Debtfree Magazine Feb 2019

SOUTH AFRICA’S DEBT COUNSELLING MAGAZINE

HOW

INVOLVED DO YOU ACTUALLY NEED TO BE? February 2019 www.debtfreedigi.co.za

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Don’t you just love summer? Nice warm weather, beautiful sunrises and sunsets, going to and coming from work while the sun is still shining. It’s almost enough to make you forget about the gloom and cold of winter. Mind you, if you want gloom you only have to contemplate the recent budget speech feel the chills run down your spine.

Would it be an understatement to equate the budget speech to the time (prior to entering debt review) when you took stock of your situation and realized how deep in trouble you really were? It certainly felt like someone threw a bucket of ice-cold water on the village drunk to try sober him up.

So, it turns out that Government is not super optimistic about the local and global economic outlook for 2019.

They foresee tough times ahead with some necessary spending cuts. With inevitable “junk” status from the 3rd big international ratings agency looming on the other side of local

elections (with all the fun and games that promises) coming up, things are about to get seriously tough.

The majority of South Africa are in for a very harsh year financially.

Of course, if you are currently in debt review, then you are already ahead of the curve in dealing with the present economic situation. Well done! Rather than be the person who waited too long with their head in the sand, you are already on the road to getting out of your debt mess.

In this issue, we consider how involved in your own debt review you need to be. After all, you are making use of a paid professional debt counselling service to help sort out your debt situation. So, we examine the topic and see if there are some things you might still need to keep an eye on.

We also review some recent industry events, discuss the budget speech, get some tips and advice and check out the latest news too.

If you are already under debt review then you can sit back and enjoy the

rest of summer with this fantastic weather. You also get to be smug and feel sorry for Government with their debt woes and concerns. You get to continue focusing on important stuff like your family, your job and your life rather than being consumed by repaying your debt 24/7. Leave that up to others as they try to figure out how to become debt free.

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HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

WHY SA NEEDS DEBT REVIEW

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C O N T E N T S

Don’t let debt be your legacy.

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

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

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

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

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

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

DEBT REVIEW SCHOOL Form 16 - An application form for debt review.

Contract - An agreement with your Debt Counsellor.

Form 19 - Your Clearance Certificate when all your debts are paid

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW? Dealing with debt is stressful. So getting professional help with your debt from a Debt Counsellor is a great idea. You can get to sit back and relax for the first time in years, but can you? How involved do you really need to be in your debt review?

Before entering debt review you will admit that your debt situation was out of control. It felt like no matter what you did, you could never catch a break!

Over time you slowly had less and less available credit until eventually, everyone was upset with you and chasing you for payments. You had the daily stress of earning an income (and that is tough enough in itself these days). Then you and your family had to decide what necessities to try buy with the available funds you had, as your available balances shrink each month. Eventually, you had the stress of dealing with collection agents and then trying to duck and dodge their calls and messages.

What a relief it was to go to a professional Debt Counsellor and have them look over your financial situation and hear them tell you that everything is going to be ok. They tell you they have seen situations much worse than yours and have successfully helped people get out of much more debt.

It is natural to feel relieved and excited. It’s like someone has taken a huge weight off your shoulders, a stone out of your gut and you can finally breathe properly for the first time in ages.

It is natural not to want to think about something that has been stressing you out for so long, so now that your problems are in the hands of a professional, should you stay involved in what happens next?

Business photo created by pressfoto - www.freepik.com

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

DEBT REVIEW IS NOT PERFECT The process is great, it has helped thousands of people deal with their debt, but that doesn’t mean that the National Credit Act (which is the law that introduced debt review) is perfect.

In fact, it has been repeatedly pointed out, by courts across the country, that there are issues with the Act. Amendments have been made but some major issues have been ignored by the law makers time and time again.

This has left huge gaps in the act that credit providers (and even Debt Counsellors) have abused.

This means that, in some cases, debt review will only “kinda” work for you and “kinda” protect your assets. If you completely ignore the entire thing you might find you are facing some big issues you never even knew could come along. For example, getting out of debt review early before paying off all your small debts is still tricky and not provided for in the Act.

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

DEBT COUNSELLORS ARE NOT PERFECT Debt Counsellors and the people who help them are by no means perfect and all powerful. You cannot expect this small business owner to have more clout than all the banks combined.

