Debtfree Magazine | Issue 4 of 2022 by Debtfree Magazine

BAD NEWS OVERLOAD

Issue 04 of 2022

EXCELLENCE IS DOING ORDINARY THINGS EXTRAORDINARILY WELL – John W. Gardner

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FROM THE EDITOR I don’t know about you but I think we needed these public holidays, just to relax for a bit and deal with all the bad news we have been hammered with recently. Our hearts go out to those suffering loss due to the flooding in KZN (and the aftermath), as well as those trapped in a war in Europe. Even all the court drama between Amber and Johnny can’t distract us from the serious nature of what’s been going on recently. A trip to the shops to buy cooking oil almost competes with a trip to the petrol station these days, crazy! Then you throw load-shedding into the mix. The word is that we might have as much as 100 days of load-shedding over the next few months. Maybe Eskom have the right idea though. If you become overloaded, you cant just carry on as normal, something has to change. So you shed some of the things weighing you down, could we learn to do the same? Too much debt? Well, maybe it’s time to reduce the monthly burden by starting debt review? Too much bad news? Well, maybe it is time to reduce our in-take? In this issue, we focus on how we can attempt to cope with all the bad news coming at us from every side. Don’t minimize how all this bad news is affecting your mindset and ability to be productive.

Check out how we can avoid becoming overwhelmed. Rather find out how to shed some of that load. We also share tips on how to get the most out of debt review, avoiding common mistakes as well as some financial and a little industry related news. Just to keep you in the loop. After a quick update on the Debt Review Awards (happening in September this year) we discuss why someone might want or need to change Debt Counsellors. We look at why it might be necessary, and why we might not want to be too quick to consider this option, find out if it is even an option. So, in the chiller days ahead, as you sit in Eskom-induced darkness, cooking your food on a stick over an open fire like an ancient peasant (or waiting for your Uber Eats delivery…whatever) consider if you could shed any excess bulk from your life. Dump that debt, ditch those negative people, shed some lockdown weight. It will not happen immediately, but give it some thought, make a plan. After all, good things come to those who wait. The first time someone tweeted to Elon Musk that he should just buy Twitter was back in 2017, and here we are. So, take your time. Enjoy some relaxing time and don’t fail to plan (or plan to fail). Keep on paying that monthly debt repayment, continue taking steps towards being debt free.

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Beware of adverts on social media (like on Facebook) offering you a loan if you are already in debt review. Since this is illegal to do it is probably just a scam to try to trick you out of some money.

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CONTENTS BAD NEWS OVERLOAD

SWITCHING DEBT COUNSELLORS

DEBT REVIEW AWARDS UPDATE

NEWS

SERVICE DIRECTORY

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

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

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BAD NEWS OVERLOAD

SO MUCH

BAD NEWS It seems that the only news these days, is bad news. This can negatively impact our mental health and cause us increased anxiety and stress. How can we deal with such an overload of bad news? It is hard to get away from bad news, news sites, papers and your social feeds are probably full of tragic stories about a looming 5th wave of Covid-19, the war in Ukraine, floods in KZN, increasing cost of living, effects of climate change, crime and more. While it is true that these things are happening right now, and are therefore featured in the news, we are left with little time to process information about one disaster before we read about the next. Receiving such a constant flow of negative and scary information can be hard to deal with.

They say that the increased detailed reporting on wars (in distant lands) can make it feel like the war is happening around you. We may be exposed to pictures or video of event unfolding in real time. This stimulates the ‘fight or flight’ part of our brains and our bodies can actually physically react, producing certain chemicals. This can lead to mental and physical fatigue, as if we, personally, are trapped in that situation.

BAD NEWS OVERLOAD

YOU NEED A

REALISTIC VIEW It is not your imagination, things are very bad right now…perhaps worse in the last 100 years than they have ever been. As a species, we are in serious trouble, that’s why things seem so extreme. Not to dwell further on these negative things, but more people die in South Africa during crimes every day, than in most warzones. Crime has become a normal part of daily life for hundreds of thousands of South Africans. Xenophobia is creating the new apartheid mentality across the country, and people everywhere (not just SA) are protesting. They are unsatisfied with the way things are being handled by governments worldwide (even the very stable ones). We all know bad news sells better than good news. A sense of dread and horror-fascination will have people clicking additional links and turning pages more often than some feel good story. More page views means more ad sales and so, news outlets tend to primarily feature bad news.

