Issue 1 of 2021
EXCELLENCE IS DOING ORDINARY THINGS EXTRAORDINARILY WELL – John W. Gardner
WHAT MAKES US EXCELLENT? / Unimpaired and automated PDA systems / Integration with top-ranked Debt Counsellor systems / Enhancing Debt Counsellor efficiency and sustainability / Best customer support in the country – queries are resolved within 24 hours / Strong compliance and best-industry-practice implementation is at our centre
Call Chris van der Straaten Head of Hyphen PDA | 082 557 0437 Or call our friendly support centre on 011 303 0060 - Option 2 or visit our website www.hyphenpda.co.za
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DebtBusters provides a remedy for financially stressed consumers through effective debt relief solutions. Over 1 million South Africans who are facing tight budgets and are struggling with debt, have come to DebtBusters looking for a financial solution.
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FROM THE EDITOR So‌it has been a few weeks now. Has 2021 solved all your problems yet? The end of year break sadly did result in the expected spike in Covid-19 cases and deaths as the medical system came under incredible strain. Added restrictions were aimed at reducing the spread and slowly the effects of these measures are beginning to ease pressure but new mutations of the virus seem to be targeting younger and younger people. More teens and kids are now losing their lives. The news has been full of stories about vaccines rollouts (and delays in rollouts) and, of course, all the goings on with politics in the US. For those who recently lost their jobs you probably had at least a little sympathy for President Donald Trump. For those who recently began a new job, you probably feel a little sympathy for President Biden. Either way, we all had a laugh at the USA’s expense over the year end. What chaos.
For everyone who had a little break at the end of the year and were able to recharge a bit, going back to work in Januworry has probably been manageable. The kids are, however, all getting a bit restless as they try figure out if and when they will actually be going back to school to see their friends. In this issue we discuss what it is like to be in debt review. Not for a month or two but overall, the total journey. We look at common highs and lows, the stresses and ultimately the relief of getting out of debt. Have a look and see which “phase” you are currently going through (and what might lie next). We also have tips, advice, exciting competitions and a deeper look at how some credit providers are working the system to try to make life difficult for consumers. Many people spend most of Januworry waiting for their pay cheque, wondering who they will pay this month. Not so, for those who are in debt review. These smart people have made the decision to sort out their debt rather than hope for some miraculous turnaround in the economy. For them it is another usual month with manageable stresses like pandemics and global political upheaval. You know, ‘everyday’ stuff. For them it is just another few weeks that brought them one step closer to being debt free. .
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
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MAKING INDUSTRY TERMS EASY TO UNDERSTAND
DEBT REVIEW TERMS EXPLAINED
OVER-INDEBTED If you use credit then you have debt. You owe someone money. Each month you have to pay the people you have credit with an installment. These companies and banks are called credit providers because they provide you with credit. If you cannot pay all your credit providers (the banks etc) what they are asking for each month and still manage to pay for all the things you need to get by each month (like rent, food, insurance, medical costs, telephone bills etc) then you have too much debt. You now not only have debt but have become over-indebted.
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THE DEBT REVIEW JOURNEY
SECTION 86(10) ABUSE
MEDIATION
COMPETITION
SERVICE DIRECTORY
DISCLAIMER Debtfree Magazine considers its sources reliable and verifies as much information as possible. However, reporting inaccuracies can occur, consequently readers using this information do so at their own risk. Debtfree Magazine makes content available with the understanding that the publisher is not rendering legal services or financial advice. Although persons and companies mentioned herein are believed to be reputable, neither Debtfree Magazine nor any of its employees, sales executives or contributors accept
any responsibility whatsoever for their activities. Debtfree Magazine contains material supplied to us by advertisers which does not necessarily reflect the views and opinions of the Debtfree Magazine team. No person, organization or party can copy or re-produce the content on this site and/or magazine or any part of this publication without a written consent from the editors’ panel and the author of the content, as applicable. Debtfree Magazine, authors and contributors reserve their rights with regards to copyright of their work.
C O N T E N T S
LET’S TALK
BREAKING NEWS
REPO RATE STAYS UNCHANGED The SA Reserve Bank have decided that the Repo rate (which credit providers use to calculate how much interest to charge customers) is remaining, unchanged, at the all time low of 3.5%. Low inflation and low expected growth as well as the Rand at around R14.80/$ were factors considered. Some members of the SARB Monetary Policy Committee had originally motivated for another 25 base point cut but it was eventually decided to leave things as they have been.
VODACOM DEBT REVIEW NOW HANDLED BY CONSUMER FRIEND Debt Counsellors and consumers who are dealing with debt review matters with Vodacom (PTY) LTD will be happy to learn that they have appointed, award winning, outsourced debt review service provider, Consumer Friend to handle their new debt review matters. Consumer Friend will be handling Vodacom debt review matters (incl. legacy matters) from Feb 1st 2021.
