Debtfree Magazine Issue 5 of 2024

WAS ENTERING DEBT REVIEW A MISTAKE?

E XCE LL ENCE IS D OIN G ORD IN A R Y THING S

E XT R AO RD I N A RI LY W E L L

– John W. Gardner

CREDIT PROTECTION

CREDIT PROTECTION

Have you applied to go under debt review? Are you restructuring your monthly expenses? Would you like to insure your debt?

Why not insure all your outstanding accounts in a single ONE Credit Protection Policy?

Have you applied to go under debt review? Are you restructuring your monthly expenses? Would you like to insure your debt?

BENEFITS OFFERED:

• Death – we settle the account

Why not insure all your outstanding accounts in a single ONE Credit Protection Policy?

• Temporary Disability – we pay your installment for 12 months

• Permanent Disability – we settle the account

BENEFITS OFFERED:

• Critical Illness – we pay your installments for 3 months

• Death – we settle the account

• Retrenchment – we pay your installments for 12 months

• Temporary Disability – we pay your installment for 12 months

• Permanent Disability – we settle the account

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 for less.

• Critical Illness – we pay your installments for 3 months

• Retrenchment – we pay your installments for 12 months

The following financial obligations or debt can be covered on the ONE Credit Protection Policy:

• Credit Cards

• Overdrafts

At a rate of R2.95 per R1000 unsecured/short-term

and R2.00 per R1000 on mortgages and you can now insure your debt for less.

• Personal Loans

• Home Loans

• Retail Accounts

The following financial obligations or debt can be covered on the ONE Credit Protection Policy:

• Rental Agreement

• Credit Cards

• Maintenance Orders

• Overdrafts

• Personal Loans

For further information please speak to your Broker, Debt Counsellor or alternatively contact your regional ONE office.

• Home Loans

• Retail Accounts

• Rental Agreement

• Maintenance Orders

0861 266 562 admin.debt@one.za.com Terms and Conditions Apply

For further information please speak to your Broker, Debt Counsellor or alternatively contact your regional ONE office.

FROM THE EDITOR

I was recently fortunate to spend some time talking to a consumer who just finished her debt review journey. It is always great to hear how someone has successfully pushed through the pains of life and challenges of living on less. And, of course, to hear about their joy on the day they finally got that message that said: all your debt is paid up. What I found revealing was that this incredibly resilient consumer said that the hardest part of debt review (which lasted a few years) for them, was the first 90 days.

It is not an uncommon sentiment, the change from a credit lifestyle to a cash lifestyle is like a crash diet. What seems fun for a few days slowly turns into withdrawal. The urge to just spend, and use your card to cover some new expense, is massive. It is credit detox and it is tough!

Many who start debt review cannot even go 60 days without using credit. They simply give up, and decide debt review is not for them, they can’t do it. Even after all the collections calls have stopped, and they have all that weight off their shoulders, they still have this deep brain pain that says, they have made a terrible mistake in starting debt review.

It is somewhat like the bird whose cage is left open but it is scared to try freedom, and choses to stay inside. In this issue, we dive into this topic and discuss if starting debt review was a mistake? Will it work for you? Have you messed up, and should you go back to how things were? Can you even do that now?

We have tips and advice that will help you save bucks, keep your budget in check and help you make the most out of living on less. We also have financial and economic news that is worth knowing about, as these things will impact you in the near future.

So, we hope that you enjoy this issue, and it helps you put your mind at rest about the choices you have made, or help shape those you are currently contemplating.

If you ever get to speak to people who have powered through the entire debt review process, few will say it was easy. Because debt review is not easy… life is not easy. Many of us have had to take on a lot of debt just to get by, and while you are trying to sort out one problem in life the next soon arrives. That can leave you with a figurative mountain of debt on your shoulders. It can weigh you down and leave you doubting that you could ever be free of it.

But, please know that it can be done, others have done it. If you are reading this then likely you have started a journey towards a brighter future. You can absolutely live your best life, you really can make a success of your finances and you can become debt free.

