STRESSED? WAYS TO COPE
Issue 3 of 2021
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FROM THE EDITOR This month, we get to celebrate the 1 year anniversary of the short, but essential, 14 day lockdown due to Covid-19. A whole year…Wow! Can you believe it? A year ago, if you saw people wearing masks, you ran away from them thinking they were crooks. Now, we run away from people not wearing masks, in case they make us sick, how times have changed. Will we celebrate a year of lockdown, or will we cry into our cups bitterly thinking of all we have lost? It hardly seems like something to celebrate. It has been a really tough 12 months, that’s for sure. Last year 2.2 million people lost their jobs (and even though many got them back as time went by and restrictions lifted) there are now 17.9 Million people in SA who are unemployed. That’s one out of every 3 people in the country. Tough times indeed.
Over 50 000 people have lost their lives and more than 1,500,000 are dealing with the after-effects of the virus. Even though vaccines are becoming available, many have valid concerns; how effective and safe are they, and how they are rolling out worldwide. It is all very stressful. That’s a topic we have a look at this issue: how you can deal with your stress. Now, admittedly you are never going to escape stress entirely, but we discuss how to get it under control. You might even pick up some practical ways to reduce your stress levels. We also discuss something that stresses a lot of people out: a review of the fees for debt counselling. We look at what was done in the past, and challenges with this process moving forward. It is a complex riddle that faces those in the industry - finding a balance between the costs of offering extremely professional help, and still not overcharging the credit providers and consumers for the process. We also look at local and international news impacting our finances. It’s good to keep your finger on the pulse. Add to that the usual mix of advice, tips, reviews and more. It is funny how a full year of the Pandemic seems both long and short. Time has dragged on, painfully slow and yet it has also flown by. It is a lot like being in debt review, the process seems to take forever. You feel like you are not making any progress and then suddenly, boom, you have paid up all your debt. Wouldn’t that be something worth celebrating? Imagine finally becoming completely debt free.
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CHEAPER OR MORE EXPENSIVE? Stats SA tracks many things including the rate of inflation in SA. They can also look ahead and predict what things will soon cost more or less based on current trends. Here are a few things that we can expect to cost more over the next few months due to things like rising fuel costs and the Rand losing strength to the Dollar. Food Fuel Electricity Alcoholic & Non Alcoholic Beverages Tobacco New Vehicles By comparison here are the things where prices are staying the same or possibly even dropping: Education Medical Insurance Clothing Rent
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COPING WITH STRESS
NEWS
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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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BREAKING NEWS
1 IN 3 PEOPLE UNEMPLOYED In South Africa, as the lockdown began (between April and June – the initial Lockdown Period) 2.2 million people lost their jobs. Over time, as lockdown restrictions eased, +900 000 unemployed people were slowly able to get old jobs back or find new jobs. By the end of the year however, 1.3 million people, out of those roughly 2.2 million, were still unemployed. They joined the 16.6 million other already unemployed people in SA. SA now has it’s highest unemployment rate, sitting at 32.5%. This puts SA’s unemployment rate in the Top 3 of countries around the world (among countries that report on such stats). Although different countries report in different ways and figures vary over time the reality does not change that SA is one of the most unemployed places in the world. In further bad news a recent business survey of over 4377 SA businesses revealed that these companies have plans to retrench another 1.3 million members of staff in the next 6 months.
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MAN CAUGHT WITH 70 SASSA CARDS A 47-year-old Durban man has been caught by the SAPS at an ATM with over 70 SASSA cards in his possession. The man had been drawing cash from the various accounts when he was arrested. The man was acting as an illegal credit provider and has illegally been taking the SASSA cards from those who receive grants to repay loans. When the man was arrested he had over R7500 in cash on him. His fancy Mercedes-Benz was also seized by the police as part of the arrest.
REPO RATE UNCHANGED After this week’s SA Reserve Bank Monetary Policy Committee meeting South Africans can let out a small sigh of relief. The Repo Rate, which currently sits at a record low of 3.5%, is not going to change for a little longer. This means no immediate increase in debt repayments for those who have credit. Repo Rate: 3.5%
8 MORE VBS LOOTING ARRESTS MADE Millions of Rand was looted from VBS Mutual Bank in one of the most shocking South African Banking scandals of all time. In the wake of the story breaking and reports into what happened at the bank 7 people were arrested for their role in the looting and fraudulent activity at the bank. The case against these 7 has already been postponed as more and more charges get added to the rap sheet of illegal activity they were part of. Now an additional 8 people have been rounded up in a new wave of arrests. The new arrests also relate to fraud, corruption, money laundering and racketeering at the bank and related municipalities who were involved. The investigators are planning even more arrests as the evidence mounts against those involved.