ONE RAISES THE BAR ONCE MORE Insurance provider ONE is well known for their specialist insurance products, including those for people in debt review. In particular, they have a reputation for setting the standard in regard to low, affordable rates for credit life insurance. This is the type of insurance consumers need on their credit products (even while in debt review). An important aspect of insurance cover is the benefits and not just the price. ONE has now raised the bar once more by adding additional features to their already great benefits. Already they will cover all your debt owing if you die or are permanently disabled or in the case of temporary disability or retrenchment they will pay your installments for up to 12 months. Now they have gone further and added additional cover to rental payments as well as maintenance orders. This can provide critical temporary relief to the consumer and ensure their children are taken care of and that they retain their accommodation while making plans to address any sudden retrenchment. Consumers can talk to their Debt Counsellor about whether they have affordable insurance cover on their credit or if they could be saving money each month.
CREDIT
CREDIT PROTECTION
PROTECTION CREDIT
Have you applied to go under debt review? Are you restructuring your monthly expenses? Would you like to insure your debt?
PROTECTION
Why outstanding accounts a single ONE Protection Policy? Have not you insure appliedall to your go under debt review? Are youinrestructuring yourCredit monthly expenses? Would you like to insure your debt? Why not insure all your outstanding accounts in a single ONE Credit Protection Policy? BENEFITS OFFERED: Have you applied to go under debt review? Are you restructuring your monthly expenses? Would you like to insure your debt?
• Death – we settle the account
BENEFITS OFFERED:
Why– not all your outstandingfor accounts in a single ONE Credit Protection Policy? • Temporary Disability weinsure pay your installment 12 months
• Death – we settle the account
• Permanent Disability – we settle the account
• Temporary Disability BENEFITS – we pay your installment for 12 months OFFERED:
• Critical Illness – we pay your installments for 3 months
• Death we account settle the account • Permanent Disability – we settle–the
Retrenchment – we your installments • Temporary Disability we12 paymonths your installment for 12 months •• Critical Illness – we paypay your installments for 3 –for months • Permanent Disability we settle the account • Retrenchment – we pay your installments for 12– months
Illness – we pay your installments for 3 per months At a rate of R2.95 per R1000• Critical unsecured/short-term credit and R2.00 R1000 on mortgages and you can now insure your debt • Retrenchment – we pay your installments for 12 months
At aless. rate of R2.95 per R1000 unsecured/short-term credit and R2.00 per R1000 on mortgages and you can now insure your debt for for less.
At a rate of R2.95 per R1000 unsecured/short-term credit and R2.00 per R1000 on mortgages and you can now insure your debt
The following financial obligations for less. or debt can be covered on the ONE Credit Protection Policy: The following financial obligations or debt can be covered on the ONE Credit Protection Policy:
• Credit Cards
• Credit Cards
• Overdrafts
• Overdrafts
The following financial obligations or debt can be covered on the ONE Credit Protection Policy: • Credit Cards
• Personal Loans
• Personal Loans
• Overdrafts
• Home Loans
• Personal Loans
RentalAgreement Agreement •• Rental
• Retail Accounts
• Home Loans
RetailAccounts Accounts •• Retail
• Home Loans
MaintenanceOrders Orders •• Maintenance
• Rental Agreement • Maintenance Orders
For further please speak to your Broker, Debt Counsellor or alternatively contact your regional ONE office.ONE office. For furtherinformation information please speak to your Broker, Debt Counsellor or alternatively contact your regional For further information please speak to your Broker, Debt Counsellor or alternatively contact your regional ONE office. 0861 266 562
0861 266 562
0861 266 562
admin.debt@one.za.com admin.debt@one.za.com
admin.debt@one.za.com Terms and Conditions Apply
Terms and Conditions Apply
Terms and Conditions Apply ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07.
ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501 Authorised Financial Services Provider FSP8783 VAT No. 4370160501
ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501
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BIDEN TRUMPS TRUMP In January, US President Trump dodged being fired in his last few days in office (but still may be impeached to prevent him running again in the future). Then, it was time for Trump to say good bye and for new US President Biden to take up the office. Though there had been fears of violence these did not occur and the transition was pretty smooth. This reassured stock markets and had an overall positive effect on investor confidence. Investors like stability (most of the time). The Rand also reacted favorably and stayed under R15/$.
THE DEBT REVIEW JOURNEY
INTRODUCTION Some credit users will sadly never get out of debt. They will find themselves trapped in an ongoing cycle of using debt to pay off debt, and rolling over debt from one month to the next. Others will wisely enter debt review in order to break the cycle and pay off their debt. Paying off debt however can take many years, under any circumstances, and for those who enter debt review, the journey can be both rewarding and challenging. Let’s take a look at what you can expect if you decided to enter debt review.
THE DEBT REVIEW JOURNEY
REALIZING YOU NEED DEBT REVIEW When we are younger we are quick to ask adults for help. As we become an adult however, it seems that asking for help becomes harder to do. Even when we really, really need help, we may hold back for fear of being embarrassed or looking “weak�. This is a bad idea, if you need help, ask for help. When it comes to dealing with debt and credit use, we receive little training from school and very few parents financially educate their children. When we do get some training, it seldom includes what to do if we run into serious financial challenges. As a result, we might fall into the trap of digging ourselves deeper and deeper into debt trying to make ends meet instead of first asking a professional for advice. It is often only when the bank starts sending threatening letters or collections agents start showing up at work that we finally decide to ask for help. You might be skeptical when you find out that debt review can help us to systematically pay off our debts, and still cover your monthly essentials. But, out of desperation you decide to give it a try and see if it could work for you.