There is always the possibility for clerical errors, a staff member may capture an account number incorrectly or the Counsellor might forget to submit a necessary document along the way. This is why they carry professional insurance, in case they mess up.

It is difficult to understand at first, but even though you, as the consumer, are paying the Debt Counsellor each month they don’t actually work for you, in the traditional sense. They work for the courts and help the court to restructure your debt. That is not to say they don’t care about you, but they need to treat you fairly and balance your needs with those of the credit provider.

School photo created by freepik - www.freepik.com

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

CREDIT PROVIDERS ARE NOT PERFECT Though they are multimillion Rand operations with hundreds of staff, all credit providers make mistakes. This even happens with debt review.

They neglect to send requested information, they don’t capture court orders on their system quickly, they work out fees and interest incorrectly. Sometimes they don’t even send you a statement with the amount you owe. They may even have one department helping you with debt review while another tries to set lawyers on you to collect the very same debt.

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

PDAS ARE NOT PERFECT Payment Distribution Agents have great computer programs that help Debt Counsellors organize how your debts will be repaid. They send you monthly statements of where your money goes, but they also sometimes hit a snag.

It is possible, because of a hiccup with an account number or because of an incorrect reference number that you use, for a payment to not get to your credit provider (Just another reason to check those monthly statements).

They are also businesses that face financial challenges in an environment where government doesn’t want to help them cover their costs by adjusting their fees.

Abstract vector created by freepik - www.freepik.com

HOW INVOLVED DO YOU NEED TO BE IN YOUR DEBT REVIEW?

WHOSE DEBT IS IT? You can go through the entire debt review process and never hit a single snag. Many consumers never have any issues other than making sure their monthly payments are done on time.

However, knowing that there are a lot of moving parts (we never even spoke about the courts and your attorneys) it is smart to educate yourself about the process you are using to sort out your debt problems. It is your debt after all.

It sometimes helps to think of a Debt Counsellor as being like a personal trainer at a gym. They can really help and advise you by showing you what to do and what not to do. But could you ask your personal trainer to do exercise for you and expect to get in shape? No, obviously not.

The same is true with debt review. The Debt Counsellor can help and advise you, but you are the one with the debt and you need to keep your finger on the pulse.

At first, it is natural to let the Debt Counsellor and Attorneys do all the work (that is also why most of the fees you ever pay are upfront) but once the initial few weeks of feeling relieved and stress free are gone, it is wise to keep an eye on how things are going.

KIM ARMFIELD

AND ASSOCIATES

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

Here are some things you should do: 1. Communicate with your Debt Counsellor. Don’t go overboard and start messaging them at 3 in the morning, but stay in touch. Check in every now and then and ask how things are going.

2. Get to know your proposed plan and the plan the court eventually grants (they might differ a bit and the one from the Court is the most important).

3. Check your PDA statement each month and see if payments are reflecting on your credit provider statement. They may differ slightly, but if you see missing payments or the balances starting to increase, then let your Debt Counsellor know.

4. Learn to be great at living on a cash budget. Learn to shop like a pro and get the best deals. Save a little every month for those annual costs (don’t forget about them).

5. Look for ways to increase your income (that won’t burn you out or make problems with your current boss). If you get a significant increase or bonus then be sure to talk to your Debt Counsellor about how best to use the extra funds.

6. Learn more about how debt review works and how credit works too, so that you understand how you are going to eventually leave the process and then hopefully never need it again.

Getting help with your debt really is a great way to reduce your stress.

Your entire life will change for the better but it is also wise to not hand over responsibility for your debts entirely. Rather learn how the debt review process works, and work alongside your Debt Counsellor to turn your financial future around. Make sure you are actively involved in this journey to financial freedom.

WHY SA NEEDS SOUTH AFRICA

S DEBT REVIEW FINANCIALLY DISTRESSED CONSUMER

SOUTH AFRICA •

Income is way down because tax payers are earning less.

•

SARS has been collecting too little to cover the country’s debts.

•

The shortfall was even worse than expected by R43 Billion.

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Exports have been weak because of a poor global economy.

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Expenses are higher than ever.

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Wage negations last year are putting R30 Billion pressure on the wage budget.

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Trying to offer free higher education, save SAA and keep the lights on by bailing out Eskom are placing huge strain on available resources.

•

The country has crushing debt (60% of GDP) that needs to be paid.

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Over R1 Billion is being paid daily to service debt but it needs to be R1.2 Billion to make any progress.

