Debtfree Magazine December 2016

South Africa’s debt counselling magazine

DEBT REVIEW & YOUR CREDIT SCORE December 2016 www.debtfreedigi.co.za

What you can expect from Hyphen PDA: • Increased Debt Counsellor Profitability • Flawless Systems • Meaningful Reporting • Contented Consumers!

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Chris van der Straaten, Head: PDA 082 557 0437

Malcom Povey, Head: Operations PDA 082 445 5604

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EDITOR’S NOTE When the end of the year rolls around, you ask yourself: Where did the time go? Funny how throughout the rest of the year, things seemed to drag by and then suddenly December is upon us all in one go by surprise as if it had not been coming all along. The roads fill up with cars from out of town and the shops are full of people running around like headless chickens buying stuff they probably can’t afford. The summer sun beats down and presents us with opportunities to hit the beach or head to the local pool for some well deserved R&R. Don’t you feel like you deserve a little break after the tough year you have had? You Do! Go on.

Take a moment to reflect on the year (we do in this issue in our year round up article).

If you have been in the industry you have seen some ups and downs. Both some exciting developments and also some rather concerning things. Things like: the Nedbank v Jones ruling, which we talk about in this issue. We consider if this is the end of debt review as we know it. Things like the NCR coming under the

microscope and the NCR throwing the NCT under the bus (We asked the NCT a few hard hitting questions and review their thoughts).

If you have been paying off your debt through debt review then you have been feeling the mounting pressure of increased rates and increased costs for just about everything. This has no doubt meant that you have had to constantly tighten your belt. That’s tough when it is already so tight to start with but… you made it to December. That’s a real accomplishment.

Be sure to read our (Nutshell) Paying it forward article to give you a fresh perspective and some upliftment. Also check out the news so you have the latest info (don’t be lazy. That information can help you stay on top of things).

Not everything fell apart this year. As mentioned you made it this far, the ratings agencies held off on dropping SA debt to Junk status which helps the Rand (which is doing OK against the Dollar till people figure out Mr. Trump).

Just remember, January will be here

just as fast so watch your spending!

You don’t want to come face to face with your January commitments and bills and find you blew all your savings in December and have nothing left for school clothes and school books and all that other stuff. December and Jan are dangerous times for those in debt review. So stay focused, start the year on a high note and well done on getting one year closer to being debt free.

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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CONTENTS YOUR CREDIT SCORE

2016 VIEW IN REVIEW

NEWS

AFTERCARE

SERVICE DIRECTORY

DEBT REVIEW & YOUR CREDIT SCORE

CREDIT SCORES ARE IMPORTANT RIGHT?

MANY CONSUMERS LIVE IN FEAR OF THE DREADED “BLACKLISTING” Most consumers are unsure exactly how a credit score works but we all know that this mysterious number is important, somehow. We want one... and we want a good one - whatever that may be?

This mysterious credit score number, that gets attached to our reputation at credit bureaus, shows credit providers how likely we are to pay back credit well. If we have used credit well in the past and can afford it now then our score is high (higher is better). If we have had issues with credit in the past and if other creditors are struggling to get money back from us right now, then our score will drop and we will be considered more risky.

WHAT IS A GOOD CREDIT SCORE? Though many people worry about this mysterious number they seldom bother to try find out what their score is. In fact, the credit bureaus report a tiny portion of the population making use of their right to a free report, from each credit bureau once a year. This is the case even though the credit bureaus have to provide this info for free.

Credit bureaus even advertise the fact. You can go to their websites right now and probably get one for free (if you haven’t already recently done so).

EXPERIAN: ‘A SCORE OF BETWEEN 600 TO 750 IS PRETTY GOOD AND THE NORM FOR WELL PAYING CONSUMERS’

COMPUSCAN: ‘LESS THAN 600 IS BAD AND MORE THAN 670 IS EXCEPTIONAL’ If you have drawn a report and know what your score is, you may wonder if it is a ‘good’ score or not? A rule of thumb is that if you are struggling to pay back all the people you owe money to each month then your score will be getting lower.

Experian (a Credit Bureau) say that a score of between 600 to 750 is pretty good and the norm for well paying consumers. More than 750 is very good. If you can break the 800 barrier then you really are exceptional.

Interestingly (and perhaps irritatingly) not all bureaus in SA use the same scoring system exactly so other bureaus like Compuscan (a Credit Bureau) use a different scale that still reflects the same thing. For them less than 600 is bad and more than 670 is exceptional.

DOES A LOW SCORE MEAN NO MORE CREDIT? Having a poor score doesn’t mean you won’t get credit but it will probably mean that the credit providers will want you to jump through more hoops and that the credit may actually cost you more. These days credit providers are forced by law to make sure that you can actually afford to repay any credit you take on. This they do by means of affordability assessments. This is where they compare your income to your ongoing obligations. If you have money left over at the end of the month, then you can afford more credit. If you don’t have money left over after paying your bills then you cannot afford more credit and it is illegal for them to give it to you.

DEBT REVIEW & YOUR CREDIT SCORE

WHAT IMPACT DOES A LOW SCORE HAVE?

So if you do have the means to pay off more credit what effect will your credit score have? Well, if your score is very low then credit providers may ask you for a deposit of special fees that they might otherwise waive. Basically this is because you are more risky than they would like.

If you have been struggling to repay your credit accounts on time and you are starting to get collections calls, sms, emails and even visits then you are not alone.

The majority of credit users in SA are having trouble repaying their credit on time.

Over half are behind on payments by at least a month. Many are much further behind than that.

BLACK LISTING The term ‘blacklisting’ has its roots in the old days before computers when credit providers would actually get together, smoke cigars and drink whiskey with their loan books in hand and compare notes with each other about who not to lend money to. Names were added to a list of people to avoid giving credit to since they would never pay it back. It was real old school. Though those were the good old, bad old days the idea still haunts many people today and collections agents are often quick to use the term which no longer applies. They use it to scare people and it unsurprisingly it works. The truth is that ‘Black listing’ does not exist today.

In fact, it is illegal to advertise using the phrase. You will have seen the dodgy adverts saying things like: Are you Blacklisted? We will give you credit (obviously since blacklisting doesn’t really exist Duh!). These days you either you qualify for credit at this time or your don’t. There is no black list (other than that one with Raymond Reddington on TV).

HOW DO YOU MEASURE UP? Here is a very broad breakdown of the SA Credit Score among the credit active population (using Compuscan’s model): LESS THAN 620 The majority of SA credit users (risky poor payers) 620 - 640 Average risk folk who pay mostly on time 640 – 670 Low risk people who will probably repay any credit on time.

667 + These people use credit well and almost always pay it back on time

DEBT REVIEW & YOUR CREDIT SCORE

HOW DOES DEBT REVIEW AFFECT YOUR CREDIT SCORE?

Many consumers who meet with a Debt Counsellor will ask what affect applying for debt review will have on their mystical credit score. This is because they are thinking of the future and worry that they might somehow get blacklisted. Well done credit bureau’s marketing departments for making consumers care.

The truth is that, if you are in need of debt review then this is probably because you have been struggling to repay your creditors what they are asking. Regardless of the reasons why, that means your credit score is dropping more and more.

More than that, many consumers in this situation foolishly try get more credit to pay installments on their other credit, which is like trying to dig yourself out of a hole (that doesn’t work until you hit China). If successful, it normally only stalls the situation for a month or two.

Once they have used up all their current credit, borrowed from all their family and friends and finally been turned down for credit by even the short term loans guys, they begin to think about debt review. At this point ask yourself, is it logical to

worry about your credit score which you know is already in the toilet? Strangely many people still do.

OK so, it is silly to worry but still we want to know what affect will debt review have on a credit score?

