Debtfree Magazine December 2019 by Debtfree Magazine

SOUTH AFRICAâ&#x20AC;&#x2122;S DEBT COUNSELLING MAGAZINE

ARE YOU READY TO BE

DEBT FREE December 2019 www.debtfreedigi.co.za

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December is here and once again we ask ourselves where did the year go? Thatâ&#x20AC;&#x2122;s not to say we are not all a little exhausted after a tough year. The year has been a tricky one for most of us. Economically it has also been a tough one. Eskom is such a mess and SAA is in business rescue.

that the rest of us can relax. Like crime, retail never takes a break. The end of the year sales are going on and people need to be in the stores to help us all buy, buy, buy.

It is amazing to think that after Black Friday and all those sales there might still be some cash in our wallets and purses. This is, of course, where the danger of December rears its head. It is easy to get swept up in all the excitement and blow your budget. Not that SA is alone in having Please beware. some tricky times. The Americans are upset with their President. The This issue we talk about leaving debt Brits are still confused about getting review and being debt free. Are you out of the EU. China and the States ready? We hope the articles help have been going back and forth you think about what it will be like with trade wars and in some parts to get out of debt. Just imagine how of the world people are dying due great that will be. to actual wars. So, life is complicated and the end of year break promises just some respite from all the craziness, kind of how the Rugby and Miss Universe provided us with some distractions and brought a smile to our faces. We all deserve a little break. Spare a thought for all those who will work through the end of the year and even all the public holidays so

We hope you enjoy the news, reviews and helpful tips too. We also hope you enjoy your break. You deserve it. Stay focused and make your payment this month. Hopefully it is one of the last few you ever have to make before you reach your goal of being totally debt free.

FROM THE

E D I T O R

ARE YOU READY TO BE DEBT FREE?

DANGEROUS DECEMBER

DEBICHECK

NEWS

SERVICE DIRECTORY

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

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 editorsâ&#x20AC;&#x2122; panel and the author of the content, as applicable. Debtfree Magazine, authors and contributors reserve their rights with regards to copyright of their work.

C O N T E N T S

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ARE YOU READY TO BE

DEBT FREE

Love Vector created by freepik - www.freepik.com

ARE YOU READY TO BE DEBT FREE? When going through the debt review process or even just dealing with debt it is a goal of everyone to get out of debt as soon as possible. The dream is to be debt free and never have to deal with this type of stress ever again. It is interesting then that so many people who go through many years of the debt review process often end up coming back to their Debt Counsellor again to ask for a second debt review. In some cases this even happens within the same year as the person just finished their first debt review. It seems that these people were not really ready to be debt free. Are you?

ARE YOU READY TO BE DEBT FREE?

AFTER ALL THAT HARD WORK The day that you get your official clearance certificate saying that all your debts are paid up and the credit bureaus are wiped clean is a day to be celebrated. It is the culmination of many months, possibly years of hard work. You may have thought about that day for some time. The danger is that you may not be realistically thinking about that day. It is like when someone dreams of their wedding day but never thinks about actual married day to day life. You may be dreaming about being debt free but not actually thinking about what you will do once you have no more debt.

ARE YOU READY TO BE DEBT FREE?

THE VERY NEXT DAY For many people who finish debt review and find themselves debt free the first thing they want to do after paying off debts for 5 years or more isâ&#x20AC;Śget some more debt. It is amazing that after all that stress and anguish they immediately want to get back into the same situation that drove them into debt review. Now, there may be some valid reasons to take on some new debt. For example, you may have been driving the same car for many, many years under debt review and it may now be starting to fall apart. It may no longer be that safe for you and your family. Perhaps you have been renting for many years and now want to look to buy your own place. This can be an exciting goal that has motivated you throughout your debt review and is now finally a possibility.

ARE YOU READY TO BE DEBT FREE?

DON’T ABANDON THE SAVINGS LIFESTYLE While under debt review you are asked to change to a cash lifestyle. You are asked to rather save towards expenses than rely on credit all the time. This can be tricky at first but eventually should have become a way of life. This is a good habit that should continue after your debt review ends. If you have been paying the “average” debt review payment of around R2500 each month and suddenly finish paying off all your debts then you will find that if you save for 2 months you will have R5000 waiting. Save for 4 months and that becomes R10 000 It is amazing how quickly it adds up. If you were paying even more then you could save towards a massive deposit on something like a car in only a few months. The longer that you can stretch out and wait to make that purchase the bigger the funds on hand will be. This can keep down the amount you need to borrow for such a purchase. You may even find that you can buy for cash what you thought you needed credit for.