•

Once Moody’s drops their rating to “Junk” status as well, borrowing more money to pay off existing debt is going to get exponentially more expensive.

FINANCIALLY DISTRESSED CONSUMER •

When someone in the family loses their job it can destroy your income, eat your savings and leave you living on credit.

•

Disaster might strike and suddenly there are unplanned costs.

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You are waiting for people to pay you so you can pay other people… who are waiting for you to pay them so they can pay other people.

•

The cost of living keeps rising. Shop prices are higher every month.

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Bad financial decisions like taking on debt for family members or others can sink you.

•

Appliances break and you need to repair them. Phones get stolen or lost. These unexpected costs add up.

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Paying the minimum required seems like a good idea at first but slowly the balances start to grow.

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Eventually you have to pick and choose who to pay this month.

•

A bad credit score means you can borrow money but at higher interest rates. So it costs you more.

•

Eventually, you are just borrowing more and more to pay your existing debts.

SOUTH AFRICA

THE PLAN 1. Spend less on salaries and employ less new people.

2. Don’t bother to try earn more since you can’t get blood out of a stone anyway (no tax hikes).

3. Borrow more and more money to pay existing debt and let the debts grow for now.

4. Just hope for the best.

WATCH THE 2019 BUDGET SPEECH HERE

FINANCIALLY DISTRESSED CONSUMER

THE PLAN 1. Cut costs by shopping smart (which you are already doing).

2. Earn more somehow (or just try to keep your job).

3. Try pay off your debts as best you can.

4. Get help from a professional Debt Counsellor and enter debt review.

Get great interest rate concessions and pay off what you owe over time in an amount you can actually afford each month.

What if...

YOUR CLIENT’S VEHICLE IS STOLEN OR WRITTEN OFF?

Is he really insured, and if so, properly?

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

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

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

Meliorleaf is the first and only specialist in insuring the assets of people in debt review.

We genuinely protect your clients… in partnership with you.

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MA XIMISING INSUR ANCE RELATED INCOME

PARTNERSHIPS How Meliorleaf partnerships with Debt Counsellors work.

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

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

Are you interested in partnering with Meliorleaf?

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NEWS CHECK THOSE BALANCES IN MARCH Reconciling the balance reflected on your bank statement and the one shown on your PDA statement has become a large part of the debt review process for Debt Counsellors. Interest calculations may work slightly differently between PDA and bank. Some credit providers are also slow to implement court orders or remove certain fees and differences tend to grow over time as interest and fees compound.

One way to reduce all that stress is to try to reconcile the balances along the way.

Some banks (like Nedbank) and credit providers (such as Consumer Friend) have begun to integrate their computer software systems with that of the PDAs so that these figures can be pulled automatically.

Reconciling the two balances generally assists consumers to avoid having to pay more than necessary on any of their debts.

Each month consumers pay a small aftercare fee to their Debt Counsellor which helps cover the cost of such processes.

Standard Bank offers the opportunity for Debt Counsellors to send them a password protected excel list of all their clients’ accounts and they will then send the bulk balances they have for the entire list. These can then be compared against the balances showing on the client’s side.

During March Debt Counsellors who want such a list can email: DebtReviewServices@standardbank.co.za

DTI LAUNCH INDEPENDENT IMPACT ASSESSMENT INTO CREDIT BILL The Department of Trade & Industry (DTI) has launched research into the possible impact of the coming Amendments to the National Credit Act (commonly known as the Debt Intervention Bill).

The Bill makes investigation of reckless credit obligatory on all credit accounts coming into debt review, as well as, introduces Debt Review for the poor and unemployed by the NCR – called ‘debt intervention’. The DTI has been holding public hearings across the country and are trying to figure out if the Bill is actually constitutional.

The DTI has now appointed Genesis Analytics to do an

independent assessment of the socio-economic impact that the bill may have. Debt Counsellors have been asked to participate in the research and complete an online survey on the topic.

The research is focused mainly on how the introduction of debt review done by the NCR (for low income or no income consumers) is going to impact on Debt Counsellors businesses, and how that will probably affect their employees and turn over. Debt Counsellors are generally concerned that this will mean the NCR may begin to help a significant portion or even all their potential clients, driving them out of business.