THE DEBT REVIEW JOURNEY
5 YEAR PLANS For the purposes of our discussion, your Debt Counsellor will calculate your repayment plan over 5 years. Although this period is longer than it would take for someone to pay off smaller debts (like a credit card or a clothing account), 5 years is in line with many big loan repayment plans, and is even shorter than most vehicle finance terms. Many Debt Counsellors, credit providers and courts like the balance that a 5 year plan brings. The consumer has extra time to settle the debt, and the credit provider doesn’t have to take on too much additional risk. Each consumer’s situation is however unique and your individual repayment plan will be determined by what you can realistically afford to repay each month (and the concessions your credit providers are willing to make to help you). That could mean… only 1 year or perhaps 7 years. Talk to a registered Debt Counsellor to find out what your repayment plan might look like. At present, however, 5 year plans are very common.
THE DEBT REVIEW JOURNEY
THE “HONEYMOON� PHASE When you begin debt review, you will be relieved to have an expert help you. In fact you may be so relieved that you ignore everything they say and just float around. You have finally done something about your debt! Soon all your debt problems will be a thing of the past! You feel like a superhero, and you Debt Counsellor is your best friend. They ask you for information and you send it to them. They tell you what to pay, and where to pay the funds, and in time, things run smoothly (other than trying to cancel debit orders). How much fun it is to ignore collections call, or simply tell people to talk to your Debt Counsellor. Best of all, your Debt Counsellor tells you the much lower repayment figure, which will cover your debts each month. For a change you actually have that figure available.
THE DEBT REVIEW JOURNEY
THE “I’M WORRIED” PHASE As time goes by, you continue to get phone calls from some credit providers or collections people. Maybe you get a sms and it says you are meant to pay your debts, which is weird because you just paid money via debt review. You may begin to wonder if the credit providers are getting their payments. After all, some friends warned you about entering debt review. After checking your banking app, you may notice that the outstanding balances have not gone down. You may have forgotten that a portion (or in some cases all) of your first two payments go towards the very reasonable fees (debt counsellor & legal) for the process. Now you are worried! DANGER! There is a real danger here. Now that the process has started, it is very reckless to suddenly stop the process. The National Credit Regulator (NCR) has already informed all credit bureaus that you are in debt review, so you won’t be able to get credit until your debts are paid off in the future. You have already paid half of all the fees you will probably ever pay towards the debt review, so leaving the process at this stage will not save you money. The key here is to first talk to your Debt Counsellor (not one of their staff) and discuss any concerns you have. Frequently you will have forgotten important information (that your debt counsellor mentioned) about how this initial part of the process works.
THE DEBT REVIEW JOURNEY
THE “I REALLY MUST SIGN THOSE COURT DOCUMENTS” PHASE Sadly, the court side of debt review is not like an exciting TV court room drama. In fact, most of the time, you are represented by an attorney that you do not know, and you never go to court. It basically only involves having to sign a few documents (which the Debt Counsellor keeps nagging you for). DANGER! It is vital that you get those documents back to your Debt Counsellor or attorney as fast as you can! If you do not send them in, you are delaying the entire legal side of the process, which can have negative financial effects (for you) in the long run.
THE DEBT REVIEW JOURNEY
THE “I DIDN’T STICK TO MY BUDGET” PHASE It is amazing how time flies, and before you know it, the end of the year has arrived. Yes, it has been tricky getting used to working with cash, and not using credit, but you have managed to scrape by each month. This is not as easy as you thought! You hoped that things would be pretty much like they were before you entered debt review, except that somehow the debt side of things would be sorted. Your Debt Counsellor keeps reminding you to stick to your budget each month. The hard part, is that the Debt Counsellor asked you to put money aside each month towards some of the annual costs that come up every year. To do this means that you have to skip out on some well deserved luxuries. Life has got to be about more than work and paying off debt. Finally, you can breathe and it has been nice to splash out on a few nice things along the way. Sadly, you have not been able to save towards those annual expenses, now they have snuck up on you, what do you do? Do you just miss a monthly debt review payment and hope all your creditors won’t mind?
You have been paying them regularly for months now... DANGER! If you miss a payment (or short pay) some or all of your credit providers can choose to start new legal action to sue you in another court. This will incur extra legal fees to try defend the matter (which you would probably lose because you didn’t pay what you were meant to) and a lot of stress. Never miss a payment, and always stick to your budget!
THE DEBT REVIEW JOURNEY
THE “UNPLANNED DISASTER” PHASE Saving each month is difficult, it involves changing how you shop, where you shop and forces you to cut back on some expenses. This is tough! The good news is that you have been able to keep up your debt review repayment each month for some time now. Things are going well, and then... disaster strikes. The washing machine (or car, or TV or…add anything here) has broken. Now you need to skip your debt review repayment (this month) so you can immediately fix the machine. You called in the repairmen and he has given you a quote. If only you had been able to save a little each month for such an expense. DANGER! You rarely need to actually spend the money immediately. Often you can find other temporary solutions, which will allow you to save towards solving the problem in the future. Immediately consulting your Debt Counsellor will help you realize this, don’t rush ahead and make a plan without talking to your Debt Counsellor. You could lose all the benefits you have gained from the debt review over years, due to one rushed decision. In other scenarios, things like Covid-19 and the lockdown hit or you were retrenched, making it almost impossible to stick to the required debt review repayment plan. This is a sudden unplanned big problem. The good news is that because you took out specialized credit insurance (which your Debt Counsellor told you about) you are able to claim, and amazingly they are paying for your monthly debt review repayment for several months while you sort things out, wonderful!
