feel affordable.

Consider though, why would the bank not want you to pay back all the money as fast as you can? There has to be a reason, right?

If you have a credit card debt of around R20 000 and if we use an easy to calculate interest rate of 20%, then it is scary to work out how long it would take you to pay off your debt, if you only paid the minimum amount each month.

Take a guess how long it will take: 18 months? 24 Months? 60 Months?

Think again. If you stick to just the minimum amount then you are looking at paying off the debt over a scary 24 YEARS or more.

During that time you would have paid your bank double what you borrowed.

If the rate is higher, then so is the repayment time period which could shoot up to over 30 years at just the minimum. This is the scary power of interest working against you.

That’s how long it would take, and how much it can add up to, if you just stopped using the card altogether and just paid back the minimum amount.

If you are a person (like almost every credit card user) who keeps rolling their debt and pushing the balance back up to the maximum allowed each month then you are in for fees and charges and interest of much more over the years.

Paying back the amount over 24 months could see you save tens of thousands of Rand because of paying off the interest portion faster.

WHY PAYING OFF CREDIT CARDS CAN TAKE SO LONG

PAY OFF YOUR CREDIT CARD AND SAVE MONEY If you can, then make a plan to pay off your credit card debt (which is often one of the highest interest accruing types of debt) as a priority.

Sure, there is a great appeal to putting a few bucks back into your card account, and then shopping up to the maximum available balance, but it is costing you money. Don’t get confused about the interest free portion, and never just pay the minimum due amount if at all possible.

If you are caught in an endless loop of putting money into your credit card, only to use it all again, then perhaps your situation is worse off than you think. You may be over indebted. The good news is that if that is the case, then you qualify for debt review. People in debt review often receive amazing reductions in credit card interest rates from the banks, as they try to help their clients pay off their debts as fast as possible.

NEWS PHISING WARNING FROM STANDARD BANK During May 2019, Standard Bank Debt Review Department warned that if Debt Counsellors get an email about a topic such as Debit Order cancellation from Ashton Loots they must beware, as it seems this may be a phishing attempt. They even sent out a picture of what exactly the email could look like. The email may contain innocent looking attachments which could compromise Debt Counsellor’s security. This is sneaky hacker process called ‘Phishing’.

Standard Bank takes these things very seriously and are doing all they can to address the issue, and felt that it was important to alert Debt Counsellors and all their staff members.

REPO R ATE CUT DISCUSSION WEAKENS R AND Recent comments made by Reserve Bank Governor, Lesetja Kganyago, this month implied a coming 25 base point cut early in 2020, which saw the Rand take a quick jump above the important 50 cent barrier.

This meant that for a few hours 1 US$ would cost you just over R14.50.

The potential base rate cut was discussed during the announcement, but for the moment at least, the Repo rate remains unchanged at 6.75%. It appears that amidst a weakened economy, the proposed rate cut that some said was destined for the end of the year, may only happen early next year. A lot will depend on the rating by

Moody’s and the possible mass exodus of foreign investment which will follow a downgrade to “junk” status if that were to happen. Another factor affecting everyone unpredictably is that USA and China are now very much at war over the 5G networks (basically the fastest internet you have ever heard about, imagine a movie download in 3 seconds) and this is spilling over to the rest of the world.

It has been compared to the US/Russia Space Race or even the cold war of bye gone years, and is impacting global markets and economies. Locally however, the GDP is still lower than hoped but on the positive side, inflation was slightly (very slightly) less than anticipated and thus the Repo Rate stays the same for now.

CREDIT PROVIDERS FACE CHARGES IN NCR R AIDS In the first 3 months of 2019 the National Credit Regulator (NCR) along with the South African Police Services conducted a series of raids on dodgy credit providers. During that time 5 arrests were made and 411 Bank and SASSA cards as well as 37 IDs, Passports or drivers licenses were seized and returned to consumers.

Many loan sharks (who should register with the NCR) regularly take some sort of surety from a consumer who applies for a loan. In many cases, it is a bank card (and perhaps even pin number) or one of the consumer’s identity documents.

For some consumers, not having their ID books meant they could not head to the

polls during this month’s voting, which demonstrates just one repercussion of not having your ID book or similar documents.

After conducting the 6 raids during January, February and March, 5 different criminal cases were opened against the individuals running the small, illegally operating, credit providers. It is illegal for a credit provider to take your ID or SASSA card to ensure you repay them. If a credit provider in your area has done this, then please alert both the NCR and local SAPS.