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DEBT REVIEW STRESSED? EXPECTATIONS WAYS TO COPE VS REALITY
COPING WITH STRESS
INTRODUCTION We all face stress; work stress, debt stress, stress over our health, the pandemic and more. To cope with stress we need to think about how we think about stress. Let’s consider some ways we can adjust our thinking about stress, and find better ways to cope and perhaps even reduce our stress levels.
COPING WITH STRESS
DEBT STRESS Stress about money, money problems and debt is extremely common. Concerns about money often lead to the break-up of families, poor performance at work and sleeping problems. One thing that we can do to adjust how we think about debt stress is to consider who really has the problem. If you loan your friend R1000 and they cannot pay you back when you really need the money, who has the bigger problem? You, who gave the money and now needs it back; or Them, who spent the money and now really cannot pay you back, at this time? The person who loaned the money, but now needs it back, has the real problem. This is true in most creditor/debtor situations. If you have borrowed money from the bank, and made use of those funds to buy things, but now cannot repay them, the bank is the one with the real problem, not you. This is why collections agents and the courts are used, to attempt to shift the problem from them onto you. Repeated calls and pestering is an effective way to get you to think the problem is primarily yours, when in fact, it is mostly the credit provider’s problem. Thinking about things in this way can help you adjust your view of your situation, and lower your stress levels, while you make reasonable plans to repay the debt.
COPING WITH STRESS
STOP STRESSING OVER THINGS YOU CANNOT CONTROL Each day we are confronted by things (small or large) that stress us out. It is best to focus on these immediate stressors, and not go about adding to these things by worrying about future things that may never actually happen. Sure, you can somewhat influence the future by making wise decisions now, but you cannot control how others will act. You cannot control what the Corona Virus might do or how governments might adjust legislation or how credit providers might behave. Rather, it is best to deal with the actual issues in front of you today. Do not weigh your brain down by worrying over things that you cannot control and might never actually happen.
COPING WITH STRESS
BE REASONABLE We often have high standards for ourselves and others. Sometimes, however, these standards can be too high and unrealistic. These high expectations could cause us to become unhappy with ourselves or with others when they always fall short of our expectations. It is better to set reasonable standards for yourself. Know your limitations and live up to them, only then try to see if you can go a little beyond them. You would not ask a baby to do backflips at the Olympics would you? That would be unrealistic. Over time, as you slowly learn and grow, you can adjust and set new realistic goals and standards for yourself and others. Try to keep a positive, forgiving attitude and maintain a sense of humour about things, especially when times are tough.
COPING WITH STRESS
LEARN TO IDENTIFY YOUR STRESS One key in learning to cope with your stress is to learn to identify what it is that is stressing you. Some of the main causes of stress may seem obvious to you: debt, work, family. But that’s actually very vague. There are many people who have debt and are not stressed about it. There are many people who work a lot, but love their jobs. There are many people who have big families but do not get stressed by them. So, it helps to be more specific, what exactly at work is stressful, which part of the workday? What specific behaviour by family members causes you to feel stressed out? It is also important to note that what stresses one person may not be stressful to the next. You are an individual and your stress is unique. So, you can’t rely on others to identify your causes of stress, you need to take some time and actually think about it. Once you know exactly what it is that stresses you out (in the different parts of your life) then you can start to make plans to reduce your exposure to these sources of stress.
COPING WITH STRESS
GET ORGANISED Our brains secretly like things to be organized. We find it pleasing to be in a neat and tidy house or room. We even like people whose faces are balanced and symmetrical. Our brains also like things not only start but get finished. Disorder, in our surroundings or our daily routine can be a big background source of stress. Try to get organized, make a schedule, stick to it. Make a list of all the many things you need to get done and when you finish something, tick it off. This will help you better manage your stress and avoid being overwhelmed by too many things going on at once. Having a list will also help you to choose which things are most urgent and most important and which things you can leave to another time. This is especially helpful if you tend to procrastinate. Once you know exactly what it is that stresses you out (in the different parts of your life) then you can start to make plans to reduce your exposure to these sources of stress.
COPING WITH STRESS
FINDING BALANCE If you work all the time, your family life will suffer. If you play all the time your finances will suffer. So, try to find a balance between work and relaxation. People who eat healthy, sleep well and have good relationships with others, they tend to be more productive and effective at their jobs (even in shorter time periods). Doctors will tell you that a little exercise goes a long way to having good mental health. Eating and living healthy can help you avoid many common traps, like returning to bad habits to try deal with stress. If you find your mental health is very poor, and you are having negative thoughts all the time, then speak to a friend and to a medical professional. Don’t delay getting help, seeking help is a smart move and not a failure.