While under debt review there will be a line of text on your credit report (should you have a look or someone else ask you if they can draw it) saying you are under debt review. Basically this shows you are sorting out your debt situation but can’t afford to take on new debt just yet. With payments then starting to come in on a monthly basis into your various accounts these will probably reflect and regular payments are good for your score (which will admittedly be low at the time). After some time your accounts will start to be paid up one by one. This also has a positive effect. Eventually after paying off most – if not all – of your debts, a consumer will leave debt review. This is the goal of every debt review: to get out of debt or to get back on your feet financially, as fast as realistically possible.

Once your debts are paid or you leave debt review, the debt review note is removed from your credit report (the NCR help do this). There is no long lasting stain on your credit record. This now means you are able to approach a credit provider and ask for credit. Whether they give you credit depends on them. They will ask you if you have money left over at the end of each month and you will proudly be able to say that you do. Now, at this point, you will not have been using credit for some time.

That means your score will be a bit lower than other people who are constantly using credit well. This is not really a surprise; after all at some not too distant point in the past your score was, pretty much, in the toilet. It is however, a much better place to be than with a score showing missed payments all the time and judgments and nasty things like that. Now you can start the, hopefully cautious, process of using credit again but this time in a very responsible way. Credit providers are not allowed to discriminate against you for making use of the part of the NCA about debt review. If they do you can report them and they can get into a lot of trouble.

With little or no debts and with no record of a debt review, you can now start to build a good credit score up in those high numbers which show creditors they want to lend you money. If you would like to go down that road again.

2016 YEAR

A year can really fly by. We take a quick look year featured a real battle for reputation by Counsellors and consumers. The NCR repeate call centre message (for DCs not credit provid issued several guidelines which man

R IN REVIEW

k at some of the highs and lows of 2016. The y the NCR. It also saw cost increases to Debt edly continued to spread their confusing anti ders where they have no problems). They also ny questioned including the courts.

1 JANUARY Interest Rate Hike DTI announce they plan to increase Debt Counsellor registration & renewal fees Lewis Stores get bad press over credit costs Debt Review TV channel launched on Youtube

2 FEBRUARY Fake NCR employees try to get consumers to pay money to their bank accounts NCT double application fees NCR refer several smaller naughty credit providers to the NCT Continued poor adoption of DCRS raises ongoing concern at BASA

4 APRIL

3 MARCH NCR (again) announce Debt Counselling Fee review will happen.

Repo Rate Goes up again.

NCR issues new guideline on withdrawing from Debt Review.

Results in consumers trapped in debt review if they don’t pay.

FNB & Nedbank V Coetzee court case questions legality of the NCR’s fee guidelines.

NCR issue circular saying Coetzee case Judge got it wrong (re fees) and to carry on as before.

MFSA go to court to try stop planned DTI maximum rate changes.

Dead African Bank re-launches as: African Bank (totally not the same, at all)

5 MAY Parliament grill NCR & NCT over investigations. NCR partially blame NCT. New interest rate limits announced despite MFSA’ attempts to get them stopped.

PDAs register with the NCR. New fee structure goes live.

PDAs express concern over fast payment turnaround requirements.

6 JUNE Annual Debt Review Awards The silent conductor showed how important cooperation is in the industry. Hyphen stole the show and a bunch of awards at this year’s event.

DIT announce massive increase in Debt Counsellors registration fees to the NCR despite protest.

NCR say they will investigate old (now shut) African Bank themselves after not helping Myberg Commission do so.

7 JULY NCR have 4 small Credit Providers arrested NCR website full of Malware Alliance of Professional Debt Counsellors boycotts the NCR’s Credit Industry Forum which needs total agreement.

8 AUGUST Annual DCASA Conference in Gauteng Everyone who lends money for any interest or fee to register with NCR as credit provider NCR website down (hacked?)

DCRS faces criticism over VAF issues and more. Nedbank talk of pulling funding.

9 SEPTEMBER NCR spread vague anti call centre message again NCT rule against Lewis Con Court Rules on Stellenbosch Legal Clinic Garnishee case. Big consumer victory!

President Zuma slaps down announced bank investigation.

OCTOBER NCT make NCR drop case against Capitec (no fishing allowed) NCR ask Parliament for more power to go fishing (blame NCT for problems and ask for most of their work).

Credit Providers again warn of pulling funding for DCRS. NCR want to try force use of DCRS in effort to save it. Call for comment from select few.

NOVEMBER NCR to be investigated by Public Protector over poor performance and use of funds.

NCR try to control how and when Attorneys get money.

Court sets aside interest rate caps (DTI to appeal).

Trump Trumps Hillary. TV millionaire set to be next American president.

Big Securitisation Court Case starts

DECEMBER Public asked to vote for favourite PDA in SA’s Favourite (Vote for DCs in Jan) Star Wars: Rouge One (it really is a big deal. Viewers got to see Darth Vader again) Parliament announce: National Credit Act heading for more amendments in 2017

Nomonthly monthly program fees!

No program fees!

No monthly program fees!

No monthly program No monthly program fees!

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,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ 'ĞŽƌŐĞ ,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ 'ĞŽƌŐĞ

,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ 'ĞŽƌŐĞ

dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ ϮϰϱϬ dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ ϮϰϱϬ ,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ ' ,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ 'ĞŽƌŐĞ

dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ ϮϰϱϬ ǁǁǁ͘ĚĐƉĂƌƚŶĞƌ͘ĐŽ͘njĂ ǁǁǁ͘ĚĐƉĂƌƚŶĞƌ͘ĐŽ͘njĂ

dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ ϮϰϱϬ ǁǁǁ͘ĚĐƉĂƌƚŶĞƌ͘ĐŽ͘njĂ

INDUSTRY

CONSUMER

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

DTI TO APPEAL THROWN OUT RATE CHANGES

to making already available processes more available to more people in a more DTI Minister Rob Davies has announced affordable way. that he plans to appeal the recent ruling that saw changes to maximum interest rates thrown out. The much disputed NCR TO BE INVESTIGATED rate limits were thrown out after a It is always uncomfortable when a court said that the DTI had not properly Regulatory body has to be investigated. consulted the industry and taken their Sadly this is now the case for the Credit Regulator.

After comments into consideration when National bowing to governments pressure to complaints laid by Summit Financial curb unsecured lending profit making. Partners about how money is used and how few results are coming out of the NCR, the Public Protector will now launch an investigation into the NATIONAL CREDIT ACT NCR. Part of the complaint relates to TO AGAIN BE AMENDED After several meetings by a sub how 10% of the NCR’s budget is spent committee the trade and industry on bonuses. That is roughly around R6 portfolio committee have announced million. This is interesting since in 2015 that they will now look to have the it was said that the NCR had run out of NCA amended in the near future. Such funds for vital things like CIF meetings amendments could have several effects and more towards the end of the year. such as creating cheaper ways for Another aspect of the complaint is consumers to use debt review to deal how though many matters have been with debt as well as possible changes referred to the NCT, which were highly to the roll of the NCR and it’s position in publicized by the NCR, there have been Twin Peaks. Though there was at first a few if any meaningful results. Summit lot of political crowd pleasing talk of debt complain that they have been trying forgiveness focus seems to have shifted to get the NCR to help consumers with

NEWS CONTINUED

matters but that because of what they see as inefficiencies these consumers are being forced to try cover the costs of taking matters to court themselves since the NCR seemingly can’t or won’t help. Summit are riding the wave of their recent successful involvement with a big profile court case which saw consumers get added protection against ‘Garnishee Order’ abuse.

don’t be a twit

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BUSINESS SUCCESS – T–HE ‘’G‘’G O –O G ’’ ’’AAPPROACH BUSINESS SUCCESS THE – ETTER GETTER PPROACH

Nomonthly monthly program fees!