My advice to toddlers is to start saving your money

DEBT REVIEW

DON’T HIDE

In the past when you got scary collections calls or nasty letters from credit providers you may have simply not answered the call or even not opened the letters.

Once you enter debt review the collections calls and scary letters should stop.

So, if someone does call or you do receive a letter find out all the details then let your Debt Counsellor know and put them in touch. They can help sort out any issues.

Credit Life Insurance

Financial Gains, Client Savings: Collaborate for Success

What We Do

We specialize in providing Credit Life Insurance, Income Protection, and Funeral Cover services to debt counsellors, empowering them and their clients to have more. By referring their clients to us, we not only offer the highest referral fee in the industry, but also provide annuity streams to support their financial growth.

Why Partner With Us?

•Additional Revenue Streams

•Annuity Income

•Retention of Clients

•We take care of Administration

•Compliance Guaranteed

For Debt Counsellors

•A lucrative recurring monthly revenue stream

•Better chance of clients qualifying for debt review

•Little time and no effort – we do the work for you

•User friendly and efficient system

•Enhanced Service Offering

•No Medicals Required

•Continuous Training Provided

•DC Front-End System Integration

For Debt Counselling Clients

•Pay a lower premium for the same benefits – can save your clients thousands of Rands

•Convenience – a single policy covers all your clients’ credit agreements

•Claiming process easy and effortless and facilitated by DCCP

•New loans can be included under this policy

WAS ENTERING DEBT REVIEW A MISTAKE?

THE HIDDEN BENEFITS OF DEBT REVIEW

NEWS

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

MAXIMIZE

MONEY WITH FACTORY SHOPS SERVICE

DIRECTORY

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.

WAS ENTERING DEBT REVIEW A MISTAKE?

WAS ENTERING DEBT REVIEW A MISTAKE?

DID YOU MAKE A MISTAKE?

Having lots of debt is stressful. It can weigh you down and sap all your energy. So, when you hear about debt review and how it allows you to pay off your debt in a more reasonable and manageable way, it may sound like a dream come true.

But, if you have started the process, doubts might start to slip in.

• Is it the right thing to do?

• Have you made a mistake?

• Will it really work for you?

It is natural to have such thoughts. Most of us fear making a big mistake that could make our situation worse off. In fact, there are many reasons why you might wonder if you have made a mistake in entering debt review.

Let’s look at a few and put your mind at rest.

WAS ENTERING DEBT REVIEW A MISTAKE?

WHY DO SOME PEOPLE THINK DEBT REVIEW IS A MISTAKE?

You may have heard or read about some people who began debt review but then stopped. They may blame the process for many of their problems and claim it did not work for them.

Normally those stories leave out critical information about who really was to blame and why the person really left debt review.

Let’s look at some common reasons why people think it was a mistake for them.

WAS ENTERING DEBT REVIEW A MISTAKE?

CREDIT WITHDRAWAL

One of the main reasons people think entering debt review is a mistake is the restriction on accessing new credit. It temporarily appears on your credit report.

Most people do not realise how addictive credit is. It is like an empowering drug that lets them spend money they do not have and probably can’t even afford to spend. It is highly addictive.

When you enter debt review, your credit accounts are frozen, as the idea is to pay off credit not get more credit. So can’t take on additional credit until the process is complete.

For those who are so very used to relying on credit for everything from groceries to emergencies, this can be a big adjustment.

The first few weeks can feel like going to credit rehab.

DEBT REVIEW IS

NOT

A MISTAKE...

Switching to a cash lifestyle can be very beneficial. It encourages better money management and reduces the risk of falling back into debt.

Who cares if it is on your credit report. You will finish debt review and the listing will be gone.

So…who cares?

Credit is debt. And we all know debt is bad.

By learning to live within your means and avoiding the temptation of credit, you can build a more secure financial future.

WAS ENTERING DEBT REVIEW A MISTAKE?

IT REQUIRES FINANCIAL DISCIPLINE

Being in debt review requires a higher level of financial responsibility and discipline than most people have had in the past.