COPING WITH STRESS
PRIORITISE As mentioned earlier there are benefits to making lists, they can help you to quickly set priorities. We often make lists and priorities in the back of our minds. Which is more important to pay? Your home loan or your short term loan? Your brain will quickly compare the two, as well as, the consequences of not paying and tell you to protect the place where you live. Making a list on paper (or digitally) will help you see all the things you need to accomplish and decide which ones need to be done today, tomorrow, next week or never. Cross off the ones you complete, and then make a fresh list in a day or two and reorganize the items left over. Some people do this daily and it helps them a lot! Be sure to schedule time to relax, taking short breaks can energise you and reduce stress.
COPING WITH STRESS
GET HELP If you are very stressed, then your family and friends can be a great comfort. Finding someone you can trust and who is a good listener is very helpful in reducing stress. Why not ask people to help you with some of your many tasks or with your workload? Even your kids can help around the house with small things, which will make life easier. If one of your work colleagues is a source of stress, can you have a calm conversation with them in a relaxed environment and talk about the exact reasons why they cause stress, and ask them if you are stressing them out? If you can’t get that right, you can always try to adjust things so you deal with them less often. As mentioned previously, if you are too stressed out and cannot deal with things on your own, get professional assistance. For example if your debt is stressing you out, why not talk to a professional Debt Counsellor. Having relationship problems? Have you spoken to a counsellor? Do you need medical assistance to deal with your stress? Ask for help if you need it.
COPING WITH STRESS
YOU CAN COPE When you feel overwhelmed by too many things it can be very stressful. If however you can sit down and make a list of things you need to get done, can take time to identify exactly what things are stressing you out, and can then adjust your day-to-day routine to deal with those issues, you will feel a lot more in control. Talking to a friend or professional can also help you see things from a different perspective. If you need help and get the assistance you need, it will also greatly reduce your stress levels. We can’t totally avoid all forms of stress, but by taking a few practical steps, you can reduce and manage the things in your life that cause you stress.
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NCR FEE GUIDELINE TO BE REVIEWED
INTRODUCTION The National Credit Act (NCA) came into effect all the way back in 2007. The Act and regulations mention fees that might be charged for debt counselling but remained silent on what these fees might specifically be. Since there is no official (or legislated) fee structure, the industry itself had to come up with figures that the majority felt were reasonable, and would cover the associated costs. Over time, various parties have come up with their own fee structure and guidelines. For example, the Debt Counsellors Association of South Africa (DCASA) issued a very popular fee structure which its members and many others followed for some time. The National Credit Regulator (NCR), who regulate the credit industry, has also weighed in on the topic by producing guidelines on what they feel is a reasonable fee structure. These NCR issued guidelines have been the most popular (including among credit providers and their DCRS software) and are currently followed by major industry role players.
NCR FEE GUIDELINE TO BE REVIEWD
DCASA & THE NCR FEE GUIDELINE When the industry first started in 2007, the Debt Counsellors Association of South Africa (DCASA) fee guideline was perhaps the widest accepted fee structure. This changed however when, after a few years, the Competition Commission said it was unfair for Debt Counsellors who did not belong to the association, to have to stick to association specific fees. This led to the NCR stepping in and issuing a very similar guideline for Debt Counsellors (with some increases in the fee amounts). They also asked Debt Counsellors to voluntarily accept these fees, as part of their conditions of registration, and as part of the industry code of conduct. The NCR made their view on the voluntary nature of their guideline clear when they said: ‘It is therefore the considered view of the NCR, as the custodian of the credit industry, that all debt counsellors are required to comply with the Fee Guidelines for Debt Counsellors, which were issued by the NCR in 2011 so as to ensure that the industry-agreed payment process is implemented uniformly throughout the debt counselling industry.’
NCR FEE GUIDELINE TO BE REVIEWD
HOW DO DEBT COUNSELLING FEES WORK? MONTH 1 A simple way to think about debt counselling fees is, that for most consumers, half of all fees they ever pay for the process are paid to the Debt Counsellor in Month 1 of the process (not upfront but when the consumer starts to pay the new, reduced amount for all their debts). This has lead to a natural focus by Debt Counsellors on getting consumers through Month 1 of the process.
EACH MONTH The rest of the fees then come in small monthly payments during the process. This small monthly retainer (which fund ongoing work and reviews in the future) is known as an ‘after-care’ fee. Over the years, the industry average has shifted up and down, with each consumer’s situation being unique, but as an industry average most consumers pay around R125 a month in after-care fees.
NCR FEE GUIDELINE TO BE REVIEWD
WHY WOULD FEES NEED TO INCREASE? The process that was at first expected to be simple, where all parties would voluntarily cooperate has, over the years, proved to be quite complicated. In fact, due to push back from credit providers initially, the process became very complicated and many additional steps had to be introduced to account for their resistance. Since 2009, the Courts have been included in every debt review (as opposed to only being needed where one credit provider isn’t happy). This meant that the initial fee guideline for debt counselling had to be adjusted. The inclusion of the courts and the legal side of things introduced another snag. Attorneys do not fall under the authority of the NCR, and because the Act and Regulations do not set out fees, it was left up to Debt Counsellors and Attorneys to negotiate with consumers about how much would be needed to cover legal fees.