BAD NEWS OVERLOAD

HOW DO YOU TRY

TO COPE? We are exposed to so much bad news, and are already anxious about those matters that when stresses and setbacks come along in our own lives (at work or home), it can hit us harder than normal. We all face challenges in our daily life, they are unavoidable. It might be the huge weight of debt sitting on your shoulders, health issues or an overwhelming and unrealistic workload. To try and take a break from such concerns, we might decide to watch a movie or check the news only to then be hit by reports of wars or warnings of massive price increases. Our TV shows may center on murder, war or social conflict (Hollywood often mirrors what’s happening in society). Instead of giving our brains the break we need, we may be diving deeper into negative influences. So, how can we deal with all this negativity and bad news?

BAD NEWS OVERLOAD

LIMIT NEGATIVE

NEWS

If you are drowning in a sea of bad news, then it is time to limit your negativity intake. Maybe monitor how often you check negative news feeds. We do need to stay informed, but how often and in how much detail? Turning off the constant tap of bad news can offer us some respite.

BAD NEWS OVERLOAD

FOCUS ON THE

POSITIVE Once you have limited how much bad news you are receiving, then you can turn on the tap of positivity. Instead of thinking about all the bad things that might happen, why not spend some time thinking about all the good things and people you have in your life? Good friends, good food, a beautiful day, some nice surrounding. These are all things that can remind us of the good in the world around us.

BAD NEWS OVERLOAD

STICK TO A

ROUTINE A regular routine that includes getting enough sleep at regular times, eating meals and handling needed chores can help your brain feel relaxed and refreshed. Getting stuff done, rather than procrastinating also provides a sense of accomplishment that is good for you.

BAD NEWS OVERLOAD

HELP

OTHERS Lockdown forced us all to isolate and avoid other people. Many of us are still avoiding others due to our fear of infection. That’s natural and logical but isolation can lead us to be more self-focused than normal. This can leave us with way too much time to focus on our own problems. This could make us blow our problems out of proportion –a typical ‘mountain out of a molehill’ situation. Shifting focus to helping others around us, maybe in our family, friends or community, can get us out of this selfish and negative mindset and allow us to expand our horizons. Furthermore, helping others releases feelgood chemicals in our brain that promotes positive feelings and less worry.

BAD NEWS OVERLOAD

IMPROVE YOUR HEALTH

EXERCISE

Getting regular exercise can also help us feel better. Eating healthy and taking care of our physical health will have long lasting benefits, and can make us feel better right now. Most of us are still dealing with our extra lock-down weight (thanks Covid, now I need to go buy bigger clothes). Including some appropriate physical activity into our routine can help us a lot. We look and feel better, we accomplish a short term goal every time we workout or go for a walk (or run) which gives us a sense of accomplishment. But please give it a few months before you start buying shirts with cut off sleeves just to show off your “guns”.

BAD NEWS OVERLOAD

IMPROVE YOUR HEALTH

SLEEP

Getting enough sleep can really assist us cope with our stress. Lack of sleep reduces our ability to deal with pressure and kills our ability to concentrate when needed. So, make sure you get enough rest. If you struggle to sleep, then you should try to set a realistic time to regularly go to bed and wake up, and try stick to it. Over time this pattern will help prepare your body and mind for sleep. Avoid TV watching or social media surfing in bed just before you go to sleep (you know you do…). Those bright stimulating screens are not conducive to falling sleep. Avoid big meals, alcohol and caffeine just before bedtime, they don’t help you get a long restful sleep.

BAD NEWS OVERLOAD

DEALING WITH JOB

INSECURITY These days, unfortunately, nobody can say their job is 100% safe. So, how can we deal with anxiety about job security? Maintain a good attitude about your job, even if it isn’t your “dream job”. Consider the benefits you do get from your job (like a salary that pays most of your bills). Be a good employee; arrive on time, leave on time. Earn your salary by giving your employer value for money. Be industrious and reliable. Even if you do lose your employment due to factors beyond your control, you can then be assured of positive recommendations for you next job application.

BAD NEWS OVERLOAD

TAKE ACTIVE STEPS TO

REDUCE STRESS

Like ‘bad news overload’ we can have an overload of things that stress us out every day. We can normally deal with some stress, but not too much. Can you take action to reduce some of the causes of your stress? Could you reduce the time you spend with negative people? Could you adjust your routines or living situation to reduce stress? Often money matters are some of our biggest causes of anxiety. If you need advice on how to get the most out of the money you do earn each month, then talk to a Debt Counsellor about budgeting and debt. They can help you take positive steps to effectually manage your finances.