While in the process, you need to stick closely to a budget and need to prioritize your spending properly so that you can ensure you can make your debt repayments.

This shift in financial behaviour can be challenging for those who have not done so in the past.

DEBT REVIEW IS NOT A

MISTAKE...

No one really enjoys doing a budget, but it is incredibly helpful in keeping finances under control. Tracking what you have actually spent can also be eye-opening and prevent future financial troubles.

Not doing a budget or tracking your spend in the past might be one reason why you were under financial pressure to start with.

The discipline you develop now will serve you well in the long term.

WAS ENTERING DEBT REVIEW A MISTAKE?

NEGATIVE EXPERIENCES OF OTHERS

It can make you really worried when you hear or read negative experiences other people had with debt review. Stories and misinformation about debt review can be powerful.

Friends, family, or acquaintances who may not fully understand it, can influence your perception with thoughtless words.

The internet and even the press can focus on a few bad experiences of a limited number of people, giving the wrong impression that the process is not working.

DEBT REVIEW IS NOT A MISTAKE...

Over 12,000 people enter the process every single month, showing that it is indeed working for many.

Unlike other ways to pay back your debts the process is a legal one. It is done via the courts and is part of the law (The National Credit Act). It offers you protection and it works. Its normal that there may be a bad story here and there.

Consider how many bad stories you have heard about people who went to a doctor or dentist. Does that mean you will never go to a dentist?

WAS ENTERING DEBT REVIEW A MISTAKE?

TEMPTING OFFERS OF MORE CREDIT

Offers online on social media promising a new loan for those in debt review or an easy way out of debt review can be incredibly tempting.

These scams often present themselves as quick fixes, offering to clear your debt without the discipline and time required in debt review.

You might not realize the offer is a scam and it may seem reasonable or even great. You might think you no longer need debt review and these offers will actually work.

DEBT REVIEW IS NOT A MISTAKE...

Debt review is a slow and steady process. The process is not too good to be true because it requires time and effort. But offers that you see online promising more credit or removing your debt review status are almost always scams.

Most of the time, such offers involve you giving people money upfront for a service that you actually will not get or won’t qualify for. This will derail all the progress you have made so far in paying off your debt.

This is why it is important to communicate well with your Debt Counsellor when you see any such offers and start to think about them.

WAS ENTERING DEBT REVIEW A MISTAKE?

MISLEADING INFORMATION FROM COLLECTIONS AGENTS

While under debt review, you may get a call from a collections agent who says they represent one of your credit providers.

They can sow doubt in your mind that the process is actually working and may make promises of giving you a better deal outside of debt review or even make empty promises of giving you more credit if you leave debt review.

DEBT REVIEW IS NOT A

MISTAKE...

These claims are false. Just check your statement from your Payment Distribution Agent. Your credit providers and Debt Counsellor are getting paid.

And remember debt review is a legal process done through the courts designed to protect you. A judge went through your matter and attorneys for all the credit providers and your Debt Counsellor went to court to get your court order. Even if that is still under way you will already have copies of your court papers.

The process is not some loose agreement on the phone which can be broken at any time. It is binding on the credit providers.

WAS ENTERING DEBT REVIEW A MISTAKE?

SO MANY REASONS TO STAY IN DEBT REVIEW

The goal of debt review is achieving financial freedom.

While the process can be challenging and somewhat restrictive in the short term, the long-term benefits are substantial. Completing debt review means you will be debt free, which leads to reduced financial stress and increased peace of mind.

When you feel a moment of doubt, focus on the end goal and remind yourself that the sacrifices made now will pay off in the future. In addition to long-term benefits, there are many immediate advantages to being in debt review:

• You will no longer receive all those nasty collections calls, emails, and no more scary letters.

• Having a plan in place to deal realistically with all your debt allows you to sleep well at night. No more waking up in cold sweats or feeling nauseous.

• And you also have access to financial advice from your Debt Counsellor.