No program fees! sĂƌŝŽƵƐ ƚŚŝŶŐƐ ůŝŬĞ ŐŽŽĚ ĨŝŶĂŶĐŝĂů ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƋƵĂůŝƚLJ ƉƌŽĚƵĐƚƐ ĂƌĞ ǀŝƚĂů sĂƌŝŽƵƐ ƚŚŝŶŐƐ ůŝŬĞ ŐŽŽĚ ĨŝŶĂŶĐŝĂů ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƋƵĂůŝƚLJ ƉƌŽĚƵĐƚƐ ĂƌĞ ǀŝƚĂů ƚŽ ƌƵŶ Ă ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐ͘ ,ƵŵĂŶ ĐĂƉŝƚĂů͕ ŚŽǁĞǀĞƌ͕ ŝƐ ƚŚĞ ĚƌŝǀŝŶŐ ĨŽƌĐĞ ŝŶ ƚŽ ƌƵŶ Ă ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐ͘ ,ƵŵĂŶ ĐĂƉŝƚĂů͕ ŚŽǁĞǀĞƌ͕ ŝƐ ƚŚĞ ĚƌŝǀŝŶŐ ĨŽƌĐĞ ŝŶ Accessible on Accessible onPC PCor orDesktop Desktop ĂŶLJ ďƵƐŝŶĞƐƐ ĂŶĚ ĐĂŶ ŵĂŬĞ Žƌ ďƌĞĂŬ Ă ďƵƐŝŶĞƐƐ͘ >ŽŽŬŝŶŐ Ăƚ ƐƵĐĐĞƐƐĨƵů ĂŶLJ ďƵƐŝŶĞƐƐ ĂŶĚ ĐĂŶ ŵĂŬĞ Žƌ ďƌĞĂŬ Ă ďƵƐŝŶĞƐƐ͘ >ŽŽŬŝŶŐ Ăƚ ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐĞƐ͕ ƚŚĞƌĞ ĂƌĞ ŚŝŐŚ ĞŶĞƌŐLJ ĂŶĚ ƚŚĞ ƐƚĂĨĨ ĂƌĞ ƉĂƐƐŝŽŶĂƚĞ͕ ŵŽƚŝǀĂƚĞĚ ĂŶĚ ďƵƐŝŶĞƐƐĞƐ͕ ƚŚĞƌĞ ĂƌĞ ŚŝŐŚ ĞŶĞƌŐLJ ĂŶĚ ƚŚĞ ƐƚĂĨĨ ĂƌĞ ƉĂƐƐŝŽŶĂƚĞ͕ ŵŽƚŝǀĂƚĞĚ ĂŶĚ ďĞůŝĞǀĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽďũĞĐƚŝǀĞƐ͘ dŚĞ ‘’ŐŽͲŐĞƚƚĞƌƐ’’ ƐĞĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ŝŶ ďĞůŝĞǀĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽďũĞĐƚŝǀĞƐ͘ dŚĞ ‘’ŐŽͲŐĞƚƚĞƌƐ’’ ƐĞĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ŝŶ ĞǀĞƌLJ ƐŝƚƵĂƚŝŽŶ ĂŶĚ ǁŚĞŶ ŝŶƚĞƌĂĐƚŝŶŐ ǁŝƚŚ ĐůŝĞŶƚƐ͕ ƚŚĞLJ ŝŶƐƚŝůů ƚƌƵƐƚ ǁŝƚŚ ƚŚĞ ĞǀĞƌLJ ƐŝƚƵĂƚŝŽŶ ĂŶĚ ǁŚĞŶ ŝŶƚĞƌĂĐƚŝŶŐ ǁŝƚŚ ĐůŝĞŶƚƐ͕ ƚŚĞLJ ŝŶƐƚŝůů ƚƌƵƐƚ ǁŝƚŚ ƚŚĞ ƉŽƐŝƚŝǀĞ ŝŵĂŐĞ ƚŚĞLJ ĚĞůŝǀĞƌ ĂďŽƵƚ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŚĞLJ ǁŽƌŬ ĨŽƌ͘ WĞƌƐŽŶƐ

ƉŽƐŝƚŝǀĞ ŝŵĂŐĞ ƚŚĞLJ ĚĞůŝǀĞƌ ĂďŽƵƚ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŚĞLJ ǁŽƌŬ ĨŽƌ͘ WĞƌƐŽŶƐ ǁŝƚŚ Ă ‘’ĐĂŶ ĚŽ’’ ĂƚƚŝƚƵĚĞ ĂƌĞ ŶĞĞĚĞĚ ŝŶ Ăůů ǁĂůŬƐ ŽĨ ůŝĨĞ͕ ƚŚĞ ŽŶĞƐ ǁŚŽ ƐĂLJ LJĞƐ

ǁŝƚŚ Ă ‘’ĐĂŶ ĚŽ’’ ĂƚƚŝƚƵĚĞ ĂƌĞ ŶĞĞĚĞĚ ŝŶ Ăůů ǁĂůŬƐ ŽĨ ůŝĨĞ͕ ƚŚĞ ŽŶĞƐ ǁŚŽ ƐĂLJ LJĞƐ ƚŽ ĐŚĂŶŐĞ ďĞĐĂƵƐĞ ĐŚĂŶŐĞ ŵĞĂŶƐ ŐƌŽǁƚŚ͘ tŚĂƚ ŬŝŶĚ ŽĨ ďƵƐŝŶĞƐƐ ůĞĂĚĞƌ Žƌ ƚŽ ĐŚĂŶŐĞ ďĞĐĂƵƐĞ ĐŚĂŶŐĞ ŵĞĂŶƐ ŐƌŽǁƚŚ͘ tŚĂƚ ŬŝŶĚ ŽĨ ďƵƐŝŶĞƐƐ ůĞĂĚĞƌ Žƌ  džĐĞůůĞŶƚ ĂƵĚŝƚ ƚƌĂŝů  džĐĞůůĞŶƚ ĂƵĚŝƚ ƚƌĂŝů ƉĞƌƐŽŶ ĂƌĞ LJŽƵ͍ ŚĂůůĞŶŐĞ LJŽƵƌƐĞůĨ ƚŽ ďĞ Ă ŐŽͲ ŐĞƚƚĞƌ ǁŝƚŚ Ă ĐĂŶ ĚŽ ĂƚƚŝƚƵĚĞ ƉĞƌƐŽŶ ĂƌĞ LJŽƵ͍ ŚĂůůĞŶŐĞ LJŽƵƌƐĞůĨ ƚŽ ďĞ Ă ŐŽͲ ŐĞƚƚĞƌ ǁŝƚŚ Ă ĐĂŶ ĚŽ ĂƚƚŝƚƵĚĞ ĂŶĚ ĂůŝŐŶ LJŽƵƌ ĐŽŵƉĂŶLJ ǁŝƚŚ ďƵƐŝŶĞƐƐĞƐ ƉƌĂĐƚŝĐŝŶŐ ƚŚĞ ƐĂŵĞ ŐŽŽĚ ĐŽŶĚƵĐƚ͘  tŽƌŬĨůŽǁ ŵĂŶĂŐĞŵĞŶƚ  tŽƌŬĨůŽǁ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂůŝŐŶ LJŽƵƌ ĐŽŵƉĂŶLJ ǁŝƚŚ ďƵƐŝŶĞƐƐĞƐ ƉƌĂĐƚŝĐŝŶŐ ƚŚĞ ƐĂŵĞ ŐŽŽĚ ĐŽŶĚƵĐƚ͘