THE DEBT REVIEW JOURNEY
THE “FINALLY STARTING TO SEE PROGRESS” PHASE It has taken some time, you have had to weather some hectic storms. But over time you have learnt to stick to a budget, and have endured some tough months where you were not sure if you were going to be able to stick to the process. But…you stuck it out, and now when you get your monthly statements the balances are getting really small. In fact, in the next month or two, some of the smaller debts are now going to be paid off, great news! Things are better at work too, and you have been able to make plans to pay off some smaller debts already. Finally you are making some progress, the end is in sight.
THE DEBT REVIEW JOURNEY
THE “END OF THE PROCESS” PHASE It has taken years, but one by one you paid off your debts, and now you have only got one debt left. Your Debt Counsellor and the credit provider are fighting a bit about the exact amount of money left to pay, but within a few weeks you should be debt free. It seems like the person who entered the process is a totally different person, you feel in control of your life. You are better equipped to deal with financial crisis when it comes along, you no longer panic, and you no longer spend money that you don’t have. Still, it might be nice to get a new car, a decent second-hand one, of course. Maybe you will drive past a few showrooms on the way home today and see what they have on offer. Your Debt Counsellor will call you up and provide you with a copy of the Form 19 clearance certificate. This important form shows that all your debts have been paid off. Your credit record gets cleaned and you are now no longer in debt review. Success! Time for a big celebratory dinner with the family.
THE DEBT REVIEW JOURNEY
IT’S A JOURNEY The journey to financial freedom is not an easy one, it can take time. It can force us to make tough choices and big sacrifices to regain control of our lives, and it can be frustrating. Like all worthwhile things in life it takes effort. With the help of a professional debt expert with debt counselling experience however, things become much easier. By following their impartial advice, you will be able to develop good financial habits. You will learn how to make the hard choices that will lead you to success. Debt review will definitely change your life. It can set you free from slavery to debt, and it can help you to gain control of your finances and your future. It is a rollercoaster journey that starts by taking that first step of realizing that it would be nice to have someone help you.
DEBT REVIEW NCR #1
Debt Counsellors and Credit Providers are all registered with the National Credit Regulator (NCR). The NCR issues them with a certificate to prove they are registered. You can ask to see this at any time.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10) Debtfree Magazine spoke to Attorney Wessel Symington, of Steyn Coetzee Attorneys, to find out more about NCA Section 86(10) and how some credit providers may be using it to try to avoid the debt review process.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
THE PURPOSE OF THE NCA The purpose of the National Credit Act (‘the NCA’) is to address and prevent the over-indebtedness of consumers and to provide mechanisms for resolving over-indebtedness based on the principle of eventual satisfaction by the consumer of all responsible debt obligations.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
PARTICIPATING IN GOOD FAITH In terms of Section 86(5), a consumer who applies for debt review and each credit provider must participate in good faith in the review and in any negotiations designed to result in responsible debt rearrangement.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
SECTION 86(10) CREDIT PROVIDER ABUSE In terms of Section 86(10) of the NCA, when a consumer is in default under a credit agreement that is being reviewed (in ‘debt review’), a credit provider may give notice to terminate their participation in the review at least 60 business days after the date on which the consumer applied for debt review. In other words, within the 60-day-period, the consumer and the credit provider must participate in good faith in the review and in negotiations for the satisfaction of all the consumer’s debt obligations, and during this time the credit provider may not institute additional legal proceedings. So, Section 86(5) and (10) of the NCA provides a protection mechanism to both the consumer and the credit provider in that: 1. The credit provider is obliged to participate in good faith in the review and negotiations process; and 2. Should all the relevant parties not come to a reasonable mutual agreement with regards to debt rearrangement, the credit provider may terminate their participation in the debt review process 60 days after the debt review application was made (unless it is already set before a court).