These short-term benefits can provide immediate relief and motivation to stick with the process till you are debt free.

WAS ENTERING DEBT REVIEW A MISTAKE?

BUILDING FINANCIAL SKILLS

Debt review is also an opportunity to develop better financial habits and discipline. Learning to manage your money more effectively is a skill that will serve you long after you finish the debt review process.

For instance, sticking to a budget helps you prioritize necessary expenses and avoid unnecessary purchases. Tracking your spending ensures you stay on top of your finances and make informed decisions. These skills are invaluable and most people never master them but you can.

WAS ENTERING DEBT REVIEW A MISTAKE?

There are many success stories of individuals who have completed debt review and regained control of their finances.

These stories can be a powerful source of inspiration and motivation. Hearing about others who have faced similar challenges and emerged successfully can help reinforce your commitment to the process.

For some real-life examples, check out the podcast DebtReviewWithDummies available on Apple Podcasts, Spotify, and www.debtreviewwithdummies.co.za

WAS ENTERING DEBT REVIEW A MISTAKE?

YOU NOW HAVE AN AMAZING SUPPORT SYSTEM

Debt counsellors play a crucial role in the success of your debt review process. They are there to help you navigate the challenges and provide guidance.

But remember that is only true if you communicate with them regularly.

They can provide reassurance when you have doubts or concerns and they can help keep you focused on your goals.

Debt Counsellors have a lot of experience, resources, and access to information that most others do not. This can be used to help you. Whenever you are feeling concerned or unsure, reach out to your Debt Counsellor.

They are there to support you and ensure you succeed in your journey to financial freedom.

WAS ENTERING DEBT REVIEW A MISTAKE?

DEBT REVIEW WAS NOT A MISTAKE...

While debt review can be daunting and yes, sometimes doubts can come up, it is a valuable process for achieving financial freedom.

By understanding the reasons behind these doubts and focusing on the benefits you get while in debt review, you can stay committed to the process.

Debt review can help you develop better financial habits, give you access to the support of an experienced Debt Counsellor and help you pay off your debts, of course.

So, if you feel unsure or someone says something that makes you nervous, don’t panic. Take a deep breath and remember it is a formal legal process that has worked for so many other people. It will work for you if you stick to the process.

Remember, the sacrifices you make today will lead to a debt free, financially stable future. Entering debt review was not a mistake. It was probably the best financial decision you have ever made.

THE HIDDEN BENEFITS OF DEBT REVIEW

THAT START ON DAY ONE

THE HIDDEN BENEFITS OF DEBT REVIEW

LONG TERM GOALS ARE GREAT...

When you begin debt review, your primary focus is, understandably, on getting out of debt. It’s a great longterm goal that probably motivated you to make the decision to get help in the first place.

Not only does it help end the all the nasty, stressful collections calls, but the process finally gives us a realistic plan to pay off all our debts. But that might take some time.

Did you know that debt review also gives you the chance to make some other changes that can benefit you right away?

TAKING TIME TO THINK ABOUT THINGS

When you are being hounded by collections agents and scary letters and lying awake at night stressing, it can mess with the way that you think about things.

You can get stuck in the fight or flight mindset and suddenly even little things can seem like huge problems that need to be solved right away. It can leave you exhausted and rushing into multiple bad decisions.

Entering debt review allows you room to breathe, giving you time to think about the choices set before you. One of the benefits of entering debt review, is the time it gives you to make these important decisions.

When presented with a required item on sale or a large unexpected expense, you don’t have to rush to make a decision, you can take a moment to think things through.

This gives you time to consider if you really need the item or if it’s just something you want. It’s easy to get caught up in the moment and buy things impulsively, especially with all the advertisements bombarding us every day.

But by taking a little time to think, you can differentiate between your needs and wants.

When you pause before buying, you also give yourself the opportunity to reflect on your overall financial goals. You can ask yourself questions like:

• Is this purchase going to blow my budget?

• Will buying this item bring me long-term happiness, or is it just a temporary fix?