AFRICAN BANK WORKSHOP WITH DEBT COUNSELLORS Carina Best (Head of Alternative Collections at African Bank) and her team hosted a wellreceived workshop with Gauteng Debt Counsellors this month. The event was a mixture of presentations and networking opportunities. It was a great opportunity to put faces to names as the team was introduced and got to spend time with local Debt Counsellors. Presentations covered everything in the bank’s debt review space from Collections, Proposals, Legal, the call centre, how in duplum is implemented and new tools that African Bank are encouraging consumers and Debt Counsellors to make use of.

One point that came across strongly was that the African Bank Alternative Collections team want Debt Counsellors to talk to them. They would like to avoid legal action and confrontation when solutions are readily available. African Bank would also like to see all Debt Counsellors making use of the “self-serve” portal LegalWeb to access consumer info etc. The day, was described by many as enjoyable and a success.

CIF DISCUSS RECKLESS CREDIT INVESTIGATIONS The Credit Industry Forum (CIF) meet regularly to look into areas of debt counselling and debt review that are not clearly explained or defined in the National Credit Act (NCA) and Regulations. One such topic is that of Reckless Credit. The CIF is trying to help shape policies that credit providers and Debt Counsellors use in considering reckless credit. Credit providers are concerned that some Debt Counsellors are asking them for information on every single account. This makes a lot of work for them, and they are struggling to complete it within the timelines outlined in the NCA & Regulations.

What credit providers would like to see is that (1) Debt Counsellors do an initial simple investigation using math and documents provided by the consumer before they enquire, then (2) start to seriously ask the credit providers for the documents required in the NCA & Regs. Debt Counsellors too are making various suggestions.

The CIF is still trying to find a happy medium that will enable all parties to best meet the needs of consumers and reduce workload and costs for them.

DEBICHECK (FULL EFFECT) PUSHED BACK BY A YEAR The authenticated payments project which has come to be called DebiCheck (which sounds much cooler) plans to make it harder for crooks to load debit orders and harder for consumers to query debit orders. Full implementation of the process has now been moved back by the SARB to October 2020. The 12 month delay really only applies to turning off old payment systems and not the start of the change.

The main 11 SA banks and many others are moving ahead with implementation this year and consumers will soon have to start electronically confirming debit order information.

Many debt review consumers abuse the process of querying a debit order in order to get the payment amount back into their account and then foolishly spending that money.

At present, the various Payment Distribution Agencies face huge issues due to this behaviour and are being hurt by this practice. Part of the intent of DebiCheck is to try to reduce this bad consumer behaviour.

Debt Counsellors can also help protect their clients from falling out of debt review by educating them about the many negative consequences of dropping out of debt review half way through the process.

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NCR CAMPAIGN TO PROMOTE RESPONSIBLE BORROWING The NCR recently ran a media campaign to spread the word to consumers that if they are going to borrow money that they should do so wisely.

The NCR advised consumers to only borrow from NCR registered credit providers and not illegal loan sharks and shared information about the fees (initiation, service fees etc.) and the maximum rates that credit providers can charge.

These maximum allowed rates are all linked to the repo rate which is currently sitting at 6.75%.

• Mortgages Max Interest Rate: 18.75% per annum;

• Credit facilities (like credit cards, overdrafts) Max Interest Rate: 20.75% per annum; • Personal loans Max Interest Rate: 27.75% per annum; • Short-term loans Max Interest Rate: 5 % per month on the first loan then 3% per month on subsequent loans; • Vehicle finance Max Interest Rate: 23.75% per annum The NCR is also trying to educate consumers to ask for the legally required preagreement or quotation from credit providers which must show the total cost of credit.

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

ATLANTIS BELLVILLE GOODWOOD CALEDON CAPE TOWN WYNBERG CERES GRABOUW

HOPEFILED KHAYELITSHA KUILSRIVER MALEMSBURY MITCHELLS PLAIN MOORREESBURG PAARL PIKETBERG

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

Please contact adri@kempdebruyn.co.za to enquire about our fees.   

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

KZN 20 JULY 2019 WWW.DEBTREVIEWAWARDS.CO.ZA

DEBT REVIEW SCHOOL Credit Reports show you are under debt review during the process but this is totally removed once you get a clearance certificate (when your debts are paid up).

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

Die Republiek van

SKYT AFRICA Hi Almal, Nou ja die langste maaaaand Januarie is uiteindelik iets van die verlede. Dit is eintlik ironies dat selfs met die haarfynste beplanning daar altyd n jakkalsie opduik wat aan die wingerd vreet, iets wat breek, iets wat noodsaaklik is wat nou ewe skielik voete gekry het, Januarie is n bliksem!