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
WHAT’S THE PROBLEM? In some circumstances during the debt review and negotiations process, credit providers do not participate in good faith, for example, certain credit providers: 1. delay their responses to the Debt Counsellor; or 2. do not respond at all; or 3. make unreasonable and unrealistic counter proposals. As a result of the bad faith behaviour above, no responsible debt rearrangement agreement can be made, and so the 60-day period lapses. After which certain credit providers have a reputation for immediately terminating their participation in the debt review process using Section 86(10) of the NCA.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
SECTION 86(11) A SAFETY NET FOR CONSUMERS Section 86(11) of the NCA provides that if a credit provider proceeds to enforce the original agreement, after using NCA Section 86(10) to terminate their participation in the review, any court hearing the matter can order that the debt review resumes (on any conditions the court considers to be just in the circumstances). This is a great safety-net that allows consumers and Debt Counsellors the opportunity to force greedy, unwilling credit providers to cooperate. It also helps the legal system avoid hearing multiple court actions about the same debts, going on at the same time, in different courts.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
THE PROBLEM WITH SECTION 86(11) This does however present a challenge, since the consumer may only approach the court and request reinstatement of the debt review process, if the credit provider proceeds to enforce the original agreement by instituting legal proceedings. As a result of such, the following problems arise: 1. After terminating their participation in the debt review process, certain credit providers do not institute legal proceedings, and this has the effect that debt review for that account cannot be reinstated (because of the requirement of enforcement of the original agreement by means of legal proceedings, as determined by Section 86(11)). 2. A consumer approaching the court for an order to reinstate the debt review proceedings in terms of Section 86(11) would bring about further costs that would need to be paid by the consumer. Debt review consumers have very tight budgets and may struggle to pay these costs.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
IS THERE AN IMBALANCE OF POWER? It is clear from Section 86(10) of the NCA that a credit provider has the sufficient protection to terminate participation in the debt review process after 60 days if no reasonable debt rearrangement is reached. But the requirement of participating in good faith as set out in Section 86(5) of the NCA does not provide for the sufficient protection of the consumer, because certain credit providers have a disregard for this requirement, and as seen above, abuse Section 86(10). These credit providers regularly abuse this process. Section 86(11) places the credit provider in a position of power over the consumer by restricting the consumer’s ability to request reinstatement, when crafty credit providers do not institute legal proceedings.
WHEN CREDIT PROVIDERS ABUSE SECTION 86(10)
IS AN AMENDMENT NEEDED? In conclusion, the above provisions and the actions of certain, industry known, ‘bad faith’ credit providers are in contradiction with the main purpose of the NCA, to address and prevent the over-indebtedness of consumers, and to provide mechanisms for resolving overindebtedness based on the principle of satisfaction by the consumer of all responsible obligations. Sadly some consumers might even blame their Debt Counsellor for the behaviour of these unscrupulous credit providers who are trying to abuse this process. These consumers may even complain about it to the National Credit Regulator and this causes further challenges for Debt Counsellors. This is something that may require a hard look in the future.
DEBT REVIEW NCR #2
The National Credit Regulator (NCR) is based in Gauteng. They do not have regional offices but you can reach them on 0860 627 627 or 011 554 2600 or on www.ncr.org.za
PROFESSIONAL DEBT COUNSELLING ATTORNEYS Assisting With Debt Review Matters Nationwide WESSEL SYMINGTON TEL: 021 872 1968 w e s s e l @ s t e y n c o e t z e e . c o . z a w w w. s t e y n c o e t z e e . c o . z a
CARING FOR CLIENTS THROUGH THE PANDEMIC Since first opening their doors back in September 2016, Meerkat have successfully changed thousands of consumer’s lives by reducing debt repayments, protecting assets, and providing more affordable credit life cover. Meerkat are very proud that 2020 was their best year ever, despite the challenges the pandemic created in the wider industry, and the economy. 2020 also saw the launch of the Meerkat savings plan and affordable funeral cover to meet the needs of their clients. David O’Brien, CEO explains how they beat the odds in 2020: “I am incredibly proud of what the team has achieved. We managed to beat the industry average growth rate by 30% in an incredibly tough climate. Key to our success in 2020 was our insurance product which paid out hundreds of claims and ensured our clients remained in debt review when their employment status was negatively impacted by the national lockdown. The launch of our savings plan has also helped build resilience providing a buffer for when our clients faced emergencies. We now also include an emergency fund as part of our client’s debt repayment plan to provide relief when the unexpected happens.
We also invested heavily in marketing to ensure we offer the appropriate solution to clients at the right time. This has contributed to our growth as well as generating a healthy commission flow for our sales team. One of our core values is development and we are committed to investing time and resource to develop and grow our team. Last year two of our staff members became registered debt counsellors having completed and passed the Debt Counselling Training Course”. It seems that Meerkat are not slowing down and have already hit the ground running in 2021. They are currently developing multiple digital assets to promote financial wellness for all South Africans. They also intend on doubling their sales team based in Pinelands Cape Town. They say if you are keen to be part of a high growth sales team then you should email chrish@meerkat.co.za Debt counselling is about more than just arranging a court order restructuring debts. It is about teaching consumers to save, to plan for the unexpected and continually educate themselves. Meerkat continue to focus on these aspects as they assist their clients through the current pandemic. Meerkat was founded in 2016 by David O’Brien. Frustrated with the low savings rate he set out to develop simple financial solutions that could help South Africans regain financial control. The team quickly learned that the root cause to the low savings rate is the number of consumers who are over-indebted. (Over 9 million credit-active consumers are deemed as being ‘over-indebted’). As a registered Debt Counsellor David and his team offer debt counselling to those who are struggling with their debts, with the view to rehabilitate and break the cycle of over-indebtedness. Meerkat also offers a simple savings solution to permanently change consumer behaviour and make a positive impact on the national savings problem. Customers under debt review can use the savings product to build an emergency fund.