Sometimes, just a few minutes of reflection can help you realize that you don’t really need the item or that it’s not worth the money.

Some people say it is a good idea to drop items into a wish list or online shopping basket and then let them sit for 2 days before you make any decision. Give yourself time to think about it.

Even when presented with a so-called emergency, you can also pause and consider if there are other ways to deal with the problem other than just reaching for a credit card (since you won’t be able to do that anymore anyway).

Often there are many ways to deal with a situation other than just throwing money at it. Some solutions just take a little longer, but on the up-side they won’t destroy your financial goals.

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Why Choose Us

Clients choose us for our debt counseling and correspondent services because of our personalised approach, unwavering integrity, and extensive expertise, as our registered debt counselors provide compassionate support by negotiating manageable payment terms with creditors, while our efficient assistance as correspondents to lawyers across South Africa ensures prompt execution and reliable solutions for a variety of legal matters, ultimately leading to client satisfaction and peace of mind.

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THE HIDDEN BENEFITS OF DEBT REVIEW

LEARNING TO SAY NO

Saying “no” is an important life skill, especially when it comes to managing your finances.

Saying “no” means setting boundaries and sticking to them, even when it’s difficult. When you’re on a tight budget, it’s important to prioritize your needs over your wants. This might mean saying no to that expensive dinner out or that impulse purchase you’ve been eyeing.

In the past, this may have been one of the many small factors that was slowly sinking you deeper and deeper into debt without realising it.

But saying no isn’t just about denying yourself things you want. It’s also about protecting your financial well-being. For example, when family members or friends ask for financial help, it can be hard to say no. But if you’re already struggling to pay off debt, taking on someone else’s financial responsibilities will set you back even further.

By explaining your situation and politely declining, you can maintain your financial stability and focus on your long-term goals. There may be a few moments of disappointment but if your family member can’t afford it, then surely they can understand you also not being able to afford it…

THE HIDDEN BENEFITS OF DEBT REVIEW

TALK TO MY DEBT COUNSELLOR

Another situation where saying no is crucial is when collection agents call asking for money.

It’s common for them to use aggressive tactics to pressure you into paying, like saying that they see no record of the debt review or that they can give better deals than via debt review but don’t be fooled.

There is no need to just agree to get them to go away or pressure to make unrealistic promises. You can learn to stand our ground and say:

Talk to my Debt Counsellor

No more lying about what and when you can pay.

Rather, you can simply point them to the financial expert you now have in your corner who is helping you get out of debt.

THE HIDDEN BENEFITS OF DEBT REVIEW

DEBT REVIEW IS A MARATHON

BUT…

It is true that debt review is not a quick fix. It is a slow and steady way to get out of debt while caring for your daily needs. It is a marathon and not a sprint.

But entering the process also gives you new opportunities. It gives you a chance to change the small habits you had in the past that were making your lives worse.

By learning to take time to consider purchases (and even emergencies) as well as by learning to say “no” to others and ourselves, you can take firm control of your finances.

You don’t have to wait years to get the benefits of debt review. They start from day one and involve much more than paying off your debts.

DEBT REVIEW

STATEMENT DIFFERENCES

It is good to remember that the figures you see on your monthly PDA statement will not line up 100% with those shown by your credit providers (for a variety of reasons).

If, however, you notice the differences getting big or a payment missing then you should let your Debt Counsellor know as they may have to ask the credit provider to correct their records.

Debt review is not easy but it is also not impossible. Hundreds of thousands of people have used the process to get out of debt and you can to.

If you would like to hear from some of the people who have successfully completed the process then you can check out this podcast which is all about debt review success:

www.debtreviewwithdummies.co.za

There are interviews with all sorts of people like:

• A Hard Working Single Mom

• A High Profile Businessman

• A Radio DJ

• Someone who fell for the “get out of debt review scams”

• Someone who took a really long time in debt review

• Someone who started a new job and things didn’t work out

Their success stories show that anyone can complete debt review if they just stick with the process and work closely with their Debt Counsellor. Why not give the podcast a listen and see how they did it?

MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

FACTORY SHOPS ARE FRIENDS

Are you looking for ways to save money without sacrificing quality? Factory shops might be your new best friend!

These hidden gems offer fantastic discounts on a wide range of products, from groceries to cleaning supplies.

In this guide, we’ll explore the benefits of shopping at factory shops and provide specific examples to help you start saving today.

MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

WHAT ARE FACTORY SHOPS?

Factory shops are retail outlets where manufacturers sell their products directly to consumers, often at significantly reduced prices. These shops cut out the middleman, passing the savings on to you.

Some well-known factory shops you might want to check out include: Score Grocery Discounter, Gatti Ice Cream, and Ina Paarman’s Factory Shop.

Major Benefits of Shopping at Factory Shops

Cost Savings

One of the biggest advantages of factory shops is the potential for huge savings. For example, at Score Grocery Discounter, you can score 10 Nespresso pods for just R40! They also offer a wide selection of pantry staples, including cereals, cleaning goods, and coffee. Plus, they have a variety of imported goodies like Sour Patch Kids and Hershey’s chocolate. And the best part? They deliver to your door.

Quality Products

Don’t be fooled into thinking lower prices mean lower quality. Many products at factory shops are the same as those found in regular stores. Fair Cape, for instance, offers fresh dairy products such as milk, cheese, and yoghurt at discounted prices. They also have a range of jams, marmalade, fruit purées, and more.

Unique Finds

Factory shops often carry unique or discontinued items you won’t find elsewhere. Gatti Ice Cream Factory Shop, for example, has all the classic ice cream flavours like vanilla and chocolate, along with exciting options like double fudge brownie and peanut butter delight.

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MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

HOW TO FIND THE BEST FACTORY SHOPS

But how do you find the best factory shops, the ones that have good deals and quality products? Follow these three steps:

1. Do Your Homework

Start by doing a bit of research. Look up factory shops online and check their reviews. For example, Mantellis is known for its range of quality biscuits and cookies, which you can find at direct prices.

2. Ask Around

Don’t underestimate the power of recommendations. Ask friends and family if they know of any good factory shops. Local social media groups can also be a great resource for finding hidden gems.

3. Sales and Promotions

Keep an eye out for special sales and promotions. Many factory shops offer even bigger discounts during certain times of the year.

MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

FACTORY SHOPPING: TOP TIPS

If you want to take full advantage of the benefits of shopping at factory shops you need to prepare well.

1. Plan Ahead

If you are living on less you need to watch your spending. Just because something is a deal does not mean you need it. Before you head out, make a list of what you need and set a budget. This will help you avoid impulse buys and ensure you get the best deals.

2. Inspect Products

While the savings are great, it’s important to inspect products for any defects or damage. Most factory shops have a final sale policy, so double-checking your items is crucial.

3. Compare Prices

Take a moment to compare the prices at factory shops with those at regular stores. This ensures you’re truly getting a good deal. For instance, Elgin’s free-range chicken offers 3-for-2 promotions and affordable portion packs, making it a smart choice for budget-conscious shoppers.

MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

THINGS TO FACTOR IN AND KEEP IN MIND

It’s not all win-win-win... there are a number of things you need to factor in to your factory-shopping strategy

1. Limited Stock

Stock at factory shops can be limited or inconsistent. You may have to pop in regularly or call ahead to catch the best deals.

2. Final Sales

Many factory shops have a no-return policy, so be sure you’re happy with your purchase before buying.

3. Travel Distance

Depending on where you live, you might need to travel a bit further to reach a factory shop. Consider the cost of travel when calculating your overall savings. Petrol is not cheap and you can’t really afford to travel too far, too often just to try save a few bucks.

MAXIMIZE YOUR MONEY WITH FACTORY SHOPS

MAXIMIZE YOUR MONEY

Factory shops offer an excellent way to save money while still enjoying high-quality products.

From discounted groceries at Score Grocery Discounter to delicious ice cream at Gatti Ice Cream Factory Shop, there are plenty of options to explore.