Februarie is gelukkig n kortmaand maar dit is ook n maand wat vir ons n aanduiding gee in welke rigting die regering beweeg. Die SONA asook die onlangse begrotingstoespraak. Ek het beide hierdie toesprake met belangstelling gevolg juis om te verstaan of daar nog jakkalsies in my rigting kom. Die land het groter probleme as ek, om daagliks R1.2BN aan skuld terug te betaal met n gefaalde belasting invordering stelsel gaan om die minste te sê n helse uitdaging wees. Die probleem lê nie

by ons nie, maar by die derduisende belastingontduikers wat vasgevat moet word. Die feit dat persoonlike belasting nie gaan verhoog nie is n ligpunt maar omdat ek in die oë van die regering n sondige mens is gaan my besteebare inkomste verlaag. Ek geniet n Germaanse bruiskoppie saam met n braai en sal ook so wan en dan n Skotse wyntjie nuttig.

Daarmee saam is n sigaret, van die wettige soort, na ete n bederfie. Met die verhoogde sonde belasting sal ek egter moet herbesin aangesien my persoonlik bederfies nou haas onbekostigbaar gaan raak. Tesame met dit is daar ook nog n verhoogde brandstofheffing wat gaan meebring dat ek meer sal moet stap as ry. Met die opgedwonge “gesondheidsprogram” kan ek heel moontlik volgende jaar die Comrades, die Twee Oseane en die Kaap fietstoer aanpak, miskien nie want ek het sopas gesien wat kos n paar hardloopskoene en n fiets!

Natuurlik het ek soos baie ander my oog op die meer as R2M Powerball gehad, dit kon nou wragtig n paar gaatjies toegestop het maar helaas ek het vergeet om te speel. Ek kon ook nog nie vasstel of die wenner n verlangse familielid is nie, die gelukkige blikskottel!

Om terug te keer na die begrotingtoespraak het Tito die volgende insiggewende stelling gemaak – infrastructure must be maintained and not allowed to deteriorate. Daar is n belangrike les hieruit te leer, dit kos op die einde van die meer om iets te herstel as wat die onderhoud daarvan sou gekos het. Onderhoud kan ook deur n goedbeplande begroting bestuur word in plek van n skielike eenmalige uitgawe waarvoor daar nie beplan was nie.

Dit is dan ook van toepassing op ons. Onderhou jou bates, eerstens sodat die lewensduur daarvan verleng en tweedens om die waarde daarvan te beskerm. Dink byvoorbeeld aan jou motor of woonhuis. Die belangrikste om egter te onderhou is jou maandelikse skuldverpligtinge, moenie toelaat dat jou krediteure rede vind om met regstappe te begin nie. Die regering het ons gewys hoe om nie n begroting te bestuur nie, leer uit daardie les.

Aan die van julle wat nog steeds kan bekostig om n sondetjie te pleeg, CHEERS en dink aan my wat nou gaan droë bek sit!

Groete, Christo

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

www.collectnetpda.co.za

If you have not seen the movie “The Big Short” (true story) then please do so. It beautifully explains one small, yet vital part of a giant problem.

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

Members do you want to share your thoughts on reckless credit fees and the process? Send your proposals for the CIF on the Facebook chat. www.allprodc.org

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

Are you interested?

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

Upcoming Regional Meeting Dates: Eastern Cape - 17 May 2019

NDCA are ready to help

Free State - 10 May 2019

consumers who are

Gauteng - 14 May 2019

struggling with debt.

KZN - 17 May 2019 Western Cape - 21 May 2019

www.dcasa.co.za

Visit our site for more information

WE’RE HIRING! OPPORTUNITIES EXIST

Nationally

FINANCIAL WELLBEING OFFICER Help South Africans become Debt Free Do you want to be part of the solution?

Do you enjoy interacting with people?

Are you an energetic self-starter?

If you believe you have what it takes and have a Grade 12 certificate with 2 year’s work experience Send your CV to jocelynl@octogen.co.za Or visit us at https://www.careerjunction.co.za/companies/33313/octogen and https://www.indeed.com/cmp/Octogen-(pty)-Ltd

INDUSTRY EVENT

DCASA REGIONAL MEETINGS The Debt Counsellors Association of South Africa (DCASA) recently held regional meetings across the country for members. Various credit providers such as ABSA and Nedbank were invited to attend and engage with members at the various locations across the country. If you missed all the action then here is a quick summary of one of the meetings.

