Debtfree Magazine issue #6 of 2021 by Debtfree Magazine

HOW TO STEAL

R54 BILLION Issue 6 of 2021

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FROM THE EDITOR Well, we are back to level 4. That’s serious. The 3rd wave has been as bad as was predicted and our condolences go out to all those who have lost someone close to them. Level 4 brings with it additional challenges for businesses and workers trying to make enough to get by. And can you imagine how hard it is to look for work right now? Younger people certainly can. Stats show that nearly 75% of younger people are sitting at home unemployed. It is an unemployment “pandemic” of sorts affecting households countrywide. Worrying about work and money can be really stressful and bad for your emotional health. This is something we take a look at this issue. Now, most of us will say that us South Africans are tough. We can take it. We are used to things like being treated unfairly, fighting an uphill battle, dealing with crime. In SA crime is everywhere. You can get mugged in the street or it can even be delivered straight to your house kind of like Uber Eats. With the PoPI Act coming into full force this coming month we have some great tips for you in this issue. In fact, we would talk more about it but two young South Africans have run off with a mountain of investors’ money so, we had to tell you all about that. This is big. Really big! Almost bigger than the Constitutional Court finding the Ex

President in contempt of court big. Stealing R54 Billion makes a lot of things seem small by comparison. That said we do also have tips, interviews, advice, updates and more in the issue - plenty to inform and educate you about what is going on. It makes sense that when times are tough and things get out of hand there has to be a proportional response. Like a spike in Covid cases and a level 4 lockdown. Or like if your debt gets totally out of hand then debt review is a suitable response. But don’t worry, SA can handle level 4. You can too. You did it before. You are tough. So, stay strong. Stay safe and don’t give up on your journey to become debt free.

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CONTENTS HOW TO STEAL R54 BILLION

5 RULES OF INVESTING IN CRYPTO

MONEY TIPS FOR YOUNG PEOPLE

POPI(A) FOR DEBT COUNSELLORS

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 any responsibility whatsoever for their

activities. Debtfree Magazine contains material supplied to us by advertisers which does not necessarily reflect the views and opinions of the Debtfree Magazine team. No person, organization or party can copy or re-produce the content on this site and/or magazine or any part of this publication without a written consent from the editors’ panel and the author of the content, as applicable. Debtfree Magazine, authors and contributors reserve their rights with regards to copyright of their work.

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POPIA COMPLIANCE! - Secure system-to-system data transfer (no human contact) - Elimination of data exposure from the use of email - Data specification is fit for purpose

POPIA COMPLIANCE IS CRUCIAL THIS YEAR!

BREAKING NEWS

NEW RULES MAKE IT HARDER FOR BANKS TO IGNORE COMPLAINTS Treating clients fairly has become a big focus in the world of finance. Around the world regulations and rules are being put in place to try to ensure that the imbalance between the lone consumer and the giant bank organisation is minimized. In July 2020 a conduct standard was published under the Financial Sector Regulation Act. Many of the provisions in that conduct standard have already come into effect and in July this year, a section on how complaints are deal with and reported on will come into full effect. This will mean that it will be harder for banks to ignore complaints. Even complaints made on social media. A recent report showed that this is one area where banks can vastly improve. It seems that as much as 50% of social media complaints against banks go unattended. Banks will now be required to report to their governing bodies and other committees about complaints, risks, trends and steps taken to deal with these.

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THE NCR’S BANK DETAILS HAVE NOT CHANGED A common scam is to tell someone that the person, who they regularly pay, has suddenly changed their banking details to a new account. The scammer then accepts one or maybe two payments and then runs off with the money before people realize that they have been scammed. In an effort to remind registrants that these sorts of scams exist and that they should not fall for them, the NCR has sent out a circular (#4 of 2021) to warn people. In part the circular says: ‘July is the month that our registrants are required to pay their annual registration renewal fees. In the past, the NCR was made aware of people who were misleading our registrants about the NCR’s banking details. Some of our registrants received calls advising them that the NCR’s banking details have changed. ... we would like to warn you that these are scams. Our banking details have not changed...’