021 003 4535 info@meerkat.co.za www.meerkat.co.za
WIN TRAINING VALUED AT R9950
MEDIATION Mediation is an old concept, dating back to the first time someone said: “let’s talk about it”, people have been trying to resolve differences through one form of mediation or another. The truth is, that we all face conflict in various forms throughout our life time. It may be work, relationship or even trauma related. There are naturally many ways for people to deal with conflict, from simply ignoring it, all the way to the opposite end of the spectrum where people will jump into tanks and invade another country. It seems that the necessity for one type of mediation or another has always been around through history, but there have not always been easily accessed forums or service providers that could fill this role.
MEDIATION
MEDIATION IN SOUTH AFRICA The CCMA has long been South Africa’s leading and perhaps best known mediation forum. It has helped countless companies and people avoid lengthy (and expensive) court processes. It is an adequate example of what can be achieved in the world of mediation. There are of course, many other examples, but the purpose is often the same: to achieve a speedy solutions to the benefit of all parties, that keeps costs low. When you consider that many court cases can take around 3 years just to be heard, include the cost of Attorneys and Advocates, the benefits of mediation become pretty obvious. Debt Counsellors are sensitive to the aspect of mediation since there is a history of credit providers trying to circumvent the debt review process, back in the day, via the creation of the National Debt Mediation Association (NDMA). Their website sometimes still misspells debt counselling after all these years (sad). There are countless so-called ‘debt mediation’ scams run by people across the country which have repetitively left consumers penniless and unprotected. Many scam artists pose as offering the services of debt review, but outside the protection of the NCA and away from the oversight of the National Credit Regulator (NCR). Hundreds of thousands of people have been burnt and unfortunately, enforcement has been weak in this regard, this is not true mediation.
MEDIATION
THE NCA & MEDIATION The National Credit Act (NCA), in particular, embraced the concept of mediation for some types of dispute resolution regarding credit matters (not the paying off of debts – which would be debt review – but the settling of issues surrounding credit matters). It introduced the creation of Alternative Dispute Resolution (a type of NCA related mediation). It requires professionals to register and pay big fees to be part of this industry. The intent is not to compete with debt review and the specific role of Debt Counsellors, but rather to facilitate swift resolution of disputes (big and small) relating to individual credit accounts. There have been concerns about the implementation and scope of work done by mediators, but it is hoped that the role of ADR agents will become clearer over time.
MEDIATION
COURT ANNEXED MEDIATION Other legislation like the Court Rules (Rules Board for Courts of Law Act) and others have introduced CourtAnnexed Mediation with the hope of promoting the use of mediation to reduce the workload of the courts and help resolve matters without litigation. Parties to new legal action now have to indicate (when they submit court papers) if they would be open to mediation or not. If they are not willing, they will then later, face fees issued by the court for not being willing to do so. It is expected that these added costs will force more people to embrace the wide range of available and specialized mediation that is now on offer.
MEDIATION
ADR TRAINING & ASSOCIATIONS There are now specialized training bodies, such as the fast growing ADR Network SA, which can certify mediators and provide critical training in the various forms of mediation (from dispute resolution for divorce, commercial disputes, labour disputes, medical negligence, restorative justice or even human rights and constitutional disputes). Be sure to read our February 2021 issue for a deeper insight into what mediation training is like.
MEDITATION
COMPETITION Debtfree Magazine has partnered with mediation experts ADR Network SA to give one of our readers the amazing chance to win a deep understanding of mediation, as well as, consider specializing in one field of mediation (like credit related mediation) through a 5-day online mediation training course and additional 1 day specialization course. The competition is simple: 1.Visit www.adr-networksa.co.za and 2. Look on the home page for the subheading: Alternative Dispute Resolution. 3. Identify the missing word in this paragraph: Alternative Dispute Resolution methods are used to resolve and settle disputes without resorting to more adversarial, costly and cumbersome methods such as litigation. Negotiation, Conciliation, XXXXXXXXX and Arbitration are all ADR methods. 4. Email the missing word and your contact info (email address and cell/office number) to competition@debtfreedigi.co.za to enter the competition and be in line to be selected as the winner of the online mediation course. 5. The final step is to visit the ADR Network SA Facebook page here: www.facebook.com/AdrNetworkSouthAfrica/ and LIKE their page to qualify to win.
PRIZE Online 5-day course (via zoom) in mediation valued at R6850 1 day specialization course (via zoom) valued at R1750 1 year membership to the ADR Network SA Panel valued at R1350
T&Cs The competition has rules and is governed by the laws of the Republic of South Africa. Participants agree to abide by the rules. Entrants must be over 18 years of age. To enter the competition 5 steps are indentified in the competition advertisement. The prize consists of 5 day certified mediation training (online) and is supplied at the expense of ADR Network SA. The prize may not be transferred without the express consent from and at the sole discretion of ADR Network SA and cannot be exchanged for cash. Entrants will be screened for suitability and possible attempts at manipulating the process. If the promoters (Debtfree Magazine) are unable to reach the potential prize winner within 3 attempts such winner will be disqualified and the next suitable entrant identified. The promoter’s decision in regard to the winner is final. The promoters reserve the right to amend, modify, postpone or cancel this competition, the rule or prize without notice at any time. Redemption of the prize will be coordinated by ADR Network SA. Competition ends 15 February 2021
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Form 17.3
QUESTION Does your system allow you to explain a consumer situation in these difficult times? ANSWER Maximus introduced a new form 17.3 to help you the DC explain your consumer’s unique situation and does not force you to send a proposal.