The local regional Chairperson welcomed those attending and outlined the agenda for the day. First up at most of the venues was one of the sponsors for the day. In the Western Cape this was software provider Maximus represented by Corrie van der Venter (who is a DC himself). Corrie shared the story of 4 Debt Counsellors using different systems and the different challenges they face. He promoted use of Maximus which addresses these issues. Maximus are very proud of new features coming and do ongoing training and very detailed training of users.

Next, one of the attending credit providers had the chance to engage with local Debt Counsellors such as Nedbank represented by Ms. Denise Hartley (Department Head) who took the opportunity to introduce the new relationships manager Victor Noah.

Denise discussed some of the recent changes to internal structure as well as escalation process before moving on to the topic of bulk transfers (DCs need a confirmation letter from NCR) and single applicant transfers (where DCs need a transfer letter 17.7 or screenshot off NCR DHS showing DC and client ID).

She also delved into the bank’s debit order cancellation process (send a prepopulated form along with CoBs). She urged DCs and consumers to cancel the debit order ASAP (before the date of the debit order) and if necessary, ask for a refund. Debit order cancellation forms need to be specific to each debit order and need to be done the right way due to ramifications of cancelling insurance etc. That is why the forms need to have all the info required. She stressed that it is important that the consumer signs or that the DC has the right type of Power of Attorney to do so. As a small suggestion the Nedbank money App can organize refunds (debit order disputes) with the push of a button and is often the fastest option for consumers.

Denise then discussed the sensitive subject of DCRS proposal declines. She pointed out that this should only happen under the following condition: an incorrect balance being used, the incorrect term being used, the account being captured as the wrong type of account (which affects how the system does the calculations). She reminded the audience that a ‘decline’ is not the end of the negotiation process. It just means what you have sent now

does not meet their immediate approval.

The audience then discussed the inaccuracy of cascades due to various factors before having a brief look at Nedbank and insurance (home owners insurance) and whether it is included in or excluded in the proposal. Denise said to watch out for insurance increases (consumers will be notified) as this can impact on the monthly repayment over the years. Eventually it can create enough arrears and affect their debt review status within Nedbank.

Nedbank stand out as restructuring the consumer’s debt on their primary computer system (rather than on a parallel system) and thus the balances and payments shown on consumers’ statements should be accurate.

Zak King (our editor) then gave an update on the Debt Review Awards 2019 which is going to be held in KZN (Durban) on the 20th of July. He urged DCs to save the date. He also went through many of the criteria that are looked at (by credit providers) when doing peer reviews of the various DCs. Justin from Consumer Friend (who represent many of the largest non bank credit providers) discussed some of their recent stats. Some of the highlights include: There has been a slight drop in Jan 2019 applications compared to last year (2018). More consumers are transferring from one DC to another at present. There are now less rejections on proposals than ever. Sometimes proposals are declined because the term was too long or balances were maybe different from that on the CoB. Terminations are down and consents have increased (compared to mid year 2017)

KIM ARMFIELD

AND ASSOCIATES

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Reckless lending investigation stats shot up once the NCR introduced the fee from as little as 11 a month to thousands each month. Those numbers are now slowly going down. He did share that getting the requested info quickly is difficult and discussed why that is often the case. Consumer Friend likes to help their clients settle such matters outside of court where possible.

Justin discussed why proposals may be rejected such as when account numbers are wrong (clients often supply the incorrect number), when balances are incorrect (he advised that DCs use the CoB balance – for new clients and watch out for transferred clients , for those rather check the DReX balance).

Another issue might be missing accounts of their own clients (they deal with various clients accounts and need to see all accounts and missing credit providers who are excluded) without any explanation of why a CP might be excluded. Another area of concern that might easily be resolved is vague amounts on the budget (eg. R200 – ‘other’ – please rather add in info about this ‘other’). More challenging is when payments to CPs only start in the 4th month (normally only happens in the case of very high legal fees and small distribution amount).

When it comes to terminations this will probably only happened when there have been no payments for 60 business days. Note: Sanlam Personal Loans will terminate if there are 3 months (90 days) worth of arrears that have accumulated over time.