UPDATED NCR GUIDELINE ON LEAVING DEBT REVIEW The NCR like to help Debt Counsellors, consumers and credit providers get on the same page about different parts of the debt review process that may be a little unclear. They often do this via a non-binding guideline. Recently, they have issued an updated guideline on the topic of withdrawing from debt review. While the content is very similar to their last guideline, the latest one is perhaps slightly more clearly set out and written. It also references recent court cases that impact on leaving debt review. You can download the NCR Circular/Guideline here:

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DEBT REVIEW AWARDS 2021 The Debt Review Awards Gala will be held online on September 10th this year and streamed live over platforms like YouTube. If you would like to tune in and be part of the action then head over to www.debtreviewawards.co.za for more info. Currently, the annual industry Peer Reviews are in their 3rd and last round as registrants are being asked to make even more detailed evaluations of their colleagues on the other side of the industry. All NCR registrants are eligible to be considered during the Awards Peer Reviews (the NCR database is used as the source of information about all possible candidates). Those wanting to be eligible to take the top spots and be publically acknowledged at the Awards gala are encouraged to sign up.

POPI-PROOF your PROCESSES WITH DREX Secure system-to-system data transfer (no human contact) Elimination of data exposure from the use of email Data specification is fit for purpose

DID YOU KNOW? ^^

The President of South Africa has proclaimed the POPIA commencement date to be 1 July 2021. POPIA applies to any company or organization processing personal information in South Africa. Fines for non-compliance with POPIA can range up to 10 million ZAR (South African rands). POPIA defines personal information broadly as any information relating to not only a living person, but also a company or legal entity.

^ ^

HOW TO STEAL

R54 BILLION

A SOUTH AFRICAN CRYPTO STORY

HOW TO STEAL R54 BILLION

A SOUTH AFRICAN CRYPTO STORY When it comes to Cryptocurrency there is still an air of mystery and intrigue and more than a little bit of FOMO out there. It sort of, feels like the unearthing of gold and diamonds in years gone past. You know people are out there doing it and wonder what it would be like to also be doing it, but it comes with risks and you are not sure you want to join this gold rush. In the past people have spent everything they had during a gold rush only to come up short. Sadly, these days the world of Cryptocurrency is kind of like the wild west. You hear about prices shooting up (or down) based on what Elon Musk tweets, or what Warren Buffet has for breakfast. Now we are learning about one of the biggest cryptocurrency scams the world has seen: R54 Billion stolen from investors by two young South African brothers. FOMO: The Fear Of Missing Out

HOW TO STEAL R54 BILLION

AFRICRYPT In 2019 two young South Africans; Ameer Cajee (15) and Raees Cajee (18) started an investment firm for people to buy and trade in cryptocurrency. Crypto had been receiving a lot of attention, and seen some highs and lows (particularly in 2018). Over time they were able to attract a large number of investors. The brothers would ask consumers to deposit funds into their bank account, and then they would buy or invest these funds into cryptocurrency on their behalf. Though the operation seems to have operated similar to all Ponzi schemes (where more and more new investors provide money to cover the older investors dividends) the two brothers were indeed trading in Bitcoin. From the end of 2020 till April this year, Bitcoin began doing some pretty volatile things. Mostly it kept increasing in value, shooting up and up. This put pressure on the brothers to pay out, when investors started requesting their payouts. This is the point where traditional Ponzi schemes fall apart. It is their make or break moment, as the operators need to pull the ripcord or face running out of cash.

HOW TO STEAL R54 BILLION

‘WE WERE HACKED’ Suddenly, in April 2021 investors lost access to the software they used to track investments, and received a message to say that the system had been hacked. The message asked investors not to report the matter or take legal action as this would slow down the recovery of their funds. This is not an uncommon stalling tactic used by other Ponzi schemes recently. It usually buys the schemers enough time to make an escape with their ill-gotten gains. Investors initially concerned, and then began to fear the worst. They had lost access to their hard earned money.