DEBT REVIEW DO YOU KNOW YOUR DEBT COUNSELLORS NAME?
If you regularly deal with different support staff at a Debt Counselling practice it is important to know exactly who your Debt Counsellor is. Check on your court papers or documents sent to you from the debt counselling practice as there may be many different Debt Counsellors working together.
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?
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MAXIMISING INSURANCE RELATED INCOME
PARTNERSHIPS How Meliorleaf partnerships with Debt Counsellors work. We keep you advised regarding your clients to ensure they are covered properly and remain covered. We remunerate you, ongoing, for what you choose to do: Some debt counsellors want to be actively involved in arranging and managing insurance relationships, and we fairly share commissions earned Some debt counsellors are also registered Financial Services Providers. They can advise clients and provide a full broking service, and are entitled to earn the full commission But, Meliorleaf understands that some debt counsellors cannot or do not want to be actively involved. However, they do want their clients to be properly insured: For these debt counsellors, Meliorleaf can provide a fully outsourced turnkey solution. What’s more, we will still provide you with ongoing remuneration on all active policies.
Are you interested in partnering with Meliorleaf? Call Sean or Elmarie today on 010 141 2799 CALL US NOW 010 141 2799 | www.meliorleaf.co.za
We hope everyone had a fun and safe holiday. Let us know your big plans for 2021 on the Facebook group. www.allprodc.org
Debt Counsellors Collective The iDDC would like to hear from members and other DCs about the struggles they face and continue to face as a consequence of the lockdown. What issues need to be escalated to the NCR?
We hope all o had a relaxing break. We a for new NEC 2021. Would volun
our members g end of year are looking C members in d you like to nteer?
Due to the Covid-19 2nd wave our meetings (for the next while) will be held online. We will update all members about meeting dates shortly. www.dcasa.co.za
NDCA are ready to help consumers who are struggling with debt. Visit our site for more information ndca.org.za
SERVICE D
CLICK THE C
DEBT COUNSELLORS
SUPPORT SERVICES
TRAINING
FINANCIAL
INSURANCE
DIRECTORY
CATEGORY
DO YOU WANT TO LIST YOUR COMPANY? directory@debtfreedigi.co.za
CREDIT BUREAUS
LEGAL
PAYMENT DISTRIBUTION AGENCIES
CREDIT PROVIDER CONTACT DETAILS & ESCALATION PROCESS
DEBT COUNSELLORS
GAUTENG
KWAZULUNATAL
FREE STATE
LIMPOPO
MPUMALANGA
NORTH WEST
EASTERN CAPE
NORTHERN CAPE WESTERN CAPE
PENNY WISE Cathy Foster Debt Counsellor – NCRDC1977 Penny Wise Debt Counselling Tel: (011) 679 1540 Fax: 086 719 3378 Mobile: 083 298 4467 Email: cathy@pennywise.co.za www.pennywise.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
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Debt Correct DEBT
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KWAZULUNATAL
The simple way to a debt free, stress free life! DEBT COUNSELLING Debt Review Specialists 23 Coronation Road Mithanagar Tongaat 4399 Tel: 071 222 9481 Tel: 032 944 3446 admin@kmadebt.co.za www.kmadebt.co.za
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FINESSE
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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za
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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za
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LIMPOPO Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za
GMC Debt Solutions 52 Kerk Street Lydenburg Tel: 087 802 7054 Tel: 087 151 1034 www.gmcdebtsolutions.co.za
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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za
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Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za
NORTH WEST Financially stressed? We have lifted the financial burden of more than 150 000 South Africans. Depopulating a generation of over indebted and populating a debt free generation. Office No. 6, Prime Pharm Building, 36 Dr Nelson Mandela Drive Tel: 0186320053 Tel: 0877026744 Email: papi@maaudebts.co.za
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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 Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
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Drastically reduce your monthly debt repayments Let US help 0861111863 Regain control of your finances www.debt-therapy.co.za
" There is no Dignity quite so Impressive and No Independence quite so Important, as Living within your Means. - Calvin Coolidge "
WESTERN CAPE
For your Convenience Our Range of Services are Available to you Anywhere in South Africa! Jackie Coetzee 079 317 8557 documentswc@fusiondc.co.za
“There is no dignity quite so Impressive and No Independence quite so important as Living within your Means - Calvin Coolidge” For your Convenience Our Range of Services are Availble to you Anywhere in South Africa! Jackie Coetzee 079 317 8557 022 713 2021 documentswc@fusiondc.co.za