VW FINANCIAL SERVICES APPEAL DEVASTATING NCT RULING The entire motor industry is holding its breath in the wake of a ruling by the National Consumer Tribunal (NCT) that vehicle finance credit providers should not add ‘on the road‘ fees to consumers’ bills. The ruling could potentially see many millions of rand returned to consumers by more than just VW Financial Services (who were involved in this particular ruling).

A while back, the National Credit Regulator (NCR) decided to take on VW Financial Services over fees that dealers add to the final bill when consumers purchase a car.

These fees are known as on the road fees and can amount to R3000 or even R4000 Rand.

Traditionally, these fees have

ended up being paid via the credit the consumer gets for the vehicle or added to the overall bill which attracts interest.

The National Credit Act & regulations has a list of charges and fees that credit providers are allowed to charge but on the road fees are not one of them.

After losing their NCT case vs the National Credit Regulator, VW Financial Services have followed the traditional route and appealed to a higher court since the matter could result in a devastating amount of money having to be returned to consumers.

During the appeal process, consumers will probably still face on the road fees from dealers at the various brands.

This may eventually change in the future or these may need to be paid up front in cash etc but for now, most dealers and brands have a wait and see attitude. VW has also said that until they resolve the matter at

a higher court they will not be making plans to refund these fees to anyone and the interest charged on them.

Some brands like BMW Financial Services also received a similar compliance notice about these fees from the NCR, but also reject the NCR’s view on such fees. BMW Financial Services have objected to the notice issued to them. They may also have to go to the NCT and present arguments on the subject but it could be that these matters get postponed while the NCR awaits a ruling on the VW matter from a higher court.

The NCR is very happy that the NCT ruled in their favour in the first round of legal battles and are ready to take the fight to the higher courts, confident that they are correct in this matter and these fees are, in fact, illegal.

South Africa’s

leading Debt Counsellors since 2007

Start getting out of debt today! www.creditmatters.co.za Call our national call centre on

086 111 6197

NCR WORRIED ABOUT STOKVELS BECOMING ILLEGAL CREDIT PROVIDERS NCR spokesperson Rishana Singh says that if a stokvel lends money to people who were not members and charged them interest, then the stokvel is required to register as a credit provider, and stick to all the requirements and limitations of the National Credit Act (NCA).

If an individual or firm starts to lend people money and charge fees or interest on this amount, they need to register as a credit provider with the National Credit Regulator (NCR).

This is a provision of the amended NCA & regulations.

Though many companies and individuals choose not to register this is, in fact, illegal and can result in arrest and legal action (including big fines).

Stokvels are able to operate quite freely internally among members but they overstep the mark when they begin lending to members outside the stokvel and act as illegal loan sharks or Mashonisas. It is not uncommon for the Stokvel to lend money to members of the public at rates as high as 50%.

For those who fail to repay on time, members of the stokvel often illegally enter homes and simply steal items to sell to offset the debt, this is also illegal. The NCR are keeping an eye on the matter and may be doing some additional research into Stokvels.

MOODY’S REPORT ON SA WARNS OF POSSIBLE ‘JUNK’ STATUS This month, Rating agency Moody’s released a report about SA. This was not a ‘rating’ report, but rather a ‘how things are looking’ update. This follows the agency’s decision to hold off on updating their rating for SA until the dust from the local elections has settled.

The new report warns that a possible downgrade lies ahead, which would have a dramatic negative effect on foreign investment. At the moment, the agency has rated SA as having a ‘stable‘ outlook (or future prospects). If however the rating drops or even if it stays the same, but gets the added descriptor of a ‘negative outlook‘, this indicates to

investors that the next rating may be the equivalent of the popularly used ‘Junk‘ status.

The commonly used term ‘Junk‘ status refers to a rating that warns investors that a positive return is unlikely to be realised.

The report does not specifically say that such a negative rating is guaranteed, rather that it is one of several possibilities.

Moody’s lead sovereign analyst Lucie Villa says that the rating is linked to the country’s political efforts in the months ahead: “We expect that the government will continue to pursue greater control of corruption or ‘state capture’ and reform policy, which will support a gradual recovery in growth,” If they are able to do so, then that would have a positive impact on the rating given and the economy over time. This will be one factor considered in their future ratings.