ARE YOU READY TO BE DEBT FREE?

DONâ&#x20AC;&#x2122;T JUST DAYDREAM It is good to think about what you will do when you are finally out of debt. But it should not be just vague daydreaming. You should have specific goals in mind. You should picture what you will do with your budget every month. Decide now what you will save and what you are saving towards. Do you deserve a holiday? Where will you go? How much will travel cost you? Where will you stay? How much will you save each month towards that goal? Will you have to take leave? Be specific and it will help you remain realistic and prepared.

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ARE YOU READY TO BE DEBT FREE?

PREPARE FOR THE UNEXPECTED One of the things that probably contributed towards your needing debt review in the first place was an unexpected expense or expenses. Sudden medical bills or a car accident can see you in financial distress over night. When you leave debt review you should keep in mind that this kind of thing can happen again. This time you need to be ready. Plan now for how much you want to have in a savings account to cover such a cost and set aside funds each month when your debt review is over towards this emergency fund.

ARE YOU READY TO BE DEBT FREE?

GET READY TO BE DEBT FREE If you start to mentally prepare yourself now for the day that you will be totally debt free it will help you stay focused and avoid missing any debt review payments. It will also help you when you leave debt review. Sure, it might be nice to splurge a little that first month after debt review. Go to a restaurant and party with the family. Gifts for everyone but then you should have set goals in mind to stay debt free. Make them realistic goals and plan now for how you will budget in the future when you have no more debt. Keep on making those monthly debt review payments and soon you will be totally debt free.

DEBT REVIEW SCHOOL If a friend asks for a quick loan be sure that it will not stop you from making your debt review repayments if they never give the money back.

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JANUARY TIP

BACK TO SCHOOL Buying lots of back to school items for your kids in January can be very expensive. If you have been saving each month of the year towards these annual expenses while under debt review then you should be fine. This is one of the benefits of sticking to the budget your Debt Counsellor works out with you. If you have not got enough saved and are worried about buying everything you need and still making your debt review repayment at the end of January, then remember that you can split up some of the shopping over time. You could buy some of the items in Jan and then some more in Feb or even later in the year (like winter uniforms or sports outfits). Be sure that you do not miss a debt review repayment and lose everything you have worked so hard for this far. It will make life much worse for your children than having to wait a few weeks for some school items will.

T HE BI G

COU RT CAS E

A very important court case was held this year to help clarify how much attorneys can charge consumers who owe credit providers money. The ruling is set to help millions of South Africans save lots of money and stop collections attorneys from bleeding vulnerable consumers dry. Here is who was involved, why it matters and how it might save you a lot of money.

THE BIG IN DUPLUM COURT CASE

THE BIG COURT CASE The big court case revolved around both an old and newer law that limits how much credit providers can add to your bill once you start to miss payments. Though these laws were in place some collections agents were charging consumers much more than these laws seem to say is possible. Poor consumers in particular have ben hard hit by â&#x20AC;&#x153;garnishee ordersâ&#x20AC;? (or EAOs) and big bills for many, many years due to extra legal collections fees being added to what they owe credit providers.

DEBT REVIEW SCHOOL If Friends or Family ask you for a loan rather suggest a professional NCR registered credit provider who does that for a living.

THE BIG IN DUPLUM COURT CASE

WHO WAS INVOLVED? The people who brought the matter to court were the Stellenbosch University Law Clinic and Summit Financial Partners. They were representing a group of consumers who had been victims of greedy collections agents. The people who opposed the matter were mainly collections agents and their associations like the Council for Debt Collectors and Micro Finance South Africa. Also some of the larger credit providers were part of the court case such as the major banks and the Banking Association of South Africa. The Interested parties included government departments like the National Credit Regulator (NCR) and even government ministers like the Minister of Trade & Industry and the Minister of justice & Correctional Services. Also involved were various Law Societies from across the country.