So why not give it a try?

You might be surprised at how much you can save.

DEBT REVIEW

Paying A Little Extra

Occasionally you may have a few extra Rand available to go towards your debts (it can happen).

While it is wise to always save for unplanned emergencies you can coordinate with your Debt Counsellor on where best those funds can be used (Like closing a small account, sorting out any arrears that are missing from one account etc).

Speak to them before you just go put the money into the credit providers account (as reference numbers may have changed as well).

Marius Mostert

BUILDING BETTER DC PRACTICES

BUILDING BETTER PRACTICES

STRATEGIES FOR BUILDING BETTER DEBT COUNSELLING PRACTICES

When it comes to debt counselling, effective practices are not only beneficial for clients but also for Debt Counsellors themselves and the reputation of the industry.

By providing not just good but exceptional service, Debt Counsellors can foster trust in debt review, raise client satisfaction, and help foster success for the whole industry.

Here are two key strategies for building better debt counselling practices:

1. Managing Client Expectations

2. Be Available

Let’s talk about that.

BUILDING BETTER PRACTICES

MANAGING CLIENT EXPECTATIONS

Many consumers enter the debt counselling process with limited understanding of exactly how it works, often harbouring unrealistic expectations.

They may mistakenly believe that Debt Counsellors possess omnipotent powers or that credit providers never make errors.

It’s essential for Debt Counsellors to educate their clients about the process, its limitations, and the responsibilities of all parties involved. This can take a little extra time and effort but is totally worth it in the long run.

By setting realistic expectations upfront, Debt Counsellors can reduce or totally avoid client frustration and ensure their clients have a more successful journey through the debt review process.

BUILDING BETTER PRACTICES

BE AVAILABLE

One of the most common reasons for client dissatisfaction and potential dropout from debt review is simply the inability to reach their Debt Counsellor.

Whether through unanswered calls or delayed responses to emails, poor accessibility erodes trust and undermines the effectiveness of the process. This is of course, totally unacceptable.

Debt counsellors must prioritize responsiveness and accessibility, implementing efficient communication channels to address client queries and concerns promptly. This could be something like a ticketing system or by adding more staff to handling client queries.

This will help ensure that clients feel supported and empowered throughout their debt review journey.

DON’T SETTLE, BE BETTER

Building better debt counselling practices is not only beneficial for the success of individual practices but also for the overall health of the debt counselling industry.

By effectively managing client expectations and ensuring accessibility, Debt Counsellors can enhance client satisfaction and trust while contributing to the positive reputation of the industry. It will help keep clients happy and even motivate them to share their positive experiences with others.

As guardians of consumer financial wellness, Debt Counsellors should continuously be looking for opportunities to improve their client service and uphold the principles of transparency, reliability, and support. By doing so, they can create lasting positive impacts for their practices, their clients, and the industry as a whole.

Debicheck Collection

Success with iPDA

Imagine attaining an almost perfect success rate in collections, guaranteeing secure and authorized debit orders each time.

With iPDA, this is not just a dream—it’s a reality. Our Debicheck collections boast a remarkable 97% success rate, setting us apart as leaders in the industry and providing peace of mind to Debt Counsellors and theirclients.

At iPDA, we understand the critical importance of reliable collections within the debt review process.

Collection Success:

• Debicheck Collections: 97%

• Debit-EFT Collections: 79%

By choosing iPDA, you align with a partner dedicated to precision, reliability, and exceptional results.

Experience the confidence and ease that comes with knowing your collections are managed by the best in the industry.

Take Action Today! Partner with iPDA and secure your place at the forefront of debt review solutions.

Contact us now to learn more and start benefiting from our exceptional success rates.

Experience the iPDA difference.

BREAKING NEWS

NO REPO RATE DROP –DON’T

EXPECT ONE SOON

The South African Reserve Bank MPC decided in May 2024 to keep the repurchase rate at its current level of 8.25% per year.