 ĂƐLJ ƚŽ ŶĂǀŝŐĂƚĞ ĨƵŶĐƚŝŽŶƐ  ĂƐLJ ƚŽ ŶĂǀŝŐĂƚĞ ĨƵŶĐƚŝŽŶƐ

Some Qualities of the ‘’Go Getter’’  YƵŝĐŬ ĚĂƚĂ ĐĂƉƚƵƌŝŶŐ  YƵŝĐŬ ĚĂƚĂ ĐĂƉƚƵƌŝŶŐ Some Qualities of the ‘’Go Getter’’

 dŚĞ ŐŽ – ŐĞƚƚĞƌ ĂƚƚŝƚƵĚĞ ĚŽĞƐ ŶŽƚ ŚĞƐŝƚĂƚĞ͖ ŚĞͬƐŚĞ ƚŚŝŶŬƐ͕ ǁŚĞŶ ĚŽ /  Z^ ĂŶĚ ƐƚĂŶĚĂƌĚ ƉƌŽƉŽƐĂůƐ  Z^ ĂŶĚ ƐƚĂŶĚĂƌĚ ƉƌŽƉŽƐĂůƐ ƐƚĂƌƚ͍  dŚĞ ŐŽ – ŐĞƚƚĞƌ ĂƚƚŝƚƵĚĞ ĚŽĞƐ ŶŽƚ ŚĞƐŝƚĂƚĞ͖ ŚĞͬƐŚĞ ƚŚŝŶŬƐ͕ ǁŚĞŶ ĚŽ / ĂĐĐŽŵŵŽĚĂƚĞĚ͘ ĂĐĐŽŵŵŽĚĂƚĞĚ͘  dŚĞ ŐŽ – ŐĞƚƚĞƌ ĂƚƚŝƚƵĚĞ ĚŽĞƐ ŶŽƚ ƉŽŶĚĞƌ ǁŚĞƚŚĞƌ ŚĞͬƐŚĞ ĐĂŶ͕ ƚŚĞLJ ƐƚĂƌƚ͍

ŬŶŽǁ ƚŚĞLJ ĐĂŶ ŐĞƚ ŝƚ ĚŽŶĞ ǁŝƚŚ ĐŽůůĂďŽƌĂƚŝŽŶ ĂŶĚ ĂĐƚŝŽŶ͘

 dŚĞ ŐŽ – ŐĞƚƚĞƌ ĂƚƚŝƚƵĚĞ ĚŽĞƐ ŶŽƚ ƉŽŶĚĞƌ ǁŚĞƚŚĞƌ ŚĞͬƐŚĞ ĐĂŶ͕ ƚŚĞLJ  dŚĞ ŐŽ – ŐĞƚƚĞƌ ďĞůŝĞǀĞƐ ŝŶ ŚŝŵͬŚĞƌƐĞůĨ͕ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ͘ ,ĞͬƐŚĞ ŬŶŽǁ ƚŚĞLJ ĐĂŶ ŐĞƚ ŝƚ ĚŽŶĞ ǁŝƚŚ ĐŽůůĂďŽƌĂƚŝŽŶ ĂŶĚ ĂĐƚŝŽŶ͘

ďĞůŝĞǀĞƐ ŝŶ ƚŚĞ ƚŝŵĞƐ ĂŚĞĂĚ ĂŶĚ ǁĂŶƚƐ ƚŽ ďĞ Ă ŬĞLJ ƉĂƌƚ ŽĨ ŝƚ͘  dŚĞ ŐŽ – ŐĞƚƚĞƌ ďĞůŝĞǀĞƐ ŝŶ ŚŝŵͬŚĞƌƐĞůĨ͕ ĂŶĚ ƚŚĞ ĐŽŵƉĂŶLJ͘ ,ĞͬƐŚĞ

 dŚĞ ŐŽ – ŐĞƚƚĞƌ ƐĞĞƐ ĐŽŶƚŝŶƵĂů ĐŚĂŶŐĞ ĂƐ Ă ƌĞĐƵƌƌĞŶƚ ŽƉƉŽƌƚƵŶŝƚLJ͘ ďĞůŝĞǀĞƐ ŝŶ ƚŚĞ ƚŝŵĞƐ ĂŚĞĂĚ ĂŶĚ ǁĂŶƚƐ ƚŽ ďĞ Ă ŬĞLJ ƉĂƌƚ ŽĨ ŝƚ͘

 dŚĞ ŐŽ – ŐĞƚƚĞƌ ŽŶůLJ ŬŶŽǁƐ ŽŶĞ ǁĂLJ ŽĨ ĚŽŝŶŐ ĂŶĚ ůŝǀŝŶŐ͗ ǁŝƚŚ ďƌĂǀĞƌLJ͕ / ǁĂƐ ƉůĞĂƐĂŶƚůLJ ƐƵƌƉƌŝƐĞĚ ďLJ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĐŚĂŶŐĞŽǀĞƌ ƚŽ &ŝŶǁŝƐĞ͘ ‘’ / ǁĂƐ ƉůĞĂƐĂŶƚůLJ ƐƵƌƉƌŝƐĞĚ ďLJ ŽƵƌ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĐŚĂŶŐĞŽǀĞƌ ƚŽ &ŝŶǁŝƐĞ͘  ‘’ dŚĞ ŐŽ – ŐĞƚƚĞƌ ƐĞĞƐ ĐŽŶƚŝŶƵĂů ĐŚĂŶŐĞ ĂƐ Ă ƌĞĐƵƌƌĞŶƚ ŽƉƉŽƌƚƵŶŝƚLJ͘ ƐĞůĨͲĂƐƐƵƌĂŶĐĞ͕ ƉĂƐƐŝŽŶ ĂŶĚ ŝŶƚĞŐƌŝƚLJ͘ dŚĞ ŶĞǁ ƐLJƐƚĞŵ ŝƐ ŝŶƚƵŝƚŝǀĞ ĂŶĚ ĞĂƐLJ ƚŽ ƵŶĚĞƌƐƚĂŶĚ͘ dŚĞ ŶĞǁ ƐLJƐƚĞŵ ŝƐ ŝŶƚƵŝƚŝǀĞ ĂŶĚ ĞĂƐLJ ƚŽ ƵŶĚĞƌƐƚĂŶĚ͘  dŚĞ ŐŽ – ŐĞƚƚĞƌ ŽŶůLJ ŬŶŽǁƐ ŽŶĞ ǁĂLJ ŽĨ ĚŽŝŶŐ ĂŶĚ ůŝǀŝŶŐ͗ ǁŝƚŚ ďƌĂǀĞƌLJ͕ ‘’ Ğďƚ ĐŽƵŶƐĞůůŽƌ ĂƐƚĞƌŶ ĂƉĞ ‘’ Ğďƚ ĐŽƵŶƐĞůůŽƌ ĂƐƚĞƌŶ ĂƉĞ tŚLJ ƐĞƚƚůĞ ĨŽƌ ůĞƐƐ͍ WĂƌƚŶĞƌ ŝƐ ƉŽƐŝƚŝǀĞůLJ ŽƌŝĞŶƚĂƚĞĚ ƚŽǁĂƌĚƐ ĐŚĂŶŐĞ͕ ƐĞůĨͲĂƐƐƵƌĂŶĐĞ͕ ƉĂƐƐŝŽŶ ĂŶĚ ŝŶƚĞŐƌŝƚLJ͘ ŐƌŽǁƚŚ͕ ŝŶĚƵƐƚƌLJ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉƌŽĚƵĐƚ ĞŶŚĂŶĐĞŵĞŶƚ ĂŶĚ ĚĞůŝǀĞƌŝŶŐ ŚŝŐŚ ‘’ I’ve found ‘’ I’ve found the Finwise the Finwise system system to to bebe very veryuseful. useful. I’m I’mneǁ ŝŶ ƚŚĞ ĚĞďƚ neǁ ŝŶ ƚŚĞ ĚĞďƚ tŚLJ ƐĞƚƚůĞ ĨŽƌ ůĞƐƐ͍ WĂƌƚŶĞƌ ŝƐ ƉŽƐŝƚŝǀĞůLJ ŽƌŝĞŶƚĂƚĞĚ ƚŽǁĂƌĚƐ ĐŚĂŶŐĞ͕ ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ ƌƚŝĐůĞ ďLJ͗ WĞƚƌŽ ĚĞ ĞĞƌ ĐŽƵŶƐĞůůŝŶŐ ĨŝĞůĚ͕ / ŵĂŶĂŐĞĚ ƚŽ ĨŝŶĚ ŵLJ ǁĂLJ ĂƌŽƵŶĚ ƚŚĞ ƐLJƐƚĞŵ ĂƐ ŝƚ ŝƐ ǀĞƌLJ ĐŽƵŶƐĞůůŝŶŐ ĨŝĞůĚ͕ / ŵĂŶĂŐĞĚ ƚŽ ĨŝŶĚ ŵLJ ǁĂLJ ĂƌŽƵŶĚ ƚŚĞ ƐLJƐƚĞŵ ĂƐ ŝƚ ŝƐ ǀĞƌLJ ŐƌŽǁƚŚ͕ ŝŶĚƵƐƚƌLJ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉƌŽĚƵĐƚ ĞŶŚĂŶĐĞŵĞŶƚ ĂŶĚ ĚĞůŝǀĞƌŝŶŐ ŚŝŐŚ ƵƐĞƌͲĨƌŝĞŶĚůLJ͘ dŚĞ ƚƌĂŝŶŝŶŐ ŵĂŶƵĂůƐ ƉƌŽǀŝĚĞĚ ĂƌĞ ĂůƐŽ ŚĞůƉĨƵů ĂŶĚ ƵƐĞƌͲĨƌŝĞŶĚůLJ͘ dŚĞ ƚƌĂŝŶŝŶŐ ŵĂŶƵĂůƐ ƉƌŽǀŝĚĞĚ ĂƌĞ ĂůƐŽ ŚĞůƉĨƵů ĂŶĚ