HOW TO STEAL R54 BILLION

R54 BILLION It was at this point that the 2 founders took a whopping 69 000 Bitcoin and used online services to transfer, split, mix, tumble and move the funds elsewhere - making them essentially disappear into the deep dark recesses of the internet and international world of finance. Approximately R54 Billion was stolen from investors. To put this figure into context, that is as much as South Africa gains from taxes on international trade and transaction in a whole year (for every industry in the country). It is more than Government spends on the total annual budget for the defense force and all their equipment. It makes the R2.2 Billion stolen by the crooks that were running the VBS Mutual Bank seem like chump change.

HOW TO STEAL R54 BILLION

HOW TO DISAPPEAR The two siblings made good use of the billions of Rand they stole to jet off first to the UK, and then drop off the face of the planet. Investigators and law enforcement agencies are now on the hunt for the brothers, but face the challenge of trying to find two very, very rich individuals who can use millions if not billions of rand to disappear.

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RULES OF INVESTING IN CRYPTO

5 RULES OF INVESTING IN CRYPTO

ONLY INVEST WHAT YOU CAN AFFORD TO LOSE

Even experienced traders end up taking losses due to market volatility. These are things that are hard to predict and impossible to control. There is no guarantee that you will make money, or even keep the money you invest, so don’t invest money you are not prepared to bid farewell. Never, never go into debt to invest.

5 RULES OF INVESTING IN CRYPTO

DON’T ONLY INVEST IN CRYPTO

The saying goes: Don’t put all your eggs in one basket. If you are going to start investing, think about a widening your portfolio to more than just crypto currency.

5 RULES OF INVESTING IN CRYPTO

CHOOSE A RELIABLE BROKER

Do your homework, don’t just sign up with the first broker suggested by Google. As demonstrated by scams like Africrypt, a reliable broker is key to the whole thing. Regulated brokers may be the safest ultimately.

5 RULES OF INVESTING IN CRYPTO

FOMO WILL COST YOU

Greedy investors looking to make a quick buck, lose out on funds, as opposed to holding investments for decades and decades. FOMO is based on emotion, investing decisions should be made with your head and not your heart.

5 RULES OF INVESTING IN CRYPTO

BEWARE OF TREND INVESTING

Crypto is so hot right now, but just because everyone is talking about one currency doesn’t mean it IS worth investing in. Top investors tend to keep their trading ideas secret, so they can make a profit. Less informed investors tend to blab on and on about tips and opportunities. Try to learn a little about investing in general, before you decide to throw some of your hard earned cash into this adult-version online casino.

5 RULES OF INVESTING IN CRYPTO

WHEN EVERYONE HAS ADVICE ABOUT INVESTING

Is your Instagram feed full of people talking about crypto currency and stock trading and particular advice? Is your inbox flooded with suspect emails about shares and investment opportunities? Is everyone and their aunty talking about what shares you should buy and why? There is a story that, the very famous (and very rich) John D. Rockefeller sold out of the stock market just before the massive 1929 stock market crash thanks to a stock tip from his shoeshine boy.

Why Did He Sell When Everyone, Including His Shoeshine Boy, Was Saying Buy? Apparently, JD Rockefeller realized that if he was getting tips from an inexperienced and uninformed investor like that young lad, the market was ‘overheated’ and overdue for a correction. Urban myth or not, this story highlights an important point; when it feels like everyone is talking about money they are making in the market and exchanging stock tips like recipes, then the market is probably overvalued and headed for trouble.

DEBT REVIEW LESSON #2

Being in debt review shows that you are taking control of your financial future. Take a moment to be proud of what you are doing. Well done!

MONEY TIPS FOR YOUNG PEOPLE

HARD KNOCK LIFE It is hard being a young person in South Africa right now. Covid-19 has complicated all our lives and is putting the squeeze on the economy (not just our social lives). Statistics show that youth unemployment is now close to 75%. This makes it really hard for young people to be positive about the future. Applying for job after job and being turned down repeatedly is mentally very tough and can make you doubt yourself. Recently, the team over at Just Money spent some time talking to young people about their views on money and spending. They shared some of the questions and top comments with us at Debtfree magazine.