THE BIG IN DUPLUM COURT CASE

WHAT IS IN DUPLUM? When a person starts missing payments on a debt a credit provider can start to add fees and interest to the account. This old Roman & Dutch law put a limit on the debt to stop it from going over double the balance from the last time you made payments. Debt at the time you miss a payment x 2 = total you can be asked to repay. If you miss more payments the amount resets to double that figure each time. In Duplum = Double

THE BIG IN DUPLUM COURT CASE

WHAT IS NCA SECTION 103(5) IN DUPLUM? This newer law is part of the National Credit Act (NCA) and is sometimes called the â&#x20AC;&#x2DC;superâ&#x20AC;&#x2122; in duplum law. This law made it so that if you default on a debt you only ever have to pay double the figure at the time that you miss that first payment. It includes all fees and collections costs as well. The collections agents in this case were arguing about what fees and cost are part of the calculation since they like to earn as much as possible when collecting debts. Debt at the time you miss a payment x 2 = total amount you will ever have to repay over time including fees and interest, even if you miss some more payments along the way.

THE BIG IN DUPLUM COURT CASE

ABUSE OF THE SYSTEM To show how collections agents are abusing the system you can just look at one of the many consumers involved in the court case. This poor consumer borrowed R700 from a credit provider but began to miss payments. The credit provider quite rightly then added interest and fees to the account and eventually handed the matter over to collections agents. The collections agents then began to pester the consumer into making many payments over time and collected the massive total of R 5100 from the consumer over time. The sad part is that after all these payments and all this time due to extra fees and charges the consumerâ&#x20AC;&#x2122;s account still shows that they owe R600 on the account. Can this possibly be correct and fair?

DEBT REVIEW | CREDIT LAW | LITIGATION CONTRACTS | FAMILY LAW | WILLS & ESTATES

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Did you know that Debt Mediation can be done legally? Contact us to find out how. Tel: 021 949 1758 | 084 702 3760 info@legalwc.co.za | w w w.capeat torney.co.za

THE BIG IN DUPLUM COURT CASE

THE LAW CLINIC’S ARGUMENTS The Stellenbosch Law Clinic argued that even though Section 1 of the National Credit Act doesn’t use the current popular term ‘legal fees’ it does refer to a general term namely ‘charges’. In Part C of Chapter 6 where it talks about enforcement by legal proceedings it includes going to court. This means that the currently used term legal fees would naturally be part of collections costs. They pointed out that credit agreements have entire sections that talk about how the credit provider has the right to sue the consumer through the courts for the money owed and this would naturally include legal costs. So collecting on a judgment is part of the original contract agreement. They also argued that once a judgment is granted for a debt it would not be right due to extra costs and fees to suddenly simply ignore this limit and let the figure go more than double. This would include costs granted by the court.

THE BIG IN DUPLUM COURT CASE

THE COLLECTIONS ATTORNEYS ARGUMENTS There were a lot of different arguments submitted by different collections agents and parties. Some of them were completely the opposite of the next collections agent. This made things rather confusing, disjointed and inconsistent. It seems that all the different parties could not agree on what should and shouldnâ&#x20AC;&#x2122;t be included and why. One key point in the collections agentâ&#x20AC;&#x2122;s arguments was that when a consumer starts missing payments they take the matter to court. The court then grants a judgment and in their opinion this ends the original credit agreement. They then feel that the collections process from that point is a new legal matter and new fees should be added with no limits set. The court was not convinced and pointed out that the legal process of getting a judgment to collect is set out in the original contracts and only happens because of these contracts.

The collections agents argued that the lawmakers of the National Credit Act did not want to change the old laws. The courts pointed out that the NCA Section 103(5) even mentions that the new laws would replace old ones. Although these arguments simply made the collections agents look greedy and money hungry at the cost of poor consumers it is good to know, however, that not all credit providers were opposed to the application. Many, including the banks, agree with the suggestions that were being made by the Law Clinic. Man vector created by dooder - www.freepik.com

THE BIG IN DUPLUM COURT CASE

THE COURT RULING The Court ruled in favour of the consumers and said that even though credit providers have been asked , in the past , to curb their greedy collections people, vulnerable consumers are still been badly taken advantage of. The ruling leans in favour of consumers and will no doubt cost credit providers some money but it is in line with the spirit of purposes of the National Credit Act. The Court ordered that the credit providers refund the consumers involved based on the proper way of working out how much they owe taking NCA Section 103(5) In Duplum into account. It also made 3 declaratory orders about collections costs being part of NCA Section 103(5) and when this applies.