The next rating is likely to be given on 1 November 2019.

CAPITEC BANK & MERCANTILE TO MERGE Capitec Bank is aggressively looking to move into the world of business banking where other banks have long been established, such as Nedbank.

Due to ongoing economic difficulties in Europe, during the global recession, Caixa Geral de Depositos (CGD), a Portuguese Bank owned by the Portuguese Republic decided to put Mercantile Bank up for sale. They quickly received interest from approximately 60 different parties, including SA’s Capitec Bank. After some wheeler-dealing, a small bidding battle and sign off from Portugal’s Ministers and President, Capitec Bank came out on top, outbidding Nedbank and the PIC. South Africans are used to seeing

the Mercantile bank brand around, but not many realise how successful they have been through the recession. They have certainly not been taking it easy. Mercantile is considered the largest of SA’s small banks, and has had its assets grow from R6 Billion in 2011 to R13 Billion in 2019. It also holds R9 Billion in deposits. It has seen a rather impressive 15 % increase in profits for the last few years.

This trend looks set to continue, and perhaps even increase as Capitec got the nod and are going to be merging Mercantile into their brand.

The Competition Tribunal has now officially given the ‘go ahead’ for the merger (with no conditions). This means that with one swift purchase, Capitec Bank will have an established business banking organisation and clientele without having to establish one over time.

Maxine Wingrove INDUSTRY INTERVIEW

OLD MUTUAL FINANCE Team Leader I Legal Recoveries - Debt Review

How long have you been at OM? I have been employed at Old Mutual Finance for just over 5 years.

What was your past work history bringing you to work in the debt review space?

Before I joined Old Mutual Finance I worked at one of biggest banks in South Africa as a teller, which is nowhere close to the debt review industry. I actually applied for an Employment confirmation position at Old Mutual Finance through an agency.

I had no knowledge of Debt Review before I started working in the debt review department in December 2013 as a temp. A few months later my legal manager approached me for a administrator’s position and 4 years later I got promoted to the Team Leader for Debt Review.

What do you enjoy about working in the debt review space?

In our department, I really love the atmosphere each day. We have a great team. We are always ready to celebrate any achievement, big or small.

There is always something new to learn in the industry especially due to constant change in the rules and regulations. I also enjoy meeting different Debt Counsellors and building close relationship, but most importantly making a difference in our client’s lives. A simple “thank you” from the client makes it all worthwhile.

Where do you see debt review going in the future?

With our country’s economy, especially where VAT increased, clients are forced to relook at their budgets and make the necessary adjustments. The constant changes in the law, as well as, the changing requirements from various magistrates has made proceeding with legal action more expensive

than ever. Debt Review is one of the biggest, most cost effective, collection tools in the industry and will continue to grow in the future.

What do you do for fun when not at work?

Nothing much out of the ordinary. I enjoy watching movies, when I am able to. I try and spend as much time with my family as I can. I have a 23 month old son who keeps me entertained all the time.

How do DCs get hold of you and your team?

Debt Counsellors can get a hold of us via email or telephonically. If they struggle through the usual contact processes then they are welcome to forward any escalations to me at Maxine.Wingrove@omfinance.co.za Do you have any advice for DCs when they are dealing with OM? I think it is safe to say that we have a fairly good working relationship with most of the Debt Counsellors we liaise with on a daily basis. We

also set up meetings, where we can, just to meet and greet. Debt Counsellors should feel free to ask to meet with us.

We understand that the clients who are seeking debt review assistance would like to get out of their current financial struggle. Our purpose is to help rehabilitate our clients and create a positive financial future.

All Credit Providers and Debt Counsellors have one common goal together: To help our clients.

Last year OM won big at the Debt Review Awards. How did the team feel about that?

I can definitely say that winning the award last year made us very proud as a team. It was just confirmation that our work and what we strive for speaks for itself. We just have to keep on pushing harder each year to keep winning.

The Debt Review Awards Gala itself is a great networking event which all stakeholders involved can make use of to build a closer relationships and to put a face to the name of those we deal with online every day.

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After many months of preparation and participation the annual Debt Review Awards Peer review enters its most important phase during June.

THE FINAL MONTH! During the last few weeks of the annual Peer Review, the various PDAs and Industry associations will be asking members to double check that they have had a part in the process this year. The organizers too will still be phoning and emailing the various NCR registered parties to double check that they have had a chance to have their say.