BAD NEWS OVERLOAD

CAN WE HAVE POSITIVE MINDSET ABOUT

WORLD EVENTS?

If you have been paying off your debt, then you will know that positive change takes real effort & time. Worldwide, it is true that big changes are needed on almost every level of society to deal with what is happening. Sometimes people only react when things directly impact on them. The long-standing social structures that are in place, often feel threatened by change, and so they try carry on as normal, for as long as possible to avoid discomfort or financial cost. This is often why it is the younger generation that rebel against the status quo. These days it seems half the rich people want to disappear into a virtual world or jet off into space to get away from our problems. We may also not know what to do. It is important for us to consider what we have direct control over, and what we don’t. Can we improve things among our family, friends, colleagues or community? You may not be able to control fire tornados in Australia, but perhaps you can help a family member deal with a crisis, or provide needed support to those less fortunate or struck by disaster. Do what you can.

BAD NEWS OVERLOAD

NO MORE

OVERLOAD If you have been feeling tired and worn down by all the bad news around us, then it is time to make a change. Stress is unavoidable, but not always a bad thing. Our brains are built to handle stress, but we need to avoid being overwhelmed. Try to reduce the amount of negative news you get each day, while increasing the focus on the positive things in your life. Eat healthy, get enough suitable exercise and rest to help you feel better. Find ways to reduce your stress by taking action rather than procrastinating (like by entering debt review if you are overwhelmed by debt stress). Focus on what you can change in your life, and immediately around you. Shift focus off your own problems and try to help others, have a positive impact on your family, friends and community. It’s time to say “No” to bad news overload.

DEBT REVIEW LESSON #2

SCAM ALERT Be careful if another person calls and says they can suddenly reduce your monthly debt review repayment amount. Many scams start that way. Rather talk to your own Debt Counsellor.

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BREAKING NEWS

IMPROVED INTERNATIONAL INVESTMENT RATINGS? In 2020 SA was downgraded by Moody’s rating agency to what is commonly referred to as “Junk” status. This meant that many larger investors and funds had to pull out and start investing elsewhere. With the continuing pandemic, riots and political uncertainty, the rating continued to drop during lockdown. Moody’s kept saying things would probably get worse and worse. Moody’s have now made a significant change and adjusted their official ‘negative’ outlook to a much better ‘stable’ one. This means they do not feel things are getting worse. They will now wait and see how things progress. These ratings were, however, made before the KZN flooding and recent announcements regarding loadshedding.

CONSUMERS WITH BAD CREDIT RECORDS 27 Million South Africans use credit each month. Out of this rather large number (which far exceeds the number of people who are employed in South Africa) 48% and have recently missed payments. A very large percentage of credit users have not made payments for 3 months or more (on, at least, some of their debts).

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IMAS DEBIT ORDER CANCELLATIONS ON TRACK The Debt Counsellors Association of South Africa (DCASA) recently engaged with credit provider Imas (Iemas) about their past hesitancy to cancel debit orders on accounts where they received a debt restructuring proposal they did not like. The situation has now been resolved in line with the 2009 task team recommendation (later turned into an NCR guideline). Another good example of how industry challenges can often be resolved through good communication and cooperation to the benefit of consumers in debt review.

EDCON PAID-UP LETTERS Consumer Friend are busy dealing with a small third-party system related challenge where some Edcon accounts were prematurely marked as paid up…but this was done in error. Though the paid-up letters were made available and the balance initially shown as zero, Consumer Friend, in order to assist with a speedy resolution, have now asked for these accounts to be put back into distribution via the PDAs. In some cases the still outstanding amount is quite small but many are between R300 – R600, according to several Debt Counsellors that Debtfree spoke to. What this means is that these consumers have to now be told that the paid up letter is not accurate and they actually still owe money to the credit provider even though they thought they had reached the milestone of paying off the debt. Some awkward conversations indeed. It also means the Debt Counsellors have to take time to go back onto the PDA system and restructure matters across all remaining account so that the accounts get the payment working towards the new balance. This unfortunately has a knock on effect, in many cases, of delaying cascading payments to other credit providers. Consumer Friend is contacting Debt Counsellors whose clients may have been impacted.