WHAT IS THE BIGGEST FINANCIAL STUMBLING BLOCK FOR YOUNG PEOPLE?

Choice overload is a critical problem. South African youth have a plethora of options available, and don’t know what to choose. Rick, 31

WHAT IS THE BIGGEST FINANCIAL STUMBLING

The financial advice that we get from social media does not come from qualified experts, and this causes confusion. Waseem, 29

G BLOCK FOR YOUNG PEOPLE?

Materialism is one of the biggest challenges that young people face. Young people are obsessed with expensive clothing and smartphone brands. Mishi-Aal, 25

WHEN IT COMES TO YOUR FINANCES, WHAT DO

I wish i had been disciplined enough to stick to my goals and avoid all kinds of debt. Rueben, 22

O YOU WISH YOU HAD LEARNED SOONER?

I wish I had started saving and budgeting earlier, and learnt about all the different special youth savings accounts that help you maximize interest and save on fees. Louwna, 26

WHAT FACTORS INFLUENCE YOUR FINANCIAL D

We all spend our money on what we enjoy and don’t think about the consequences of our actions. We’re living in the now. Ramokebe, 24

DECISIONS?

I am a cautious buyer. I try weigh up my options before i make a purchase. Sharmaine, 32

TOP TIPS FOR YOUNG PEOPLE

Divide Household & Entertainment Expenses

Make a Budget and Stick to it.

If you’re a student, or struggling to make ends meet, it’s highly likely that you’ll be living with family or friends. Apart from learning how to adapt to their personality quirks, you’ll also have the challenge of managing joint household finances.

Do your best to draw up a budget and stick to it. With so much online advice these days, the excuse of being clueless about how to manage your money is no longer valid.

Tip: You need to learn to divide money between flat mates so that no-one feels disgruntled. You can check out apps like Splitwise, to ensure you split bills, not friendships.

Tip: Try the envelope method where you have an envelope for each expense category (like rent and entertainment), then put money to each. Some bank accounts let you do this digitally (pockets).

Tip: Just Money has a free online budget calculator here.

Don’t Forget You Have To Pay Tax

Pay Off Your Debt ASAP It’s very easy to fall into a debt trap when you have a mix of credit cards, overdrafts, outstanding bills and fines. It happens fast. Tip: Deal with your debt sooner not later. The longer you leave it the worse it will be.

If you’re taking on freelance or contract jobs, your employers may deduct a flat 25% and pay this to SARS. Other clients may prefer to not get involved and will pay you the full amount. The bottom line is that, whether money is deducted by the client or not, you are liable to pay tax. Tip: Save important documents proving the expenses you have doing your work. You should be able to deduct most of them. Tip: If you are not familiar with tax stuff ask someone who is or consider paying a professional. It can save you a lot in the long run.

MONEY TIPS FOR YOUNG PEOPLE

TAKE YOUR TIME The one advantage young people have is that time is on your side. Don’t feel pressured to have the lifestyle of the rich and famous or even your parents overnight. If you are prepared to take your time and not get into too much debt early on, just to try and have a fancy lifestyle temporarily, then you can avoid a lot of trouble down the line. If you share accommodation with others then make sure everyone knows who will pay for what to avoid possible conflicts. Make and stick to a budget that allows you to pay your taxes, expenses and reduces your debt rather than lets it grow. And remember, avoiding debt now is a better investment in your future than trying to guess which crypto coin Elon Musk will endorse next. Debtfree would like to thank the team at Just Money for their input in this article. If you would like more information about Just Money or have questions about this article please feel free to visit their website here: https://www.justmoney.co.za

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DEBT REVIEW LESSON #3

Your Debt Counsellor is there for you to talk to and get advice about financial matters that could impact on your debt review. Never hesitate to reach out to them to discuss important financial decisions. Rule Number One of Debt Review:

Talk to your Debt Counsellor

POPI(A)

FOR DEBT

COUNSELLORS A Quick Guide

POPI(A) FOR DEBT COUNSELLORS

INTRODUCTION The Protection of Personal Information Act (also known as PoPi or PoPIA) deals with how personal information about people is collected, saved, stored and shared. Every day Debt Counsellors communicate with the National Credit Regulator, National Consumer Tribunal, Attorneys, Advocates, Courts, credit providers, Insurance providers, credit bureaus and consumers about this type of information. How does the full implementation of the PoPI Act now impact Debt Counsellors? What changes might you need to make in your business if you deal with peoples personal information? Let’s look at some steps you should take to adjust how you have done things in the past to become compliant.

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POPI(A) FOR DEBT COUNSELLORS

FORM 16 & CONTRACTS One area that will need to be adjusted is the form consumers fill out when applying for help. This form is called a Form 16. Your Form 16 should now include: 1. That you are POPI A complaint; 2. That the client gives you explicit consent to process their personal information & hand to 3rd parties in accordance with the purpose of debt review (the purpose of your company). Your manual should explain who the 3rd parties are. 3. That the client is welcome to access the POPIA & PAIA manual upon request or even better is downloadable on your website You should also look to include this information in your contract which is signed with consumers about your services (Note: a Form 16 is not a contract document as required by the Consumer Protection Act).

POPI(A) FOR DEBT COUNSELLORS

AROUND THE OFFICE Files: All physical files with personal information of clients should be locked away when not in use. The idea is that this information and these files not be easily accessible to other parties. Computer should be password protected and off when you are not at your desk. If lose a physical file or get hacked or anything like that then you need to report the breach to the Information Regulator and the effected parties as soon as you become aware. Don’t try hide it and get caught out later.

Emails: In your emails you should mention (eg. In signature) that you are PoPI Complaint. The good news is that if clients give you explicit consent (eg in Form 16s or Contracts) then you will be able to share their info with applicable 3rd parties as per your manual. You do not need to send encrypted emails but most CPS, PDAs and Attorneys etc will on their side anyway so consider doing so. Most credit providers and DCS are already making use of encrypted emails or password protection but for some more info on how to do this you can check out these links: For Outlook users, watch this 47 sec video (re security settings) https://youtu.be/6G8G7KrfZQg

Gmail users watch this 4min video regarding confidential mode: https://www.youtube.com/watch?v=83VmySP_MWI&ab_channel=KBTech

Some credit providers make use of secure systems like DReX. This is great because users do not have to take additional steps it is all done for you.

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POPI(A) FOR DEBT COUNSELLORS

ADVERTISING Advertising is key to finding more clients to help with your services. There are some things to keep in mind now. • You have to have explicit consent to send marketing material; • Opt out marketing is no longer acceptable; • No selling of leads and information of your clients to other parties; • Beware of companies selling you leads on possible clients. If you use a non complaint provider you will become liable.

POPI(A) FOR DEBT COUNSELLORS

INFORMATION OFFICERS You may have heard that you need to register an official information officer and maybe a deputy information officer too (for larger businesses). There have recently been some challenges doing so because technology has let the Information Regulator down. Their online portal has been freaking out because everyone is trying to register at the same time (surprise). Recently an announcement was made that they are aware of the problem and are not going to be giving people a hard time for registering late or not being able to register because of problems on their website. They are trying to fix the problem. You can check out their website portal from time to tie to see if it is now working here: https://www.justice.gov.za/inforeg/portal.html

If you are old school and would like a pdf of application form then you can try downloading it here: https://www.justice.gov.za/inforeg/docs/InfoRegSA-eForm-InformationOfficersRegistration-2021.pdf

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POPI ACT PROTECTION OF PERSONAL INFORMATION

P er s o n a l i n f o r ma ti on is d at a tha t ca n b e us ed to id en ti fy a s p eci fi c pe rson

IDENTIFYING DETAILS

CONTACT DETAILS

FINANCIAL

DEMOGRAPHICS

SOCIAL

BACKGROUND INFORMATION

MEDICAL AND HEALTH

Do not leave documents or screens that contain personal information open for anyone to see. Shred or properly destroy/de-identify documents that are no longer required for work purposes. Regularly update your passwords to systems and applications that contain personal information. Avoid sending sensitive information over email and communication devices. Do not store sensitive information on desktops or flash drives that can be easily intercepted.