ƋƵĂůŝƚLJ ĐƵƐƚŽŵĞƌ ƐĞƌǀŝĐĞ͘ ƌƚŝĐůĞ ďLJ͗ WĞƚƌŽ ĚĞ ĞĞƌ ŝŶĨŽƌŵĂƚŝǀĞ͘’’ ŝŶĨŽƌŵĂƚŝǀĞ͘’’ Ğďƚ ĐŽƵŶƐĞůůŽƌ 'ĂƵƚĞŶŐ Ğďƚ ĐŽƵŶƐĞůůŽƌ 'ĂƵƚĞŶŐ ^ĂLJ LJĞƐ ƚŽ ĐŚĂŶŐĞ͕ ƐĂLJ LJĞƐ ƚŽ Ă ĐŽŵƉĂŶLJ ǁŝƚŚ Ă ‘’ ĂŶ ĚŽ ƉƉƌŽĂĐŚ ‘’ and a ‘’Go Getter team’’͊

^ĂLJ LJĞƐ ƚŽ ĐŚĂŶŐĞ͕ ƐĂLJ LJĞƐ ƚŽ Ă ĐŽŵƉĂŶLJ ǁŝƚŚ Ă ‘’ ĂŶ ĚŽ ƉƉƌŽĂĐŚ ‘’

,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ 'ĞŽƌŐĞ ,ĞĂĚ KĨĨŝĐĞ͗ ϱϵ sŝĐƚŽƌŝĂ ^ƚƌĞĞƚ͕ 'ĞŽƌŐĞ team’’͊ and a ‘’Go Getter dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ ϮϰϱϬ dĞů͗ Ϭϰϰ ϴϳϯ ϰϱϯϬ &Ădž͗ Ϭϴϲ Ϯϰϲ ϮϰϱϬ ǁǁǁ͘ĚĐƉĂƌƚŶĞƌ͘ĐŽ͘njĂ ǁǁǁ͘ĚĐƉĂƌƚŶĞƌ͘ĐŽ͘njĂ

IN A NUTSHELL

MONEY MATTERS ARE A WOMAN’S CONCERN

Many women hand over the responsibility for money matters to their husbands. It is said that ‘ignorance is bliss’, but when it comes to your family’s financial situation this approach can be disastrous. Talking to your partner about money can be awkward, but there are some things that you need to consider.

YOUR MARRIAGE CONTRACT Depending on your marriage contract, you may be jointly responsible for your partner’s debt. Community of property is the default marriage contract in South Africa unless you sign an antenuptial contract. If you are married in community of property then all your assets and debt are part of a joint estate. If your partner incurs debt without your knowledge, you are jointly responsible for this debt by law. If you have an antenuptial contract (ANC) you will have a measure of protection against your spouse’s debt.

Make sure you understand the implications of your marriage contract.

BUDGET TOGETHER Without a budget that includes planning around joint income, expenses, debts and savings couples lose track of where their money is going.

Statistics released by the South African Reserve Bank show that at the end of December 2015, the ratio of household debt to disposable income had increased to 77,8 percent. This means that for every R100 earned, R78 is going to pay off debts.

If both partners have a better understanding of expenditure then you may each be a little more cautious when making purchasing and financial decisions. Here are some examples: 1. One person is paying off debt at 30 percent interest, whilst the other has money invested in a savings plan earning 8 percent interest. Ideally as a team aim to settle the most expensive debt first and then start saving.

2. Women are often responsible for buying food for the household. According to Statistics South Africa, food inflation went up by 11.6 percent in September 2016 compared to the same period last year. This is often a contentious point for families as women feel the pinch in their ‘budget’. Transparency, discussion and making compromises will alleviate this pressure.

3. Have an emergency fund that can cover the equivalent income of one partner for a period of three months, should something like illness or retrenchment catch you unawares.

4. Beware of ego trappings and be practical about major expenses like homes and cars. Don’t take on huge debts so that you can show off to family and friends. If this debt cannot be serviced in the future you could land up in a position where you become over-indebted.

RISK AND DISABILITY COVER Life can take unexpected turns. Risk and disability cover are particularly important if you have children together or are dependent on your partner’s income.

DON’T HIDE DEBT FROM YOUR SPOUSE Don’t hide the fact that you are falling behind on your debt repayments from your spouse. Alerting your partner to this early means you can address the problem before it becomes overwhelming. There are a number of things to keep in mind if you find you are struggling to repay your debt: 1. Contact your Credit Providers and re-negotiate the repayment terms 2. Don’t just stop making payments. Your creditors can obtain judgments to take back assets like your house and car.

3. Don’t take out extra debt to pay off existing debt. This just escalates the problem.

Money matters concern both partners in a marriage. responsibility as a woman.

Don’t relinquish your

IN A NUTSHELL is brought you by the DCM Business Partnership Programme™, designed to support debt counsellors and consumers during the debt review process, in collaboration with the National Payment Distribution Agency (NPDA). For help, contact the NPDA on 0861 628 628.

If you have suggestions for topics that you would like covered in future, please email info@dcmgroup.co.za Debt Review Awards Winner 2014 and 2015: NPDA: Payment Distribution; Client & Customer Service; Industry Support & Engagement Care Premier: Debt Counselling Software

NCT The National Consumer Tribunal is a organization, which was created under the National Credit Act, that can make rulings and decisions about matters to do with the NCA. For example, if a credit provider is not giving you your monthly statement you can go to the NCT and ask them to force the credit provider to give it to you. They are also able to hear some matters relating to debt review.

The NCT can issue an order which has the same force as a high court.

PROFESSIONAL DEBT COUNSELLING ATTORNEYS

T E L : 021 872 1968 1 1 MARKET STRE ET, PAA RL w w w.ste y nco etze e.co.za

ACCOUNTING

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telephone 079 888 7200 email info@bkfaccountants.co.za www.bkfaccountants.co.za

DIES NON This is a Latin expression that has to do with the Courts. The full saying is actually Dies Non Juridicum and means: Day Without Judiciary (the courts). This means the days when the courts are closed and these days don’t “count”.

Some older English documents don’t use Latin but rather write it in English and use the expression ‘Days of Grace’ to mean the same thing.