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SWITCHING

DEBT

COUNSELLORS

SWITCHING DEBT COUNSELLORS

I MET SOMEONE

NEW

Some people wonder if it is possible to switch from the services of one Debt Counsellor to another. Although this is not common or recommended, it is possible. Let’s look at why you might want to change Debt Counsellors, and some things you should be very careful of.

SWITCHING DEBT COUNSELLORS

WHY WOULD YOU

CHANGE? Some reasons for a change are more obvious than others. For example, a Debt Counsellor may have passed away, and this would mean that the consumer has no one to represent and advise them. Even if the Debt Counsellor is alive, they may no longer be practicing. The entire Debt Counselling practice may have closed down due to business challenges. This would mean that the consumer would have no one to look after their interests. They would need a new Debt Counsellor to help. There are other reasons too. The National Credit Regulator may have found that the Debt Counsellor was not doing their job well, and may have asked the NCT to take away their registration (normally they will then just decide on a new Debt Counsellor for you without asking you, but you could chose your own). You may be getting really poor service from your Debt Counsellor. Even if you have spoken to them and explained the level of service you require, you may still not be happy. You may find that they never answer their phones or answer your emails. They may not provide you with any advice, or help when challenges come up. So, you may prefer to move to the services of a different Debt Counsellor who has a good reputation.

SWITCHING DEBT COUNSELLORS

THINGS TO

WATCH OUT FOR If someone calls you and says they can help you pay less towards your court ordered debt review each month, do not be too hasty to take them up on their offer. 1. One reason for caution is that you may be the target of a scammer. The scammer may promise much lower repayments but ask you to pay the monthly debt repayment amount into a new bank account (their own). They could then run off with the money and leave you in a lot of trouble with your credit providers. Remember, there are only 4 NCR registered Payment Distribution Agents in South Africa. Changing Debt Counsellors may not mean changing PDAs. No change on the PDA side of things is much safer.

2. Since debt review is done via the courts, and the magistrates decide how much you pay (not the Debt Counsellors who just make suggestions) any promise by someone to lower your repayment cannot be guaranteed. If the matter has to go back to court, you may have to pay additional legal fees and the Magistrate may still feel you can afford the exact same repayment amount as you have been paying. After all, your credit providers are likely to ask the court for the same amounts as before. 3. Many consumers have been convinced to switch DC’s with promise of lower instalments or even the chance to get out of debt review. Unfortunately after they pay some fees, they often struggle to get hold of the company again, and soon find out their debts have not been paid and they are facing legal action from credit providers. Alternatively, consumers are told they don’t qualify to leave debt review anyway, and must carry on paying, but by then some credit providers may have started new legal action.

SWITCHING DEBT COUNSELLORS

CLICK CLICK DONE

IS IT ALWAYS THAT SIMPLE? The NCR have a database which records which Debt Counsellor the consumer has signed up with. Any change from one Debt Counsellor to another is also recorded on this database system. The new Debt Counsellor clicks a few buttons and the previous Debt Counsellor can do the same, to speed things along. Of course that’s the relatively easy part. Letting all your credit providers know about the change, and making sure they send emails and documents to the right Debt Counsellor (and not the old one) can present challenges. Sometimes however, there can be some hiccups in transferring from one Debt Counsellor to another. The previous Debt Counsellor may say that fees for services have not been paid yet (so they may decline the

CLICK CLICK DONE IS IT ALWAYS THAT SIMPLE? CONT’D transfer) or The Debt Counsellor may refuse to do the transfer because they are scared the consumer is being scammed. We spoke to Mr. Timmy van der Grijp, who worked at the NCR (now at VDGC Consulting) for many years, about why this can happen. Timmy says: ”On many occasions I heard the same Debt Counsellor arguing in favour of a transfer, and then later that same week against such transfers.” Why would this be? He says its: “depending if they were the one requesting or declining the transfer request.” It is not exactly a straight forward situation (especially when it comes to outstanding fees). Timmy continues: ”On the one hand, it is argued that the DC must be paid for the work done, and on the other it is said that there is no lien supported by law to justify any decline of a consumer transfer request, because of outstanding fees.”