Answers to Peer Review questions will all be compiled (by computers) and audited (by humans) at the end of June 2019. The results of the industry wide Peer Review will then be announced at a modest Red Carpet event in Durban, KZN this year on the 20th of July at a venue in Mount Edgcombe.

Those Credit Providers and Debt Counsellors who have signed up for the Awards process stand in line to win the top spots. Those who do not sign up may already have been reviewed by their peers but would potentially not qualify to win without having signed up. So,

be sure that your firm has signed up here: http://debtreviewawards. co.za/sign-up-to-participate/ Local and visiting Debt Counsellors and staff will get to enjoy the Awards evening along with credit providers and other industry parties and hear the results of the top performing companies in the country. On the evening over 50 top Debt Counselling companies will be recognized and the top credit providers will also received Awards.

This year there will also be a day of free workshops on Friday (19th) before the Awards as part of the event. All are welcome.

Email: iwantogototheworkshops@ debtfreedigi.co.za Thank you to all those who have participated over the past months and those who will do so in the month ahead and all the best to all who have signed up to potentially win.

DEBT REVIEW SCHOOL You pay professional debt review fees for professional service. If you are not getting the service you need then talk directly to your Debt Counsellor about the level of service you require.

PROFESSIONAL DEBT COUNSELLING ATTORNEYS TEL: 021 872 1968 1 1 M A R K E T S T R E E T, PA A R L w w w. s t e y n c o e t z e e . c o . z a

Die Republiek van

SKYT AFRICA Hi Almal, Ek lees graag fiksie, dit is vir my n lekker goedkoop tydverdryf, bygesê goedkoop indien ek n tweedehanse boekwinkel raakloop. Nuwe boeke is ietwat bokant my beskeie begroting. Alhoewel ek nie n slaafse aanhanger van Facebook is nie, spandeer ek soms tyd op Facebook. Ek is meestal wat geklassifiseer sal word as n roofkyker, sien baie en sê liewers niks wat op baie van die blaaie seker die veiligste is. Baie mense kan verdomp venynig raak as hulle agter die anonimiteit van n sleutelbord inskuif.

Daar is sommige DC’s wat nuttige Facebook blaaie het waar die publiek vrae kan stel en kundiges gee dan raad. Wat baie interessant is, is dat daar n toename is aan mense wat ontevrede is oor die skuldberadingsproses en dan keel skoonmaak. Die volgende kom duidelik na vore – hulle wil nie meer met hul huidige DC praat nie. Dit is asof hulle n ander platform soek wat hulle n ander antwoord gaan gee as wat die huidige DC hulle gee.

Hulle is opsoek na n antwoord wat hulle pas en nie die feite nie, amper soos n kind wat eers vir Ma vra en as sy nee sê dan word Pa dieselfde vraag gevra, soekende na n antwoord wat hulle tevrede sal stel.

My raad is die volgende: Onthou die omstandighede, veral die finansiële omstandighede, toe jy onder skuldberading gegaan het. Skryf neer alles wat op daardie stadium soos n berg voor jou gelê het, die oproepe van skuldeisers, die leë koskaste , die argumente en die slaaplose nagte.

Hoekom al hierdie dinge na skaars n jaar vergeet en nou skuldberading en jou DC as die swakste ding sedert die Gupta’s uitmaak? Is die geheue werklik so kort dat hierdie einste proses wat jou gemoedsrus gegee het nou ewe skielik nie werk nie? Niemand het belowe dat dit n maklike proses gaan wees nie maar daar was ook van jou verlang van jou om jou bydrae te lewer. Jy is uit die aard van die saak in beheer van jou spandeerbare inkomste en die enigste manier hoe om so gou as moontlik die proses te verkort is om so veel as moontlik aan jou skuld af te betaal. Daardie verhoging, bonus, belasting teruggawe of enige ander gelukkie moet nie dadelik gatsak toe gaan nie. Jy gaan aan n duisend verskonings dink waarom daardie fondse nie op skuld betaal hoef te word nie, gaan dan gerus terug na alles wat jy neergeskryf het en herbesin.

Indien jou DC jou jaarlikse hersiening doen hou jou lysie bederhand, dit sal jou help om nie aan alle onsinnige redes dink om nie jou paaiemente te verhoog nie. Of jy dit nou wil weet of nie die finansiële instelling wat jou skuld gegee het wag vir n rede om skuldberading te beëindig sodat hulle kan stappe neem.