NCR FEE GUIDELINE TO BE REVIEWD
THE CHALLENGE WITH LEGAL COSTS It is a hard thing to know up front if all credit providers in a matter will or won’t agree with the proposals. They may want to fight about things in court, or the majority of the credit providers might like a proposal but one may decide to fight. Different courts have different requirements, which also complicate things and Attorneys may end up going back to court over and over about the same case (pushing up the amount they will bill). It is not a simple thing to know what the costs will be. To try to simplify things, many Debt Counsellors tried to make deals with Attorneys to provide a set ‘standard fee’ which consumer’s (and credit providers) could budget for in advance. This led to further problems, as some consumer’s cases were simple while others were complex. Did this mean that the Attorney was using some funds from the simple cases to cover the costs for the complicated ones? The consumer and Debt Counsellor were not privy to that information, allowing each Attorney to run their billing differently. Still, for a time, having a set standard amount for legal fees helped give clients quotations and helped the Debt Counsellors and Courts make debt restructuring calculations.
NCR FEE GUIDELINE TO BE REVIEWD
DCASA RESEARCH IDENTIFIED A HUGE PROBLEM DCASA Research, presented back in 2014, revealed a growing problem in the industry. It was becoming more expensive for Debt Counsellor to help people and the fees had not increased in several years. To stay in business, Debt Counsellors were progressively paying their staff less and less money. Debt Counsellors themselves were also drawing smaller and smaller monthly salaries (an average of +- R11 000 in 2014). It also revealed that the process was now taking more than twice as long as it had back in 2009. This critical research revealed that reckless credit investigations would extend the amount of work Debt Counsellors did, by at least 100% if even a single case of reckless credit was possibly involved.
NCR FEE GUIDELINE TO BE REVIEWD
2016 CHANGES In 2016 the NCR made some adjustments in their guideline to the top end limit that could be charged of the very small number of clients who ended up being able to pay a lot of money each month toward their debt. Some other caps were also increased. The guideline also solidified the idea that consumers who started, but don’t carry on with the process, should pay for work already completed by the DC (75% of the restructuring fees). In that year, they also introduced what they rather controversially labeled a ‘Legal Fee’. While the fee was indeed used towards legal costs, the various legal bodies and entities already had official legal fee rules, and the term in the guideline was seen by some as stepping on their toes (or worse). It also highlighted the problem of a Regulator trying to regulate an industry they had no direct authority over.
NCR FEE GUIDELINE TO BE REVIEWD
PROMOTING RECKLESS CREDIT INVESTIGATIONS The NCA aims to reduce credit providers giving consumers credit that they cannot actually afford. The Act introduced big fines to the credit providers who continued this practice known as reckless credit. The Act also required that consumers be give documents they could properly understand, that consumers be told exactly what they will pay in advance and that credit providers would take proper steps to do the math and ensure that consumers could afford the credit. To fail to do so is also called ‘reckless credit’. The threat of a credit provider being caught out for reckless credit scares investors and shareholders. The NCR has been able to take action against various credit providers who break these rules. This is also something that scares investors. A famous case was where (old) African Bank themselves reported that they had a small number of reckless credit cases, originating at one of their KZN branches. Soon afterwards the entire bank collapsed as shareholders ran for the hills and stock prices fell through the floor*. *There were other factors like a big book of bad paying debtors and company leadership jumping ship.
NCR FEE GUIDELINE TO BE REVIEWD
RECKLESS CREDIT CASES IN COURT Because of the need to keep investors happy and avoid big fines, credit providers are quick to bring in big legal teams to fight about any mention of possible reckless credit. This results in big legal battles at court, where the legal fees can quickly exceed the actual amount owed. It makes sense to fight over possible reckless lending for a R3000 loan and bring in a legal team that will cost R50 000 to avoid receiving a fine of R1 million and having your share holders get scared off, costing big credit providers millions of rand in value. Unfortunately there is no provision in current guidelines about where these big additional legal fees should come from. Some credit provider’s attorneys are unfortunately quick to ask for costs against a Debt Counsellor who does their legally obliged job if they mention possible reckless credit. Such fees could quickly put smaller Debt Counsellor practices out of business.
NCR FEE GUIDELINE TO BE REVIEWD
AMENDING THE ACT TO INCLUDE COMPULSORY RECKLESS CREDIT INVESTIGATION The current wording of the NCA only calls for such investigations if the consumer expressly asks about it. This has resulted in reckless credit not being a major part of debt review. New provisions were included in amendments to the National Credit Act a few years back. The changes require all Debt Counsellors to investigate all accounts, and report to the court in each matter whether asked to do so or not. It also makes it a punishable offence for Debt Counsellors not to do so. This was seen by many as the last step in getting rid of smaller Debt Counsellors in favour of larger practices who could afford to do this. Regardless, these amendments have never actually come into effect, for some reason.