Declaratory Order A a) it is declared that collections costs as referred to in Section 101(1) (g), as defined in Section 1, and as contemplated in Section 103(5) of the National Credit Act, Act 34 of 2005 includes all legal fees incurred by the credit provider in order to enforce the monetary obligations of the consumer under a credit agreement charged before, during and after litigation.

Declaratory Order B b) it is declared that section 103(5) of the National Credit Act, Act 34 of 2005 applies for as long as the consumer remains in default of his/her credit obligations, from the date of default to the date of collection of the final payment owing in order to purge his default, irrespective of whether judgment in respect of the default has been granted or not during this period.

Declaratory Order C c) it is ordered that legal fees, including fee of attorneys and advocates, in as much as they comprise part of collection costs as contemplated in section 101 (1) {g} of the National Credit Act, Act 34 of 2005, may not be claimed from a consumer or recovered by a credit provider pursuant to a judgment to enforce the consumerâ&#x20AC;&#x2122;s monetary obligations under a credit agreement, unless they are agreed to by the consumer or they have been taxed.

THE BIG IN DUPLUM COURT CASE

WHY THIS IS GOOD FOR CONSUMERS Many consumers have been hit with ridiculous bills for even small debts that they were not able to keep up payments on. Many have had garnishee orders (EAOs) granted against them that have been running for years well over the In Duplum limit. Collections agents have just piled on collections costs without end and trapped these consumers in poverty. People have been stuck paying for things like loans for TVs and couches for a decade or more long after the item is no longer even usable any more. This is just unfair and greedy. A new class action suit may now be launched to try get collections agents and credit providers to refund affected consumers across the country. Regardless of if or when this happens, credit providers are now going to have to be swift to start the collections process or they will face losing out

on possible fees. Rather than let consumers run into trouble on multiple accounts this may move consumers to seek help from Debt Counsellors sooner rather than later. No more will collections agents be able to dispute the fact that legal fees and collections costs are part of the safety net that the law created in Section 103(5) In Duplum. This means that troubled consumers should not be over paying for the debts that they have.

DEBT REVIEW SCHOOL

Ever wondered how your income compares to the majority of South Africans? Are you rich or poor compared to everyone else? Wonder no longer, you can use this interesting online tool from the South African Labour & Development Research Unit:

If asked for a loan feel free to ask for information about the persons income, monthly expenses, www.saldru.uct.ac.za/incomeother debts and how much they comparison-tool/ have to repay the loan & when. Ask for it in writing.

It will reveal where you score (based on your income) compared to other South Africans. You simply capture one or two figures and it will show you on an easy to understand graph.

What if...

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

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NEWS SUPREME COURT RULES ON LEWIS CLUB FEES & WARR ANTEES In 2016 after an extensive investigation into Lewis Stores the National Credit Regulator (NCR) approached the National Consumer Tribunal (NCT) to get Lewis to stop charging club fees and asked for them to be fined and consumers refunded. The NCR felt that the club fees being charged were not allowed for in the NCA and must therefore be illegal and should be refunded. They were also worried that the so called extended warranties offered were actually meaningless and useless to consumers since

many products already have warranties built in for the time of the credit agreement. At the time, the investigation and allegations had a very negative effect on Lewis share values. In 2017 the case eventually went before the NCT who ruled in Lewis Stores favour. The NCR then appealed the matter to first High Court (who were not interested) and then eventually the Supreme Court of Appeal (SCA). This month the SCA ruled that Lewis does not force consumers to belong to the club and that these fees are thus not part of the cost of credit. Therefore these fees do not fall under the NCA. The judge said that just because consumers are invited to join the club during the credit application phase did not automatically make it part of the cost of credit. They also ruled that the NCA specifically allows credit providers to provide extended warranties and so these were also not in contravention of the Act even if the credit agreement ended before the warranties did.