Dus in antwoord op al die vrae of jy vinniger die skuldberadings proses kan beëindig? Beslis, betaal getrou en verhoog jou paaiemente en verminder jou verskonings.

Groete, Christo

Christo Hattingh Kyk gerus my LinkedIn profile: https://www.linkedin.com/in/christo-hattingh-351a52130/ * Seriously please do let us know if you found this article to be funny/offensive/amusing/interesting feedback@debtfreedigi.co.za

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Flooding dodgy banks and large corporations with questions and complaints.

Writing letters to the press and politicians. Boycots and non-compliance. These are the tools of the modern activist.

With no violence, this kind of silent activism brings about change. Join us & Our Partners now, it’s fully confidential.

Debt Counsellors Collective Now that iDCC is a member of CIF we encourage all registered DC’s who are not affiliated with an association to join so that DC’s get the opportunity to influence decisions taken by the NCR.

Members please have your say on the latest poll regarding credit bureaus on the member’s Facebook Page.

www.allprodc.org

We are looking for a member to take the role of Association Secretary.

Are you interested?

Email: BDCF@offsite.co.za www.bdcf.co.za

DCASA Branch Meeting Dates: Eastern Cape (Elizabeth Place) 23 August 2019 Free State (Kopano Nokeng ) 12 July 2019 Gauteng (Kempton Park Golf Club) 30 July 2019 KZN (Westeville Country Club) 23 August 2019 Western Cape (Parow Golf Club) 23 July 2019

www.dcasa.co.za

NDCA are ready to help consumers who are struggling with debt.

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When debt review clients don’t pay they put your entire practice at risk!

We make sure you get paid for the work you’ve already done!

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DEBT REVIEW SCHOOL Debt review is a legal process that goes to court or tribunal.

Do you know who your attorneys are? If not, call your Debt Counsellor and get their contact details.

Regional Meetings 2019 The Debt Counsellors Association of South Africa (DCASA) held regional meetings across the country during May 2019 for their members.

These meetings allowed members to catch up and discuss the latest developments within the industry. It also gave local Debt Counsellors a chance to meet with some credit providers (or other industry service providers) who come to make presentations.

For example, DC Partner are one of only 4 NCR registered Payment Distribution Agencies in the country. At the Western Cape meeting Giovanni made a presentation highlighting the Debt Counsellor management software called Finwise. There are many new features and partnerships such as iDocs.

Giovanni focused in on the role of debit orders (Stop orders, NAEDO & AEDO) in making a success of debt review and how they can also threaten the livelihood of the PDAs and Debt Counsellors if not managed well. At present, consumer disputes on debt review

payments are hurting the industry and threaten the profitability of the various PDAs. He said that one of the most important and helpful things for the consumer to know is what the description of the debit will look like on their bank statement. Eg. (NP)CTDebtSe (this example relates to how the debit will show from a DC Partner debit in particular).

What can help smooth things over is a phone call to the consumer near payment time to remind them of the first payment amount (so that they have the right amount available) and reminding them of the reference so they do not panic and try to reverse the payment when it happens.

Sometimes consumers don’t realise that disputing their debt review payment will cause financial ruin and massive complications going forward (especially if they have been under debt review for a long time).

He also discussed what a good mandate (from the consumer) looks like in case a client does dispute the payment. A classic mistake is to forget to ask them to sign the mandate.

Credit providers like Capitec Bank attended and gave presentations at the meetings. Capitec Bank in particular showed a new advert the bank is running about trying to educate consumers to make wise use of credit and not use credit purely to finance a lavish lifestyle they cannot afford.

The bank has a very good reputation of supporting debt review in the past.

Proposals: In December 2018 Capitec made some changes with regard to making counter proposals back to Debt Counsellors.

Since December many Debt Counsellors agree that there has been a big increase in counter proposals from the bank. There have been some teething issues since the change and Capitec Bank were quick to acknowledge them and are making improvements. Some Debt Counsellors were saying they have received these new counter proposals and agreed to them but some have not then received the all important acceptance letter (Final). This then delays matters at court.

Terminations: When consumers do not pay as agreed or at all then credit providers will withdraw from a debt review and start a new legal process to try to collect the debt. This is called a “termination� or more technically an 86(10).