NCR FEE GUIDELINE TO BE REVIEWD
FEES TO INCENTIVIZE RECKLESS CREDIT INVESTIGATIONS In an effort to help promote reckless lending investigations, the NCR pushed for a small fee to be included in their 2018 fee guideline in the amount of up to R1500. Though this fee is a drop from the bucket towards the real cost, if reckless credit is found, it was hoped that it would motivate Debt Counsellors to more actively investigate reckless credit. Since the fee was introduced, some firms began to charge the fee suggested by the NCR. This, in many cases, meant that credit providers had to wait a bit longer to get paid (since these fees were prioritized). Credit providers immediately began to push back against this fee. They really like to get paid as soon as possible so the consumers debts don’t grow, due to the interest rates they add to consumer’s debts, during this time. The NCR themselves later said they also wanted to take back this fee, since Debt Counsellors had started to charge it so regularly.
NCR FEE GUIDELINE TO BE REVIEWD
THE COURTS DON’T ALWAYS LIKE GUIDELINES One of the challenges that the NCR, as well as Debt Counsellors, face is that since the NCA and Regulations are still silent on the topic of fees for debt counselling, some Courts have taken the stance that the NCR’s very popular fee structure guidelines are not legal and should not be followed. Some courts even feel it prejudices credit providers or causes default problems for consumers. So far this stance has affected only a small number of courts, but has proved rather difficult for Debt Counsellors who have followed the NCR’s guideline on fees and been caught in the middle of the issue. Some of the cases referred to in this article are Case No.A801/2014 Gauteng Division, Pretoria FNB 7 Nedbank V Barnard & Coetzee. The NCR has however issued a circular saying that the court probably didn’t mean what it said in its FNB ruling. Also see MFC v Joubert A629/2013
NCR FEE GUIDELINE TO BE REVIEWD
REVIEWING THE NCR FEE GUIDELINE AGAIN IN 2021 It was decided back in 2020 that a review of the fees by the NCR’s Credit Industry Forum (CIF) should be organized. At the start of 2021 this process kicked off (just the first, baby steps for now) with the committee beginning to talk about what is needed and agreeing to certain goals. What Seems To Be The Problem? The NCR’s current concerns do not seem to be linked to inflation of costs or labour. While the entire fee guideline will be up for review, the NCR, in their CIF document, mention 3 sections of the current fee guideline in particular that they would like to focus on:
1. The Restructuring Fee (paid in month 1), 2. The Reckless Lending Fee of up to R1500 paid in Month 2, 3. Attorneys Fees (meant to be paid when work is finished),
NCR FEE GUIDELINE TO BE REVIEWD
JUST LIKE IN 2018 The CIF have said that they will follow a process similar to what was done when the fees were reviewed in 2018. In that case, a smaller group of people made suggestions that were converted into an official proposal. That proposal was then nicely laid out in a document and sent out to the industry (for a few days) for feedback, and then ended up being published as the new official guideline. It was unfortunate that in 2018 there was no upfront consultation at the beginning of the process. Smaller Debt Counsellors and credit providers only got to make rushed comments, towards the very end of the process, on what was seen as a “done deal”. It is hoped that this time, some attorneys (or legal societies) are brought in to provide insight into their industry, and that more time is allowed, earlier in the process, for meaningful proposals and comments by more people.
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NCR FEE GUIDELINE TO BE REVIEWD
A REVIEW IS A GREAT OPPORTUNITY Over the years these various guidelines have really accomplished their goal of creating uniformity, and have contributed toward stability in the industry. Though often a bit too complicated, they have also greatly helped consumers anticipate what to expect to pay, when entering the debt review process. People want to know what it will cost, this is often their first questions about debt review. The current review provides the industry with an important opportunity to make things both affordable and very easy to understand for consumers, as well as sustainable for Debt Counsellors.
CONSUMERS WHO ENTER DEBT REVIEW BUT THEN DON’T FOLLOW THROUGH In research from DCASA, some years ago, it was revealed that just short of 20% of clients who enter debt review never make any payments whatsoever even though a lot of work is done on their behalf when they start the process. This problem still exists today. This means that 1 in 5 clients never pay a cent for all the time and effort spent on their behalf. Imagine how your business would do if one out of every five clients never paid you for what they bought. It is a scary statistic. To further add pressure to Debt Counsellors, around another +- 20% of clients drop out of the process in the following 2 or 3 months and never complete debt review.