When it comes to transfers from one DC to another then if consumer was formerly with another DC and has switched then once CF have 17.7 or

screenshot of NCR DHS they will make change on DReX and have access to all previous info ( and can then use balance info). This lead to a discussion of the various benefits of DReX such as getting paid up letters (self service), check payments, documents. Consumers can also check their figures via DReX. All of that is offered for free.

The local Chairperson then gave updates from the recent DCASA NEC meeting which included plans to increase social media exposure regarding the association (DCASA have set aside small budget, appointed a media person, and will develop a new website). DCASA still want to try get it to be obligatory for all DCs to belong to an association or body. DCASA plan to continue building closer ties with CPs, insurance providers, attorneys and PDAs and will be meeting with NCR next month.

Members can expect more webinars as well as amending of the DCASA constitution to allow from internal investigations and expulsion of non conforming members.

Lunch was then enjoyed by members (thanks to the various sponsors) and the attending CPs and DCs had a chance to chat and get to discuss some of the meeting topics and specific issues they face. Be sure to check the DC Associations Notice Board in each issue of Debtfree Magazine to see when your association will be meeting next.

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CAPITEC CONTACT DETAILS

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

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

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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

Department

Call Centre

Email address / Contact number

0861 005 901

TAT

Absa En

For your convenience we now offe in these departments are subject m could delay the resolution of your q Option 1: Updated balances, s Option 2: Any COB related qu Option 3: Any proposal relate Option 4: Any termination rel 5 Business Days

Pr

5 Business Days

M

DCCOBQueries@absa.co.za

5 Business Days

M

Debitordercancellations@absa.co.za

5 Business Days

M

DCRCAssessment@absa.co.za

10 Business Days

M

DCProposalquery@absa.co.za

10 Business Days

M

DRProposals@absa.co.za

10 Business Days

Pr

Courtapp@absa.co.za

5 Business Days

Al

DRTerminations@absa.co.za

10 Business Days

M

17.4@absa.co.za

10 Business Days

M

Clearance

DCClearanceCertificate@absa.co.za

5 Business Days

M

KYC

DCKYC@absa.co.za

For return of KYC forms.

Debtreviewqueries@absa.co.za

10 Business Days

En

Debtreviewmanager@absa.co.za

5 Business Days

Es

DRCob@absa.co.za DCTransfer@absa.co.za Certificate of balance

Proposal

Legal

Termination

Service 2 |

Presentation title

Function

unity to call our contact centre and be transferred to specific departments. Note that our consultants s and will best be able to assist you for a swift resolution. Please note; choosing the incorrect option

settlements, refunds and general enquiries

Function

a Debt Review ntry Points

er the opportunity to call our contact centre and be transferred to specific departments. Note that our consultants matter experts and will best be able to assist you for a swift resolution. Please note; choosing the incorrect option query. statements, settlements, refunds and general enquiries he 17.1 application. ueries ed queries lated queries

bt counsellor swaps and system changes.

rocessing of the 17.1 application.

B escalated queries and follow-ups.

Manage all debt counsellor swaps and system changes.

bit order cancellation requests.

Manage all COB escalated queries and follow-ups.

ss lending allegations.

Manage all debit order cancellation requests.

oposal escalated queries and follow-ups.

Manage reckless lending allegations.

he following documents: 17.2, proposals, proof of Insurance, 17.3 & supporting documentation.

Manage all proposal escalated queries and follow-ups.

rocessing of the following 17.2, proposals, proof of Insurance, 17.3 & supporting documentation. ments to be provided todocuments: this department for review.

ll legal documents to be provided to this department for review. mination queries, reinstatement requests and follow-ups.

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

untary termination requests.

Manage all voluntary termination requests.

arance-related queries and requests.

Manage all clearance-related queries and requests.

Types of queries managed by this department: Account closure Types of queries managed by this department: Account closure confirmation/request.

Balance confirmations/query. Account status confirmation/request. Balance confirmations/query. Account status confirmation.

Statement request.

Paid upupletter Refund confirmation.

Statement request.

Paid letterrequest. request. Refund request.

All relevant operational queries totobebereferred to operational operational request.

All relevant operational queries referred to nt for all point query-related matters. matters. scalation for all query-related mentioned above. queuesqueues mentioned above. all query-related matters.

ntry point for all query-related matters.

SECRET CONFIDENTIALINTERNAL INTERNAL ONLY SECRET CONFIDENTIAL ONLY

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

DC Query Process DC Query Process

www.nedbank.co.za

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

ESCALATION PROCESS DETAILS COMING SOON