There was also feedback from the credit industry forum and recent discussions held there. Eugene Cilliers from Pay Plan Solutions (a Debt Counselling Firm) gave a presentation in regard to the latest information about Pension Backed Lending. This has been a problematic issue since debt review began.

Debt Review Awards Update After a general industry update by the local regional DCASA Chairperson, there was also brief update about the Debt Review Awards 2019 including the ongoing Peer Review. The industry wide Peer Review gives NCR registered professionals the chance to help review the performance of their counterparts within the industry.

The peer review has now entered the last 6 weeks of the process. Next month the various PDAs and other associations will be asking their members and clients to complete the reviews, in case they have not already done so.

The regional meetings ended with a light lunch and gave attendees time to mingle and discuss the topics of the day further.

STUCK

U S I N G

ANCIENT

T E C H N O L O GY ?

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contact us today for more information

086 111 2882

TELEPHONE 0861 112 882 FACSIMILE 086 605 9751 MOBILE 082 449 6856 EMAIL andre@in2insurance.co.za

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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

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Dynamix Debt Counselling TLC Alida Christie NCRDC2324 Office 1, 34 Beefwoodstreet, Vanderbijlpark, 1911 Tel: 079 520 4369 Tel: 016 100 8020 tlcdebt@mweb.co.za

Specialist Debt Management Centre Beverley Ludick, NCRDC948 Pretoria Tel: 012 377-3557 Email: obligco@gmail.com Email: dc@obligco.co.za www.obligco.co.za

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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

LIMPOPO National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.co.za

Depopulating a generation of over indebted and populating a debt free generation.

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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

MPUMALANGA GMC Debt Solutions 52 Kerk Street Lydenburg Tel: 087 802 7054 Tel: 087 151 1034 www.gmcdebtsolutions.co.za

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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

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ISISEKO DEBT HELP Get Your Life back on track TEL: 087 230 0223 FAX: 086 551 1649 EMAIL: makanti@isiseko.co.za WEB: www.isiseko.co.za

Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

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CONSUMER DEBT SUPPORT Annienne Nel NCRDC2452 Kairo’s House, 22 Fairfield Southstreet, Parow, 7550 Office: 021 930 5791 Cell: 082 641 2328 Fax: 086 563 3264 e-mail: info@debtcentre.co.za www.debtcentre.co.za

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SUPPORT SERVICES

011 451 0041 0860 072 768 www.dcmax.co.za

COMING SOON

lana Van Herwaarde, DC Operation Centre (PTY) Tel: 0867227405 Email: info@dcoperations.co.za www.dcoperations.co.za

TRAINING

DEBT 086 126 6562 debt@one.za.com www.one.za.com

INSURANCE

LEGAL

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Liddles & Associates “It always seems impossible until it is done” N. Mandela (T) 021 930 5790 (F) 0866070940 (E) frontdesk@liddles.co.za www.liddles.co.za

Steyn Coetzee Attorneys / Prokureurs Adri de Bruyn 11 Market Street / Markstraat 11, Paarl, 7646 Tel: 021 872 1968 Fax: 021 872 2678 adri@steyncoetzee.co.za

RM Brown and Associates 16th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 021 202 1111, f: 021 425 0875 Email: roger@rmbrown.co.za

Your Debt Counselling Attorneys Johannesburg | Cape Town Andre Van Zyl 021 494 4862 Kim Armfield Attorney & Family Law Mediator Address: Unit 1B, FinansHuis, 7 Voortrekker Road, Bellville Tel: 021 949 1758 / 021 945 2526 Office cell: 084 8588 284 kim@legalwc.co.za

info@bassonvanzyl.com

We are a Port Elizabeth based law firm capable of assisting Debt Counsellor’s throughout South Africa with matters within the following areas of jurisdiction: Port Elizabeth; New Brighton; Motherwell; Uitenhage; Hankey; Jeffreys Bay; and Humansdorp 082 974 0866 carla@cvlaw.co.za

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CREDIT BUREAUS

Xpert Decision Systems (XDS) South African information bureau.