POPI(A) FOR DEBT COUNSELLORS

GET POPI COMPLIANT ASAP It has been a long time coming. You knew it was coming and probably thought to yourself that you would get around to it when you absolutely had to. Well, that day has arrived. It is good to remember that if you are not complaint you could face some scary fines of up to R10 Million or even imprisonment. It’s best to do your research or talk to an expert and find out all the things you need to do to ensure that you are obeying this important law which is designed to help protect your information as well.

What if... YOUR CLIENT’S VEHICLE IS STOLEN OR WRITTEN OFF? • Is he properly insured? • Could the insurer repudiate the claim due to his debt review status? • Since he cannot 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 does the partnership between Meliorleaf and Debt Counsellors work? We keep you advised regarding your clients to ensure they are covered properly, and remain covered. We regularly remunerate you, depending on what you choose to do: Some debt counsellors want to be actively involved in arranging and managing insurance relationships, and we equally share commissions earned. Some debt counsellors are registered Financial Services Providers who can advise their clients and provide a full brokering service, thereby being entitled to earn the full commission. Meliorleaf understands that some debt counsellors cannot, or do not want to be actively involved, but still want their clients to be properly insured: For these debt counsellors, Meliorleaf can offer 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

DEBT COUNSELLOR PROFILE

MARIA JOUBERT SALARY MANAGEMENT SERVICES Debtfree Magazine caught up with award winning Debt Counsellor Awie Coetzee who is based in Melville, Johannesburg. We asked him about his start in Debt Counselling and the challenges facing both Debt Counsellors and consumers under debt review. What Part of SA do you Practice in? Salary Management Services has an office in Capital Park, where we mostly see clients in person if that is convenient and safe for them. However, we have clients all over Pretoria, Pretoria North, Pretoria East, Soshanguve, and can assist clients from all over the country where we use correspondents in the various courts. Tell us more about SMS Salary Management Services (Pty) Ltd is proud to have been in the industry for more than 20 years! This means that over the past 20 years, we literally have helped thousands of clients on their journey to financial freedom through the Debt Counselling and Administration processes. We are not just another “fly by night” business looking to make a quick buck – and our long list of happy clients’ testimonies are proof!

We are a small, family-orientated business that puts our clients’ needs first. We are committed to offering excellent and personal service to our clients and assess every client’s situation on an individual basis. Being a small team, it means that when clients opt for debt counselling or administration with us, they are not just another number on our books – we are their personal partner to financial freedom. How long have you been a DC? Personally, just a little over 2 years now. I started in January 2019. What did you do before becoming a DC? I was a Public Relations consultant for many years. What makes SMS a success? Many South Africans currently find themselves in a dire and desperate financial positions, because now – more than ever before – they get trapped in debt. Although the banks and other credit providers have offered payment holidays and other measures to assist consumers, we find that this is not enough for many people who are struggling to pay off debt (and still have enough cashflow to survive in these tough economic times). When consumers look for help from Salary Management Services, we discuss the various options available to them to protect themselves and how to become debt-free. We guide our clients thoroughly through the process and access their financial situation. We examine their income (single and household), their living expenses, as well as the debt, and then provide them with the best solution that fit their