This year the SA Magistrates Courts are closed between December 16, 2016 and January 13th, 2017.

don’t be a twit

http://twitter.com/Debtfree_DIGI

All professionals have professional indemnity if the unforeseen happens. Do you as a professional Debt Counselor have professional indemnity as stipulated by the ethical code?

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

www.in2insurance.co.za

MELIORLEAF WON’T LOAD YOUR PREMIUMS OR REPUDIATE A LEGITIMATE CLAIM Specialist insurance for people in debt review. Ask your debt counsellor.

CALL US NOW 0861 635 467 www.meliorleaf.co.za

WHY AFTER(CARE)?

The National Credit Act and Regulations don’t seem to make mention of Aftercare, so why should Debt Counsellors do it?

SUPPORT Consider all of the things that can go wrong in terms of the Debt Rearrangement in the years that a Consumer is under Debt Review: The death of a partner or someone contributing to the household income, the birth of a new child, poor record keeping of a Credit Provider leading to the Credit Provider taking inappropriate action, sale of a Credit Agreement by the Credit Provider to a debt collector – to name but a few. All these require intervention by the Debt Counsellor.

MONITORING PAYMENTS The success of Debt Counselling is dependent on the Debt Counsellor ensuring that the Consumer successfully navigates his way to the Clearance Certificate, and that includes making all of his payments. The role of the Debt Counsellor in

monitoring the Consumer’s payments and taking the necessary steps to get the consumer to make those payments is hence crucial. This includes both reactive and proactive activities. Reactive activities centre mostly around following up on missed payments, while proactive activities are more related to educating the consumer about how to manage their money. The more proactive work that a Debt Counsellor does the less reactive work he is likely to do.

ANNUAL REVIEW It is extremely important that an Annual Review of the Consumer’s income and expenses is performed because this is that only way that the Debt Counsellor continue to ensure that everybody’s best interests are taken care of. Those of the Credit Provider, to ensure that the Debts are paid off in the shortest time and those of the Consumer, who wants to receive his Clearance Certificate as soon as possible.

MAXIMUS MAKES IT EASY Maximus is the only system that takes Aftercare seriously. Its advanced processes help the Debt Counsellor ensure that his customers pay on time every month, including rescheduling of Debit Orders and automated messaging of defaulters.

Changes of circumstances for the Consumer are made easy, including updating plans and automatically sending out notices to all affected Credit Providers. A simple process ensures that a standard Annual Review need take no more than 15 minutes.

Aftercare must be done well because when it is, it ensures that happy Customers stay the course and then receive a Clearance Certificate. Maximus ensures that Aftercare need never be dirty word in any Debt Counselling Practice.

Contact Maximus on 011 451 0041 Next Month we will delve further into making the Debt Counselling Practice efficient by getting things done right the first time, every time.

DEBT COUNSELLORS ASSOCIATIONS ANNOUNCEMENT BOARD

DCASA will be closed from the 23rd of December 2016 to the 3rd of January 2017.

We wish all our members a Happy Holiday Season and look forward to a busy 2017 together.

www.dcasa.co.za

As an racially diverse association we promote both debt counselling and consumer education as well as B-BBEE for our industry.

For more info about joining the BDCF please visit our webpage.

We thank all our members for their hard work and support this year and look forward to 2017.

www.bdcf.co.za

A law firm in Johannesburg called Webbstock Inc are one of the few fearless law firms in South Africa who are taking on the banks. http://www.acts.co.za/news/blog/2016/11/anotherdagger-at-the-heart-of-banks-attempting-torecover-debts-without-original-documents

www.newera.org.za

We will be having lots of meetings and need lots of help from our members in 2017 as we deal with several important industry issues.

We hope our members enjoy the holidays.

www.allprodc.org

DECEMBER

NEWSLETTER 2016 has been a long year for our members and has presented several issues for the industry.

Large in the mind of all our members is our disappointment with how things have played out at the NCR’s Credit Industry Forum. Obviously we were hoping to have matters resolved speedily and to have our members concerns taken seriously and addressed.

Sadly, we were moved into the position where we had to decide to boycott the CIF meetings . We still await the NCR’s engagement in regard to our concerns and wish to resolve these matters if at all possible. We have big plans for 2017 and hope to, not only continue to grow membership but also engage with the Regulator and DTI and industry on vital topics like possible National Credit Act amendments and fee adjustments for debt counsellors. Like everyone else in all other industries, our members are finding costs are rising and the debt review process continues to be swamped with unnecessary baggage which slows the process and increases the costs of applications for both consumers and debt counsellors. We hope to help with engagement on the topic. Members are encouraged to continue to make good use of the dedicated AllProDC Facebook page to post their views and suggestions. We look forward to our AGM early in the year and plan to hold regional meetings in an effort to engage with new debt counsellors. We don’t charge non members to come to our meetings and want to hear from as many as will attend so invite lots of people to your local meetings. Members are always welcome to bring staff with them as they have valuable insight into key issues. Together we can find good solutions to challenging questions.

We hope our members get to have a few days off at the end of the year and are refreshed for a busy 2017. Hard economic times lie ahead for consumers and we want to be there to help them regain their way through debt review. Enjoy the break and see everyone in 2017.

www.allprodc.org

FACEBOOK: www.facebook.com/AllProDC / TWITTER: www.twitter.com/AllProDC

WHAT MATTERS CAN THE NCT HEAR?

The National Consumer Tribunal (NCT) is a body created by the National Credit Act (NCA) which is able to issue rulings and court orders on certain matters to do with the NCA. For example, if the National Credit Regulator think that a credit provider has broken the law they can ask the NCT to judge the matter and possibly issue the credit provider with a big fine.

The NCT is also allowed to hear certain matters about debt review. Since the NCT charge a lot less to hear debt review matters, it is often to the consumer’s advantage that matters, where all the credit providers are happy with the repayment plan, be set before them. It can save consumers thousands of Rands in legal fees.

Though the number of staff at the NCT has remained constant for a long time, the amount of work they are regularly receiving has shot up exponentially and looks set to continue to do so in the near future. As a result the NCT are making all sorts of plans to try cope with the ever growing work load. Some innovative steps, like the roving motion courts that travel the country to hear matters have helped address some of the backlog, have been taken. Plans have also been underway for some time now to try use computers to speed things along. It is hoped that this can help ease the workload on the small specialised NCT team.

It sounds like a great assistance to both the already over crowed Magistrates Courts system and cash strapped consumers and a major victory for consumer rights. There is however, concern in some parts of the industry, that the NCT may actually be ruling on debt review matters which they should not. This all revolves a consumer’s over indebted status at the time of the hearing. We look into the subject and see why the NCT are happy to hear so many thousands of debt review related consent matters each month.

THE NCT & CONSENT ORDERS When describing the debt review and debt restructuring process the NCT say: A debt counsellor is someone who is registered with the National Credit Regulator (NCR) and who assists consumers who are experiencing debt-related problems and are having difficulty making their current monthly payments. The debt counsellor provides them with budget advice support and mediation with credit providers When a consumer has fallen seriously behind in his or her credit instalment payments, or has built up unmanageable debt, he or she may ask a debt counsellor for help to review his or her debt and change payment terms to ones that he or she can afford. Once agreement on the new terms has been reached with all parties, then the new arrangements are referred to the Tribunal. If the Tribunal accepts them, they become a consent order of the Tribunal. Various parties can apply for a consent order from the Tribunal. They include an ombud, a consumer court, an alternate dispute resolution agent, the National Credit Regulator, or a debt counsellor.

The NCT point to section 138 of the National Credit Act:

NCA: Section 138(1) Consent orders 138. (1) If a matter has been(a) resolved through the ombud with jurisdiction, consumer court or alternative dispute resolution agent; or (b) investigated by the National Credit Regulator, and the National Credit Regulator and the respondent agree to the proposed terms of an appropriate order, the Tribunal or a court, without hearing any evidence, may confirm that resolution or agreement as a consent order.