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PAYMENT DISTRIBUTION AGENCIES

DC Partner 044 873 4530

COLLECTNET +27 12 140 0602

Hyphen PDA 011 303 0060

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CAPITEC CONTACT DETAILS

Form 17’s Proposals Court documents General Queries Refund Requests / Cancellation of Debit Orders Complaints Insurance Certificates Sharecall Contact Number

ccsforms17@capitecbank.co.za ccsproposals@capitecbank.co.za ccsdebtrevieworders@capitecbank.co.za ccsdebtreviewqueries@capitecbank.co.za ccsrefundrequests@capitecbank.co.za ComplaintManagement@capitecbank.co.za coming soon 086 066 7783 - Select Option 2

ESCALATION PROCESS COMING SOON

Turnaround Time

Debt Review DepartmentEmail Address

Contact Details Standard Bank Debt Review Debt Review Call Center:

0861 111 525 or 0861 111 402

Debt Review Documents*:

DRApplications@standardbank.co.za

Debt Review Service requests:

debtreviewservices@standardbank.co.za

5 days

Debt Review payment queries:

DRPayments@standardbank.co.za

7 days

Debt Review administrative requests**:

DebtReviewAdmin@standardbank.co.za

5 days

Debt Review complaints and escalations:

debtreviewcomplaints@standardbank.co.za

5 days

Reckless Lending Allegations

recklesslendingallegations@standardbank.co.za

*Debt Review documents: Form 17.1; Form 17.2; Proposals; Court Applications; Court Orders **Debt Review Admin related requests: debit order cancellations; statement requests ; refunds; paid up letters; account closure instructions; settlement balances; or outstanding balances

Other Standard Bank areas Credit Card

086120 1000

Diners Club

0113588400 / 0860346377

Vehicle Asset Finance Recoveries

0861102347

Vehicle Asset Finance Collections

0861102347

Home Loans Pre Legal

0860102270

Home Loans Customer Service

0860123001

Standard Bank Insurance

0860123911

Deceased Estates

0861001868

CALL CENTER Contact

0861 005 901

Function For your convenience we now offer the opportunity to call our contact centre and be transferred to specic departments. Note that our consultants in these departments are subject matter experts and will best be able to assist you for a swift resolution. Please note; choosing the incorrect option could delay the resolution of your query.

Option Option Option Option Option

Email

1: 1: 2: 3: 4:

Updated balances, statements, settlements, refunds and general enquiries Any COB related queries Any Proposal related queries Any termination related queries

Turnaround Time

Function

Certicate of Balance DRCob@absa.co.za

5 Business Days

Processing of the 17.1 application.

DRTransfer@absa.co.za

5 Business Days

Manage all debt counsellor swaps and system changes.

DCCOBQueries@absa.co.za

5 Business Days

Manage all COB escalated queries and follow-ups.

Debitordercancellations@absa.co.za

5 Business Days

Manage all debt order cancellation requests.

DCRCAssessment@absa.co.za

10 Business Days

Manage reckless lending allegations.

KYC DCKYC@absa.co.za

For return of KYC Forms.

Authorised Financial Services Provider and a registered credit provider (NCRCP7) Absa idirect’s FSP 34766 Absa Insurance Company’s FSP 8030

Email

Turnaround Time

Function

Proposals DCProposalquery@absa.co.za

10 Business Days

Manage all proposal escalated queries and follow-ups.

DRProposals@absa.co.za

10 Business Days

Processing of the following documents: 17.2, proposals, proof of insurance, 17.3 & supporting documentation.

Legal Courtapp@absa.co.za

5 Business Days

All legal documents to be provided to this department for review.

Termination DRTerminations@absa.co.za

10 Business Days

Manage all termination queries, reinstatements requests and follow-ups.

17.4@absa.co.za

10 Business Days

Manage all voluntary termination requests.

Clearance DCClearanceCerticate@absa.co.za

5 Business Days

Manage all clearance-related queries and requests.

Service Types of queries managed by this department; Account closure conrmation/request. Balance conrmations/ query. Account status conrmation, statement request. Paid up letter request. Refund request. All relevant operational queries to be referred to operational queues mentioned.

Debtreviewqueries@absa.co.za

10 Business Days

Entry point for all query-related matters.

Debtreviewmanager@absa.co.za

5 Business Days

Escalation point for all query-related matters.

First National Bank – a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider (NCRCP20). Reg. No. 1929/001225/06.

DC Query Process DC Query Process

www.nedbank.co.za

17.1, 17.2, Proposals, General correspondence: debtcounselling@africanbank.co.za To register for Legal Web Access: lwac@africanbank.co.za Reckless Lending investigations: RLA@africanbank.co.za

ESCALATION PROCESS DETAILS COMING SOON