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Why outstanding accounts a single ONE Protection Policy? Have not you insure appliedall to your go under debt review? Are youinrestructuring yourCredit monthly expenses? Would you like to insure your debt? Why not insure all your outstanding accounts in a single ONE Credit Protection Policy? BENEFITS OFFERED: Have you applied to go under debt review? Are you restructuring your monthly expenses? Would you like to insure your debt?
• Death – we settle the account
BENEFITS OFFERED:
Why– not all your outstandingfor accounts in a single ONE Credit Protection Policy? • Temporary Disability weinsure pay your installment 12 months
• Death – we settle the account
• Permanent Disability – we settle the account
• Temporary Disability BENEFITS – we pay your installment for 12 months OFFERED:
• Critical Illness – we pay your installments for 3 months
• Death we account settle the account • Permanent Disability – we settle–the
Retrenchment – we your installments • Temporary Disability we12 paymonths your installment for 12 months •• Critical Illness – we paypay your installments for 3 –for months • Permanent Disability we settle the account • Retrenchment – we pay your installments for 12– months
Illness – we pay your installments for 3 per months At a rate of R2.95 per R1000• Critical unsecured/short-term credit and R2.00 R1000 on mortgages and you can now insure your debt • Retrenchment – we pay your installments for 12 months
At aless. rate of R2.95 per R1000 unsecured/short-term credit and R2.00 per R1000 on mortgages and you can now insure your debt for for less.
At a rate of R2.95 per R1000 unsecured/short-term credit and R2.00 per R1000 on mortgages and you can now insure your debt
The following financial obligations for less. or debt can be covered on the ONE Credit Protection Policy: The following financial obligations or debt can be covered on the ONE Credit Protection Policy:
• Credit Cards
• Credit Cards
• Overdrafts
• Overdrafts
The following financial obligations or debt can be covered on the ONE Credit Protection Policy: • Credit Cards
• Personal Loans
• Personal Loans
• Overdrafts
• Home Loans
• Personal Loans
RentalAgreement Agreement •• Rental
• Retail Accounts
• Home Loans
RetailAccounts Accounts •• Retail
• Home Loans
MaintenanceOrders Orders •• Maintenance
• Rental Agreement • Maintenance Orders
For further please speak to your Broker, Debt Counsellor or alternatively contact your regional ONE office.ONE office. For furtherinformation information please speak to your Broker, Debt Counsellor or alternatively contact your regional For further information please speak to your Broker, Debt Counsellor or alternatively contact your regional ONE office. 0861 266 562
0861 266 562
0861 266 562
admin.debt@one.za.com admin.debt@one.za.com
admin.debt@one.za.com Terms and Conditions Apply
Terms and Conditions Apply
Terms and Conditions Apply ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07.
ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501 Authorised Financial Services Provider FSP8783 VAT No. 4370160501
ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501
DEBT REVIEW LESSON #1
Even if under debt review credit providers may have their collections people call you. You can simply refer them to your Debt Counsellor and end the conversation.
DEBT REVIEW LESSON #2
If you receive a summons while under debt review you must not ignore it thinking you don’t need to do anything. Immediately call your Debt Counsellor.
Making Capturing COB’s Easy
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HOPEFILED KHAYELITSHA KUILSRIVER MALEMSBURY MITCHELLS PLAIN MOORREESBURG PAARL PIKETBERG
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DEBT REVIEW LESSON #3
Paying your credit providers directly does not affect your official debt review status with the credit bureaus and NCR.
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?
Meliorleaf is the first and only specialist in insuring the assets of people in debt review. We genuinely protect your clients… in partnership with you.
CALL US NOW 010 141 2799 | www.meliorleaf.co.za
MAXIMISING INSURANCE 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? Call Sean or Elmarie today on 010 141 2799 CALL US NOW 010 141 2799 | www.meliorleaf.co.za
Visit our Facebook page
www.allprodc.org
Debt Counsellors Collective The iDDC would like to hear from members and other DCs about the struggles they face and continue to face as a consequence of the lockdown. What issues need to be escalated to the NCR?
We are lo new NEC m 2021. Would volun
ooking for members in d you like to nteer?