DEBT COUNSELLOR PROFILE needs. Our services include debt counselling and administration orders. We do not discriminate against consumers’ based on their income vs their debt, and can assist any consumer, with any amount of income, and any amount of debt. Where do you find new clients who need help? Most of our clients come to us through word of mouth, but we also use our website (www.smsdc.co.za) as well as our Facebook page (https://www.facebook.com/SMSdebtmanagement) What is the biggest challenge facing Debt Counsellors at the moment? Like so many other businesses, the Covid19 pandemic has had a big impact on our industry as well. We have put new processes in place to ensure that employees can work from home, and can continue to communicate with clients and credit providers. However, we find that getting court dates takes longer than usual now. What is the biggest challenge facing your (existing client) consumers at the moment? We still find that the lockdown has had a major influence on our clients, and many still suffer from reduced salaries, or have lost their jobs as a result of the lockdown. Many clients have either not been able to find new employment, or are receiving less income than before. Coupled with the fact that the cost of living has gone up so dramatically, many of our clients and all consumers across the country, find themselves in a dire and desperate situation.

What advice do you have for consumers with debt stress due to the lockdown & Pandemic? I would urge consumers to seek help sooner rather than later… Please come talk to us – debt counselling is one option to consider, and we would be able to offer advice. When you have a few options on the table, it makes it easier to decide which way you want to go – but if you have an “ostrich approach” and bury your head in the sand, the problem becomes worse and your creditors may start taking action. Then you are in a worse situation than before. What advice do you have for consumers already under debt review? It is absolutely crucial that you keep up with your monthly payments as per the debt review repayment plan. If you are in trouble, and struggling, please speak to your Debt Counsellor immediately.

012 326 6635 060 802 9825 maria@smsdc.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?

Be sure to check out the DCASA Members Facebook page. It features updates and links to videos like this one about POPIA: https://www.youtube.com/watch?v=Q6RP9rvGNUE&ab_channel=DCASADebtCounsellorsAssociationofSouthAfrica

www.dcasa.co.za

NDCA are ready to help consumers who are struggling with debt. Visit our site for more information ndca.org.za

CREDIT LIFE INSURANCE NCR CALL FOR COMMENT Consumers who take out credit are asked to carry insurance to cover their untimely death (which would result in the credit not being paid back). This is called Credit Life insurance. Commonly this type of insurance also covers a number of other benefits like retrenchment cover or income interruption. In the past, this type of insurance was heavily abused by greedy credit providers and insurance providers and was seldom if ever claimed on. Over time that has changed and industry leaders have become super competitive both on price and benefits.

From time to time the DTI look at regulations about this type of insurance. At present, the NCR is helping prepare comments for the DTI about this topic. The NCR sent out a circular which said in part:

The National Credit Regulator (“NCR”) is conducting a review of the Credit Life Insurance Regulations, 2017… The purpose of the review is to make an assessment of the areas of the CLI regulations requiring changes and to make recommendations to the Department of Trade, Industry and Competition. The NCR is inviting stakeholders to submit comments and inputs on the areas of the CLI regulations which they believe require changes. The comments must be submitted to Mr Bongani Gwexe at email address bgwexe@ncr.org.za, by close of business on Wednesday, 30 June 2021.

DEBT REVIEW AWARDS 2021

Plans are progressing well for the annual Debt Review Awards. A lot of behind the scenes work has been underway with regard to both the Awards event and the ongoing industry peer reviews.

Peer Reviews Over the last few months peer reviews have been happening and the organizers want to thank all those how have been able to make time to participate in the two previous rounds of reviews. The reviews now enter a new even more detailed stage as credit providers and Debt Counsellors will be asked to review very specific functions being performed by their counterparts in the industry. Soon, associations and PDAs will be sharing additional links to any Debt Counsellors and credit providers who have not yet had a chance to participate (this can happen since the NCR database is used for contact info and details may change or the details given there may be more generic inboxes). If you have not yet had a chance to participate and would like to be proactive then please feel free to mail:

DebtReviewAwardsPeerReview2021@debtfreedigi.co.za

10 September 2021 Everyone will be able to tune in on social media and streaming platforms like Youtube to enjoy the live stream and find out who has received the highest ratings in the various categories this year. The event will stream from mid morning (the build up events) and the Award announcements will be made in the afternoon (after 2pm but before 5pm). Why not plan now to watch the event on Friday 10th September as an office either remotely or in a Covid cautious office set up?

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