NCA SECTION 86 – THE DEBT REVIEW SECTION In the National Credit Act (NCA) it discusses debt review and debt restructuring process in Section 86. Let’s look at a few parts of that section (we may underline a few things to highlight certain thoughts) and see what stands out in regard to these matters and how they may relate to the NCT and over-indebtedness:

NCA Section 86.

(6) A debt counsellor who has accepted an application in terms of this section must determine, in the prescribed manner and within the prescribed time(a) whether the consumer appears to be over-indebted; When a consumer comes to a Debt Counsellor they bring a few forms which they have filled in and say they need assistance. Sometimes they know a lot of info about their situation and other times consumers have no idea what is happening with their finances other than people are sending them lots of threats and making collections calls non stop. This is why a Debt Counsellor will accept a matter before knowing if the consumer really needs help or not. The Debt Counsellor then has a period of time to look into the matter and figure out if they think the consumer is probably over-indebted. Whether they appear to be over-indebted or if there are other options that suit them better. For example, the consumer might actually be bankrupt (which courts have shown to be not the same as over-indebtedness) or able to handle their debt.

What happens as a result of this assessment?

NCA Section 86.

(7) If, as a result of an assessment conducted in terms of subsection (6), a debt counsellor reasonably concludes that-

(a) the consumer is not over-indebted, the debt counsellor must reject the application, even if the debt counsellor has concluded that a particular credit agreement was reckless at the time it was entered into; This can happen when a Debt Counsellor works with the consumer to rearrange how they spend their money each month. At first, they may appear to be over indebted and unable to cover both their living expenses and their debt repayments. However with better budgeting and cutting some regular expenses that existed before, the consumer may actually be able to manage to service their debt with the money they get each month.

This means they are not actually over-indebted.

This section is also an important provision, in case a consumer was not actually in trouble and was simply trying to stall payments to their creditors by using the debt review provisions in the NCA. NCA Section 86.

(7) If, as a result of an assessment conducted in terms of subsection (6), a debt counsellor reasonably concludes that(b) the consumer is not over-indebted, but is nevertheless experiencing, or likely to experience, difficulty satisfying all the consumer’s obligations under credit agreements in a timely manner, the debt counsellor may recommend that the consumer and the respective credit providers voluntarily consider and agree on a plan of debt re-arrangement; or So, if a Debt Counsellor thinks the consumer, in terms of 87(7)(b) is having problems – for instance if they can’t pay everyone what they are asking of them for various reasons - they can recommend to a court (or tribunal) that the consumer and creditors agree to a debt rearrangement plan. So, there is an acknowledgement that the consumer can already be having problems paying in a timely manner. Is this the same as over- indebtedness? The wording suggests not and later in the article we may see why. Regardless,

at such a point in time, the Debt Counsellor may suggest that the consumer and credit providers make a different arrangement voluntarily and agree to a debt repayment plan.

NCA Section 86.

(7) If, as a result of an assessment conducted in terms of subsection (6), a debt counsellor reasonably concludes that(c) the consumer is over-indebted, the debt counsellor may issue a proposal recommending that the Magistrate’s Court make either or both of the following orders- ...[it then goes on to describe the orders that can be made to adjust how payments are made].

This section of the NCA is often used when one of the credit providers has not bothered to reply to a proposal or has said they don’t like the proposal that was sent to them. At that point, the Debt Counsellor sends the matter to a Magistrate for them to decide what to do.

CAN THE NCT HEAR DEBT REVIEW MATTERS? The concern some parties have relates to NCA Section 86(7)(c) saying that if a Debt Counsellor realistically concludes that the consumer is over indebted, then matters ‘may’ go to a Magistrates Court (and a 2009 Declaratory order said matters must go). NCA Section 86(8) however makes allowance for consented matters in terms of Section 86(7)(b) to go before the NCT in terms of Section 138. A consent matter would be one where all the credit providers have agreed to a different way of repaying debt that the consumer can afford.

NCA Section 86.

(8) If a debt counsellor makes a recommendation in terms of subsection (7)(b) and- (a) the consumer and each credit provider concerned accept that proposal, the debt counsellor must record the proposal in the form of an order, and if it is consented to by the consumer and each credit provider concerned, file it as a consent order in terms of section 138; or (b) if paragraph (a) does not apply, the debt counsellor must refer the matter to the Magistrate’s Court with the recommendation.

NCA Section 138 is a section specifically dealing with consent orders and thus the NCT and their ability to hear and grant consent orders. So, the NCT can hear consented debt review matters where the consumer is not declared over-indebted.

WHO SAYS THE CONSUMER IS OVER-INDEBTED? While a Debt Counsellor might conclude or even reasonably conclude that someone is likely to be over indebted or not, it is actually only a court which can ‘declare’ a consumer over-indebted. [see NCA Section 85 below which shows an example of this].

In the court application papers, the Debt Counsellor thus makes what is called an averment that the consumer appears to be over-indebted or they have concluded that the consumer may be over indebted and needs debt review and it is only the court that makes the legal declaration of over indebtedness (or not). Thus, according to their understanding the NCT feel that before the court (or tribunal) makes such a declaration, the consumer is not officially over-indebted yet. This is not really a stretch of the imagination, since a Debt Counsellor may refer a matter to court and the court can turn the matter down or a Debt Counsellor can tell a consumer they are not over indebted but the consumer has the right to then apply directly to a court and the court may rule otherwise, saying that the consumer is indeed over-indebted. Even a Debt Counsellor may help a consumer change their budget to go from appearing over indebted to not needing debt review at all.

NCA Section 85 Court may declare and relieve over-indebtedness 85. Despite any provision of law or agreement to the contrary, in any court proceedings in which a credit agreement is being considered, if it is alleged that the consumer under a credit agreement is over-indebted, the court may(a) refer the matter directly to a debt counsellor with a request that the debt counsellor evaluate the consumer’s circumstances and make a recommendation to the court in terms of section 86(7); or (b) declare that the consumer is over-indebted, as determined in accordance with this Part, and make any order contemplated in section 87 to relieve the consumer’s over-indebtedness.

You will note that in section 85(a) the Debt Counsellor simply makes a recommendation back to the court and that in Section 85(b) it is the court that makes the declaration that the consumer is over-indebted and not the Debt Counsellor.

UNDERSTANDING THE NCT’s View The NCT thus reason on the whole topic this way: If a consumer is having problems paying their creditors what they are asking each month (and sometimes the demands are ridiculously high), then a Debt Counsellor - acting on their behalf - may approach credit providers to make proposals which will allow the consumers monthly obligations to be restructured by consent by all parties before a court hearing and any ruling on over-indebtedness is made.

Restructuring the consumer’s debts by consent with all parties would then mean that they are able to meet the demands of their credit providers. Thus they would not be over-indebted when their matter was before the court (or when affidavits

were made) if all credit providers voluntarily agree to the changed debt repayment plan. Thus NCA Section 86(7)(b) would be the right section for such a debt review application.

SOME INTERESTING FACTS ABOUT OVER INDEBTEDNESS: CREDIT BUREAU LISTINGS When a consumer applies for debt review a form 17.1 is sent to all credit providers involved and also (via the NCR) to all credit bureaus.

These listings show that the consumer has applied for debt review and not that they are over-indebted as no one knows yet.

FORM 17.2 A Form 17.2 issued by a Debt Counsellor is not a declaration of over indebtedness rather that the consumer has been accepted (or not) by a Debt Counsellor for debt review and debt restructuring.