Due to the Covid-19 2nd wave our meetings (for the next while) will be held online. We will update all members about meeting dates shortly. www.dcasa.co.za
NDCA are ready to help consumers who are struggling with debt. Visit our site for more information ndca.org.za
SERVICE D
CLICK THE C
DEBT COUNSELLORS
SUPPORT SERVICES
TRAINING
FINANCIAL
INSURANCE
DIRECTORY
CATEGORY
DO YOU WANT TO LIST YOUR COMPANY? directory@debtfreedigi.co.za
CREDIT BUREAUS
LEGAL
PAYMENT DISTRIBUTION AGENCIES
CREDIT PROVIDER CONTACT DETAILS & ESCALATION PROCESS
DEBT COUNSELLORS
GAUTENG
KWAZULUNATAL
FREE STATE
LIMPOPO
MPUMALANGA
NORTH WEST
EASTERN CAPE
NORTHERN CAPE WESTERN CAPE
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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
GAUTENG
Armani Debt Counselling Take the First Step to Financial Freedom Tania Dekker Tel: 011 849 3654 / 7659 www.armanigroup.co.za
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Debt Correct DEBT
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GAUTENG
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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
FREE STATE Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
086 999 0606 info@debtbusters.co.za www.debtbusters.co.za
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National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.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
LIMPOPO Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
086 999 0606 info@debtbusters.co.za www.debtbusters.co.za
NCRDC1142 Tel: 086 111 3749 Email: help@zerodebt.co.za www.zerodebt.co.za
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GMC Debt Solutions 52 Kerk Street Lydenburg Tel: 087 802 7054 Tel: 087 151 1034 www.gmcdebtsolutions.co.za
National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.co.za
MPUMALANGA Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
086 999 0606 info@debtbusters.co.za www.debtbusters.co.za
Let DebtBusters be the champion in your corner.
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
NCRDC1142 Tel: 086 111 3749 Email: help@zerodebt.co.za www.zerodebt.co.za
We are passionate about helping people become DEBT FREE! 022 713 3766 marius@drs-debt-help.co.za facebook.com/drsdebthelp www.drs-debt-help.co.za NCRDC1670
National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.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
NORTH WEST Financially stressed? We have lifted the financial burden of more than 150 000 South Africans. Depopulating a generation of over indebted and populating a debt free generation. Office No. 6, Prime Pharm Building, 36 Dr Nelson Mandela Drive Tel: 0186320053 Tel: 0877026744 Email: papi@maaudebts.co.za
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www.maaudebts.co.za
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National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.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
NORTHERN CAPE Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
086 999 0606 info@debtbusters.co.za www.debtbusters.co.za
NCRDC1142 Tel: 086 111 3749 Email: help@zerodebt.co.za www.zerodebt.co.za
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National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.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
EASTERN CAPE Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
086 999 0606 NCRDC1142
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National Debt Advisors Fighting For Consumer Justice Tel: 021 007 1688 www.nationaldebtadvisors.co.za
Drastically reduce your monthly debt repayments Let US help 0861111863 Regain control of your finances www.debt-therapy.co.za
" There is no Dignity quite so Impressive and No Independence quite so Important, as Living within your Means. - Calvin Coolidge "
WESTERN CAPE
For your Convenience Our Range of Services are Available to you Anywhere in South Africa! Jackie Coetzee 079 317 8557 documentswc@fusiondc.co.za
“There is no dignity quite so Impressive and No Independence quite so important as Living within your Means - Calvin Coolidge” For your Convenience Our Range of Services are Availble to you Anywhere in South Africa! Jackie Coetzee 079 317 8557 022 713 2021 documentswc@fusiondc.co.za
CHOOSE YOUR FINANCIAL FREEDOM TODAY Tel: 021 204 8001 • Email: dc@ffsdc.co.za
www.financialfreedomsolutions.co.za dc@ffsdc.co.za www.financialfreedomsolutions.co.za
DEBT WE’LL CREATE A PLAN TO GET YOU OUT OF DEBT
WESTERN CAPE
065 874 7942 debt@cida.org.za www.cida.org.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
All Debt Solutions Fast tracking your financial freedom Tel: 0861 255 3328 / 021-557 9981 Email: info@allds.co.za www.alldebtsolutions.co.za https://www.facebook.com/ alldebtsolutions
NCRDC1142 Tel: 086 111 3749 Email: help@zerodebt.co.za www.zerodebt.co.za
We are passionate about helping people become DEBT FREE!
DebtZen
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SUPPORT SERVICES
011 451 0041 0860 072 768 www.dcmax.co.za
DC Opera�on Centre (PTY) Services: 17.1, 17.2, Proposals Court Applica�ons Call Centre Payment Division Contact Elmarie 011 394 8042 083 232 1908 admin@dcopera�ons.co.za www.dcopera�ons.co.za
COMING SOON
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LEGAL
www.embattorneys.co.za
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
082 974 0866 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:
Your Debt Counselling Attorneys
Port Elizabeth; New Brighton; Motherwell; Uitenhage; Hankey; Jeffreys Bay; and Humansdorp
Andre Van Zyl 021 494 4862
carla@cvlaw.co.za www.cvlaw.co.za
Johannesburg | Cape Town
info@bassonvanzyl.com
082 974 0866
carla@cvlaw.co.za www.cvlaw.co.za
www.bassonvanzyl.com
EMAIL yolande@ydeattorneys.co.za CELL 071 870 9535 TEL 061 250 4080
PAYMENT DISTRIBUTION AGENCIES
DC Partner 044 873 4530
COLLECTNET +27 12 140 0602
Hyphen PDA 011 303 0060
intuitive 0861 628 628
SYSTEM PROVIDERS
FINWISE - INNOVATIVE DEBT M
Tel: 011 451 0041 Tel: 0860 072 768 www.maxpayments.co.za
Debt Review Software Tel: 016 004 0031
South Africa’s premier debt management solution www.finwise.biz
•
•
•
•
•
‘’ I was pleasantly surprised by our experien new system is intuitive and e Debt counsellor Eas
Mrs. Cindy Mauritz will be heading up the debt review department and will be supported by Miss Meghan Bruiners and Mrs. Fika Snyders in their capacity as Team Leaders. We have updated our communication and escalation channels in this regard. Please refer to the communication channels listed in tables 1 and 2 below. It is important that documentation be send to the correct communication channels to ensure timeous feedback.