CHOOSE YOUR FINANCIAL FREEDOM TODAY Tel: 021 204 8001 • Email: dc@ffsdc.co.za
www.financialfreedomsolutions.co.za dc@ffsdc.co.za www.financialfreedomsolutions.co.za
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
WESTERN CAPE
Credit Matters South Africa’s Leading Debt Counsellors 14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za
All Debt Solutions Fast tracking your financial freedom Tel: 0861 255 3328 / 021-557 9981 Email: info@allds.co.za www.alldebtsolutions.co.za https://www.facebook.com/ alldebtsolutions
NCRDC1142 No 2 Golden Isle Building 281 Durban Road, Oakdale, Bellville, 7535 Tel: 086 111 3749 Email: help@zerodebt.co.za www.zerodebt.co.za
DebtZen
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DEBT
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065 874 7942 debt@cida.org.za www.cida.org.za
SUPPORT SERVICES
011 451 0041 0860 072 768 www.dcmax.co.za
DC Opera�on Centre (PTY) Services: 17.1, 17.2, Proposals Court Applica�ons Call Centre Payment Division Contact Elmarie 011 394 8042 083 232 1908 admin@dcopera�ons.co.za www.dcopera�ons.co.za
COMING SOON
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LEGAL
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Steyn Coetzee Attorneys / Prokureurs Adri de Bruyn 11 Market Street / Markstraat 11, Paarl, 7646 Tel: 021 872 1968 Fax: 021 872 2678 adri@steyncoetzee.co.za
RM Brown and Associates 16th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 021 202 1111, f: 021 425 0875 Email: roger@rmbrown.co.za
082 974 0866 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
We are a Port Elizabeth based law firm capable of assisting Debt Counsellor’s throughout South Africa with matters within the following areas of jurisdiction:
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Port Elizabeth; New Brighton; Motherwell; Uitenhage; Hankey; Jeffreys Bay; and Humansdorp
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carla@cvlaw.co.za www.bassonvanzyl.com
Debt Review Applications in Gauteng
EMAIL yolande@ydeattorneys.co.za CELL 071 870 9535
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TEL 061 250 4080
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PAYMENT DISTRIBUTION AGENCIES
DC Partner 044 873 4530
COLLECTNET +27 12 140 0602
Hyphen PDA 011 303 0060
intuitive 0861 628 628
SYSTEM PROVIDERS
FINWISE - INNOVATIVE DEBT M
Tel: 011 451 0041 Tel: 0860 072 768 www.maxpayments.co.za
Debt Review Software Tel: 016 004 0031
South Africa’s premier debt management solution www.finwise.biz
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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
DC QUERY PROCESS NEDBANK DRRS Debt Counselling Query Resolution Contact Points and Escalation Options
Fax or Email submissions (Level1) Email: DebtCounsellingQueries@nedbank.co.za Fax: 010 251 0055
Call centre (Level 1: Alternative) Tel: 0860 109 279
To be used as a first point of contact for all telephonic communication
Attended to by Queries Team Leader (Level 2: First Escalation) Dcescalation1@nedbank.co.za
Attended to by Senior Manager (Level 3: Final escalation) Dcescalation2@nedbank.co.za
To be used as a first point of contact for all written communication
To be used only where no resolution is found from first point of contact after 5 business days
To be used only where no resolution is found from the first escalation after 2 Business days
www.nedbank.co.za
17.1, 17.2, Proposals, General correspondence: debtcounselling@africanbank.co.za To register for Legal Web Access: lwac@africanbank.co.za Reckless Lending investigations: RLA@africanbank.co.za
ESCALATION PROCESS DETAILS COMING SOON
ESCALATION PROCEDURE *Please do not CC multiple email addresses*
STEP
FIRST POINT OF CONTACT
01
Applications, COBs, Notice of Rejections/17W Proposals Court Applications & Orders Terminations, Re-instatements, Settlements, General Queries, Refunds
STEP
FIRST ESCALATION
02
General Queries, Terminations and Account Enquiries, Court ESCALATION DAY 5 COBs & 17.7s ESCALATION DAY 7 Proposals ESCALATION DAY
STEP
03
Applications, Notice of Rejections/17Ws COBs Woolworths Truworths RCS Foschini Sanlam Mr Price Group JD Group Capfin ConnectFin Full House Retail Proposals Court Applications & Orders Terminations (Proof of Payment) Updated Balances, Settlements, General Queries
applications@consumerfriend.co.za proposals@consumerfriend.co.za courts@consumerfriend.co.za customeraccounts@consumerfriend.co.za
charmainer@consumerfriend.co.za woolworthscob@consumerfriend.co.za truworthscob@consumerfriend.co.za rcscob@consumerfriend.co.za tfgcob@consumerfriend.co.za sanlamcob@consumerfriend.co.za mrpcob@consumerfriend.co.za jdgcob@consumerfriend.co.za capfincob@consumerfriend.co.za connectfincob@consumerfriend.co.za fhcob@consumerfriend.co.za tracey@consumerfriend.co.za tusani@consumerfriend.co.za suspense@consumerfriend.co.za candicec@consumerfriend.co.za
SECOND ESCALATION Should you not receive a response within two business days after the first escalation, please email complaints@consumerfriend.co.za
DReX CONTACT DETAILS
OFFICE CONTACT DETAILS
DReX Related Queries DReX Escalation
Telephone: Email:
drexsupport@consumerfriend.co.za justin@consumerfriend.co.za
+27(0)31 251 4151 info@consumerfriend.co.za