VDGC is holding an in-depth 2 hour workshop on the topic during May. DATE: 10th May TIME: 2pm FEE: R100 For those who would like to dive into the topic you can book online at: www.vdgc.one

SWITCHING DEBT COUNSELLORS

TO SWITCH OR

NOT TO SWITCH? If your Debt Counsellor has passed away, or their business is going to stop practicing, you 100% need to make a change. Normally, the NCR or the Debt Counsellor themselves will assist in such cases. If you are not getting the level of service you want from your Debt Counsellor, do not be quick to try change. It is a complex thing and comes with some challenges. First, speak to your current Debt Counsellor and tell them why you are not happy. Do not speak to a junior staff member about such a matter - talk directly to your actual Debt Counsellor. If you are having problems with the PDA or getting calls or letters from a credit provider, then your current Debt Counsellor will help you sort out the issues.

IMPORTANT: Make sure the Debt Counsellor and PDA have your correct contact info. This can have a big impact on receiving communication from them.

SWITCHING DEBT COUNSELLORS

PLEASE BE

CAREFUL Change is sometimes necessary but be careful of being lured into making a change. If you are thinking of making a change, ensure that you are dealing with an NCR registered Debt Counsellor (ask for their certificate) and be careful if they ask you to change the bank account you pay your debts to. Feel free to contact the PDA and check the bank details with them. When considering a change be sure to go onto sites like HelloPeter.com and read the customer reviews about the practice. Check if they have a professional website. If they have lots of bad reviews, or only have a Facebook page then please beware!

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The Debt Review Awards Gala will be held in September 2022. The event will be a combination a (Covid-19 cautious) in person event and live streamed online (a hybrid event) so that some will be able to attend in person (in Cape Town) and others will be able to log in via Youtube (as has been done the past 2 years) to enjoy all the action. Debt Counsellors and credit providers will be able to oganise viewing parties at their offices so that all can enjoy the event live.

Peer Reviews The annual peer reviews are ongoing. All NCR registered credit providers and Debt Counsellors are included in the review pool (and do not have to sign up to be reviewed).

Want To Check If You Are Included? Email: DebtReviewAwards2022@debtfreedigi.co.za Soon communications regarding the peer reviews will transition from only the official NCR database contact list of all credit providers and Debt Counsellors to be supplemented by the Awards organizers contact list. This should ensure that any who have changed contact info or who have specifically signed up to be contacted will receive an opportunity to review their peers. Additional invites to participate will be provided via social media and various credit provider and Debt Counsellor Associations and groups.

We’re not back, we never left. NPDA is now iPDA.

As one of the four licensed Payment Distribution Agencies in South Africa, we work with several hundred DC’s, paying several thousand creditors and managing payments for thousands of consumers. We still offer a range of benefits and controls that make the way you serve your clients faster, cheaper and more intuitive. For more information or a free demo, visit us at www.ipda.co.za.

Members are welcome to post questions & suggestions on the Facebook page. To apply to join:

facebook.com/groups/allprodc www.allprodc.org

Debt Counsellors Collective Do you need representation with the NCR? Would you like to submit recommendations to the CIF? iDDC can help Email: alanm@moneyclinic.co.za

If memb experiencing with updates they should us infor HE

bers are g any delays s to NCR DHS d please mail rmation ERE

DCASA REGIONAL MEETINGS Gauteng - 17 May Kempton Park KZN - 27 May Westville Country Club DCASA Annual Conference date: 17 August 2022 Birchwood OR Tambo Conference & Hotel

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

STEP-BY-STEP DREX GUIDE DREX simplifies the exchange of data and makes managing the debt review process less admin intensive. The below links take you to step-by-step guides on how to use the DC Portal on DREX. How to Register on the DC Portal Introduction to the DC Portal Accessing a Consumer's Profile

DEBT REVIEW LESSON #3

Try to beat your own monthly budgeting goals. Always try to have a little left over at the end of each month. That way you can save extra towards unplanned expenses.

What if... YOUR CLIENT’S VEHICLE IS STOLEN OR WRITTEN OFF? • Is he properly insured? • Could the insurer repudiate the claim due to his debt review status? • Since he cannot get more credit, how does he replace his vehicle?

Meliorleaf is the first and only specialist in insuring the assets of people in debt review. We genuinely protect your clients… in partnership with you.

CALL US NOW 010 141 2799 | www.meliorleaf.co.za

MAXIMISING INSURANCE RELATED INCOME

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

Are you interested in partnering with Meliorleaf? Call Sean or Elmarie today on 010 141 2799 CALL US NOW 010 141 2799 | www.meliorleaf.co.za

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