CAPITEC CONTACT DETAILS
Table 1: Debt Review communication channels 1
Channel Form 17’s
2 3
Proposals Court documents
4 5
Terminations General enquiries
6
Refund / Cancellation requests
7
Insurance Certificates
8
Reckless Lending Queries
9
Credit Insurance Claims
10
Payment allocations
11
Share Call Contact number
Description All Forms 17’s / Clearance Certificates All Proposals All Court documents (Notice of Motion’s / NCT applications / Orders) Termination queries General Debt Review Enquiries Debt Review Refund Requests and Cancellation of Debit Orders
E-mail address ccsforms17@capitecbank.co.za
Replacement Insurance Policies Allegation of reckless lending and document requests All credit insurance claims Payment Allocations queries
insurancepolicies@capitecbank.co.za
ccsproposals@capitecbank.co.za ccsdebtrevieworders@capitecbank.co.za
debtreviewterminations@capitecbank.co.za ccsdebtreviewqueries@capitecbank.co.za ccsrefundrequests@capitecbank.co.za
Rmcontrol@capitecbank.co.za CreditInsuranceClaims@capitecbank.co.za ccsdebtreviewpaymentqueries@capitecbank.co.za 086 066 7783 Option 2
DC QUERY PROCESS NEDBANK DRRS Debt Counselling Query Resolution Contact Points and Escalation Options
Fax or Email submissions (Level1) Email: DebtCounsellingQueries@nedbank.co.za Fax: 010 251 0055
Call centre (Level 1: Alternative) Tel: 0860 109 279
To be used as a first point of contact for all telephonic communication
Attended to by Queries Team Leader (Level 2: First Escalation) Dcescalation1@nedbank.co.za
Attended to by Senior Manager (Level 3: Final escalation) Dcescalation2@nedbank.co.za
To be used as a first point of contact for all written communication
To be used only where no resolution is found from first point of contact after 5 business days
To be used only where no resolution is found from the first escalation after 2 Business days
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
ESCALATION PROCEDURE *Please do not CC multiple email addresses*
STEP
FIRST POINT OF CONTACT
01
Applications, COBs, Notice of Rejections/17W Proposals Court Applications & Orders Terminations, Re-instatements, Settlements, General Queries, Refunds
STEP
FIRST ESCALATION
02
General Queries, Terminations and Account Enquiries, Court ESCALATION DAY 5 COBs & 17.7s ESCALATION DAY 7 Proposals ESCALATION DAY
STEP
03
Applications, Notice of Rejections/17Ws COBs Woolworths Truworths RCS Foschini Sanlam Mr Price Group JD Group Capfin ConnectFin Full House Retail Proposals Court Applications & Orders Terminations (Proof of Payment) Updated Balances, Settlements, General Queries
applications@consumerfriend.co.za proposals@consumerfriend.co.za courts@consumerfriend.co.za customeraccounts@consumerfriend.co.za
charmainer@consumerfriend.co.za woolworthscob@consumerfriend.co.za truworthscob@consumerfriend.co.za rcscob@consumerfriend.co.za tfgcob@consumerfriend.co.za sanlamcob@consumerfriend.co.za mrpcob@consumerfriend.co.za jdgcob@consumerfriend.co.za capfincob@consumerfriend.co.za connectfincob@consumerfriend.co.za fhcob@consumerfriend.co.za tracey@consumerfriend.co.za tusani@consumerfriend.co.za suspense@consumerfriend.co.za candicec@consumerfriend.co.za
SECOND ESCALATION Should you not receive a response within two business days after the first escalation, please email complaints@consumerfriend.co.za
DReX CONTACT DETAILS
OFFICE CONTACT DETAILS
DReX Related Queries DReX Escalation
Telephone: Email:
drexsupport@consumerfriend.co.za justin@consumerfriend.co.za
+27(0)31 251 4151 info@consumerfriend.co.za