Die Republiek van

SKYT AFRICA Hi Almal, Ten tye van die verskyning van die tydskrif en hierdie rubriek het die jaar 2019 gegroet, verby finish en klaar. Dit was n jaar sal uitstaan vir verskeie redes, en bes moontlik om die verkeerde redes. Vir die eerste keer in ons geskiedenis is staatsbeheerde entiteit onder sake redding geplaas. Die SAL/SAA n eens trotse besigheid wat ons landsvlag op die stertvin die wĂŞreldwyd vertoon het. Was die agt dae lange staking die finale spyker in die doodskis? Kan die entiteit enigsins gered word, wil iemand daar doer bo in die lug in vliegtuig wees wat besit word deur n bankrot eienaar? Prasa en Transnet, ons eens trotse spoorweg is net so diep in die moeilikheid, spore word gesteel, hoogspanningdrade word gesteel en passasierswaens word vernietig. Treine loop nie meer betyds nie, verlede week was die Shosoloza meyl tussen Pretoria (Tswane) en Kaapstad meer as 24 uur laat, een van die bittermin kere wat die trein wel die reis voltooi was en passasiers nie met busse verder aangery was nie.

Eskom, nou hier is n tameletjie waar niemand meer weet wie om te glo nie. Gedeeltes van Tswane was vir 10 dae sonder krag, kos is vrot en die moermeters in die rooi. Was daar sabotasie of nie, wie weet, maar wat soos n paal bo die water uitstaan is dat dit n tikkende tydbom is, gaan die krag aanbly? Tik-tok! Die dam en pyplyn wat Cullinan, Rayton en omliggende gebiede van water moet voorsien is stukkend. Nie sommer net stukkend nie dit gaan 8 maande neem om te herstel, intussen is daar geen water nie. Terloops die merske diamant wat in Koningin Liesbet se kroon of so iets pryk kom van Cullinan af. Kan dit enigsins erger gaan in 2020? Wel na die afgelope beraad van die vakbond NUMSA verklaar hulle hoof indoena Irvin Jim dat 2020 die jaar van massa aksie gaan wees. Pleks daar aan idees gewerk word wat die ekonomie bevorder beplan hulle vir drie dae hoe om dit verder ten gronde te dryf. Moontlik moet ek meer positief oor ons land hier aan die suidpunt van Afrika en nie soos Rip van Winkel in n diepe en langdurige slaap wil verval tot alles weer klopdisselboom is nie. Daar is goeie mense in hierdie land, baie goeie mense. Aan elkeen wat die afgelope jaar my artikels gelees en geniet het baie dankie. Mag elkeen van julle n wonderlike 2020 beleef, mag die krag aanbly, die water vloei en die beursies dikker wees. Groete en ons praat weer volgende jaar, Christo Christo Hattingh Kyk gerus my LinkedIn profile: https://www.linkedin.com/in/christo-hattingh-351a52130/ * Seriously please do let us know if you found this article to be funny/offensive/amusing/interesting feedback@debtfreedigi.co.za

HOW DO YOU COMPARE? Ever wondered how your income compares to the majority of South Africans? Are you rich or poor compared to everyone else? Wonder no longer, you can use this interesting online tool from the South African Labour & Development Research Unit:

www.saldru.uct.ac.za/income-comparison-tool/

It will reveal where you score (based on your income) compared to other South Africans. You simply capture one or two figures and it will show you on an easy to understand graph.

We appear in the following courts and act as a correspondent for Dc’s and their attorneys. ATLANTIS BELLVILLE GOODWOOD CALEDON CAPE TOWN WYNBERG CERES GRABOUW

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Check out our Facebook page. We encourage all registered DCâ&#x20AC;&#x2122;s who are not affiliated with an association to join so that DCâ&#x20AC;&#x2122;s get the opportunity to influence decisions taken by the NCR.

We wish all our colleagues and members a nice vacation. See you in 2020.

www.allprodc.org

See everyone in January after a well deserved break.

www.bdcf.co.za

October saw our last regional meetings till early 2020. Members are asked to help warn consumers about â&#x20AC;&#x153;get out of Debt Reviewâ&#x20AC;? scams. Please use our new consumer article sent via email. www.dcasa.co.za

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

DEBT REVIEW SCHOOL

If lending money to a friend or even family be sure to get the arrangement down in www.saldru.uct.ac.za/incomewriting and ask 2 friends to comparison-tool/ sign as witnesses. This helps everyone remember the repayment It will reveal where you arrangement exactly score (based on your without any confusion. income) compared to other South Africans. You simply capture one

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