“ It always seems impossible

until it is done”

- Nelson Mandela

Specialist Attorneys dealing with Debt Review matters Magistrates Court and High Court Matters TEL 021 913 2514 FAX 0866070940 EMAIL info@liddles.co.za PHYSICAL ADDRESS 7 Chenin Blanc Street, Oude Westhof POSTAL ADDRESS PO Box 3407, Tygervalley, 7536

DEBT COUNSELLORS CARE GROUP

YOU HANDLE THE FRONT OFFICE AND WE WILL HANDLE THE BEHIND THE SCENES ADMIN WORK FOR YOU. FOR MORE INFO ON HOW WE CAN HELP YOUR DEBT COUNSELLING PRACTICE BE MORE PROFITABLE CLICK HERE

This December, Debt Counselling Community Support decided to make the end of the year extra special for a few well paying but financially vulnerable consumers under debt review. We reached out to the community and asked for some help. Help with identifying the right people and help with funds. Several generous sponsors replied that they would like to get involved.

We really want to say thank you very much for all your help.

THANK YOU DC PARTNER

In particular, we want to say a big THANK YOU to DC Partner Payment Distribution Agency this month. They were very generous in giving funds to help several consumers with our Holiday Hampers Project. DC Partner are one of the only 3 registered Payment Distribution agencies in South Africa. The National Credit Regulator (NCR) make sure they handle consumer’s money with integrity and professionalism. They do this by regularly auditing them. This means, if you are a consumer and your Debt Counsellor suggest using this PDA to make your life easier when it comes to paying your debts, then you can have confidence that they will be doing things according to how the NCR want it done.

As a result of our kind sponsors generosity, several families will be getting Holiday Hampers with vouchers, which will help them cover several of their costs this month and also ease the pressure of all those tricky January expenses. This will help them enjoy their break and also stay in the process and carry on responsibly paying off their debts.

Check out our website for pictures, stories and more and as always if you would like to get involved in one of our projects (like our back to school project for Jan) then we ask that you simply email admin@dccsupport.co.za

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DO YOU WANT TO LIST YOUR COMPANY? directory@debtfreedigi.co.za

CREDIT BUREAUS

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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

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

GAUTENG

Armani Debt Counselling Take the First Step to Financial Freedom Tania Dekker Tel: 011 849 3654 / 7659 www.armanigroup.co.za

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

NCRDC197 Tel: 011 660 9970 Fax: 086 540 5017 KRUGERSDORP e-mail: nicky@nvdmdc.co.za www.nvdmdc.co.za

Creators In Financial Wellbeing

Tel: 0861 123 644 Email: info@debtrescue.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

NCRDC677 You Are Not Alone We’ll handle your creditors so you don’t have to!

1 Dingler Street, Rynfield, Benoni 0861 10 11 00 info@debtmend.co.za www.debtmend.co.za

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

KWAZULUNATAL

Tel: 0861 123 644 Email: info@debtrescue.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

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

FREE STATE

Tel: 0861 123 644 Email: info@debtrescue.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 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.

Office no 2, 5 A Schoeman Street, Polokwane Tel: 0152912731 Tel: 0877028518 Email: admaau66@gmail.com www.maaudebts.co.za

SMS Salary Management Services Annerien de Jager Registered Debt Counsellor NCRDC0075 015 307 2772 info@smslimpopo.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

Tel: 0861 123 644 Email: info@debtrescue.co.za

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

MPUMALANGA

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

Tel: 0861 123 644 Email: info@debtrescue.co.za

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

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

Tel: 0861 123 644 Email: info@debtrescue.co.za

Office No. 6, Prime Pharm Building, 36 Dr Nelson Mandela Drive Tel: 0186320053 Tel: 0877026744 Email: papi@maaudebts.co.za www.maaudebts.co.za

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

NORTHERN CAPE

Tel: 0861 123 644 Email: info@debtrescue.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

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

Tel: 0861 123 644 Email: info@debtrescue.co.za

DON’T WORK WITH AN OUT DATED VERSION OF THE ACT

UPDATED 2016

We are happy to announce that the Amended National Credit Act booklet is now available via our shop.

Get the latest version for only R250.00

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

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

WESTERN CAPE

CONSOLIDEBT Heidie Knorr NCRDC209 Paarl, Worcester, Wellington, Ceres, Piketberg, Clanwilliam, Vredendal Tel: 021 863 2754 / 082 380 4401 consolidebt@vodamail.co.za

Encouraging Freedom, Creating Wealth Etienne Pieterse NCRDC2210 Tel. (021) 204-8001

etienne@ffsdc.co.za www.financialfreedomsolutions.co.za

CONSUMER & Solution Centre NCRDC2452

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

DEBT REVIEW AND SUPPORT CENTRE 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

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 No 2 Golden Isle Building 281 Durban Road, Oakdale, Bellville, 7535 Tel: 086 111 3749 Email: help@zerodebt.co.za www.zerodebt.co.za

Debt Budget One Monthly Payment For All Your Debt Bruce Leslie Borez NCRDC1643 52 Church Street, “NBS Building”,Wynberg Tel: 021 824 8885 www.debtbudget.co.za

Tel: 0861 123 644 Email: info@debtrescue.co.za

WESTERN CAPE

Your Guide to Financial Wellness and Recovery 0861 229 922 info@debthero.co.za www.legalhero.co.za

Telephone: 031 251 4151 Fax: 031 251 4252

GENERAL CONTACT DETAILS (FIRST POINT OF CALL)* 17.1‘s, 17 .2’s, 17.3’s, Rejections and 17 .W’s, Change or Transfer of Debt Counsellor

nca@consumerfriend.co.za

Proposals / Revised Proposals / Consents / Related Queries

proposal@consumerfriend.co.za

Notice of Service / Court Applications

court@consumerfriend.co.za

Updated Balances / Settlements / General Queries

queries@consumerfriend.co.za

Section 86(10) Letters and All Related Queries

terminations@consumerfriend.co.za

ESCALATION CONTACT DETAILS* Complaints / Service Delivery / Management

ryan@consumerfriend.co.za justin@consumerfriend.co.za

17.1‘s, 17 .2’s, 17.3’s, Rejections and 17 .W’s, Change or Transfer of Debt Counsellor

charlene@consumerfriend.co.za

Proposals / Revised Proposals / Consents / Related Queries

charlene@consumerfriend.co.za

Notice of Service / Court Applications

roderick@consumerfriend.co.za

Updated Balances / Settlements / General Queries

diane@consumerfriend.co.za

*Please do not CC multiple email addresses.

SUPPORT SERVICES

Tel: 011 451 0041 Tel: 0860 072 768 www.maxpayments.co.za

Akani Solutions Information Data Solutions

Credit Report App

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

Access Your Credit Bureau Report Instantly on Your Phone DCs help your clients use it during application & to protect their ID

ID Protector Detect ID Theft or possible ID Fraud

Subscribers notified by SMS when number is activated

info@akanisolutions.co.za www.akanisolutions.co.za

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

COMING SOON

TRAINING

COMING SOON

FINANCIAL PLANNING

LEGAL

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

www.bassonvanzyl.com

COMING SOON

CREDIT BUREAUS

PAYMENT DISTRIBUTION AGENCIES

DC Partner 044 873 4530

Hyphen PDA 011 303 0060

NPDA 0861 628 628

SYSTEM PROVIDERS

Tel: 011 451 0041 Tel: 0860 072 768 www.maxpayments.co.za

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

ABSA TASK SPECIFIC DEBT ABSA TASK SPECIFIC DEBT REVIEW ENTRY POINTS REVIEW ENTRY POINTS Form 17.1 DRCOB@absa.co.za

Proposals

Debit Order Cancellations Debitordercancellations@absa.co.za

DRProposals@absa.co.za

Exits from Debt Review 17.4@absa.co.za

All Court Documents Courtapp@absa.co.za

DC Switches DCTransfere@absa.co.za

Termination Queries DRTerminations@absa.co.za

debtreviewqueries@absa.co.za

Queries

Escalated Queries

Call Centre

debtreviewmanager@absa.co.za

0861 222 272

DC Query Process DC Query Process

www.nedbank.co.za

AFRICAN BANK CONTACT DETAILS 011 256 9323 DebtCounselling@africanbank.co.za ESCALATION PROCESS

COMING SOON