The decision was unanimous and experts are now all agreeing that and drop is a long way off in the future based on the factors that the SARB are taking into account.

It is looking like any drop, if one comes may only be in 2025. This means consumers will remain under intense pressure to service their existing debts.

NEW ROUND OF WORKSHOPS START MID JUNE

On Thursday the 20th June 2024 Debtfree will begin a new round of workshops designed to help new Debt Counsellors and Debt Counsellors whose practices have less than 300 clients grow their client book.

The workshops cover a range of topics ranging from advertising to building a meaningful brand.

If you missed the round of workshops that began in January of this year or would like to catch one of the specific workshop topics then you can email workshops@debtfreedigi.co.za to find out the schedule for the new round and book your online seats.

JO’BURG ELECTRICITY HIKES & SURCHARGES

The City of Johannesburg Council recently approved their new budget for the 2024/25 financial year.

The bad news is that the budget includes a new R230 surcharge for regular prepaid electricity users. This means more money paid before any electricity is even consumed.

And don’t forget that there is also a looming 17.9% tariff hike for many this year as well (maybe NERSA will limit some of these increases but we can be sure that price hikes are coming).

Ouch.

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

Market Leading Payment Distribution Agency

DC Partner is a award winning payment distribution agency to the national debt industry.

Compliance: DC Partner is a NCR accredited Payment Distribution Agency, and adhere to strict security standards to ensure compliance and safe handling of debt review funds.

Efficiency: We streamlined processes for quick distribution of funds, saving time and resources for debt counsellors with our secure payment solutions.

WELCOMING THE NEW NCR CEO

Following the retirement of Ms. Nomsa Motshegare, who served as the NCR CEO for over a decade, you may be wondering who will now be filling the role of NCR CEO.

Well, it was recently announced that Ms. Lynette De Beer (CA) SA has been appointed as the Acting Chief Executive Officer as of 1 May 2024.

Ms. De Beer steps into this position following her successful tenure as the Chief Financial Officer (CFO) at the National Credit Regulator, a role she has held since October 2021.

Ms. De Beer brings a wealth of leadership experience from both the private and public sectors. A Chartered Accountant by profession, she has many years of demonstrated and solid understanding of financial management practices, controls, and reporting requirements.

During her time at the NCR, she has been instrumental in providing strategic support and direction on matters of finance, supply chain management, and information and communication technology.

Importantly, under her stewardship, the NCR has consistently achieved clean audit outcomes, this, as a result of her governance oversight and commitment to excellence.

Ms. De Beer is well known internally at the NCR for her ability to maintain order during challenging times and her determination to complete projects successfully. She has led many important internal initiatives, such as updating financial reporting standards and ensuring the NCR’s clean audit results. She also worked on modernising business processes to improve financial controls. Her leadership has strengthened the NCR’s financial management and overall efficiency.

With her proven skills and drive for improvement, Ms. De Beer is well positioned to lead the NCR in the days ahead.

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

Western Cape 13 June 2024

Durbanville Conference Centre

Tel: +27 12 140 0602

Email: info@collectnetpda.co.za

Web: www.collectnetpda.co.za

Finwise is an all-inclusive Software System, designed for debt counsellors for professional and efficient Debt Management.

Finwise is a cloud-based system, and can be used on any mobile device, PC, or tablet with internet connectivity. The exceptional workflow and innovative task manager tools saves the user valuable time, through multiple consumer data reporting and easy management. Several integrations such as Legasys, iDOCS, Drex, facilitate effortless administering, and handling of multiple transactions and tasks within one system.

More Industry News Than Ever...

If you work in the debt review industry you may be hungry for news about finances, the local debt review industry and the DTI, NCR, CIF and NCT.

Why not sign up for the Debtfree Industry Newsletter?

One email a month with the latest financial local and international news about all the things that may impact on how you do debt review.

We’re

If you have excellent communication skills, empathy, and a desire to make a real impact, apply now! If you’ve always been that person who gets it done, we want to talk to you.

Location: N1 City, Goodwood, Cape Town

WE ARE HIRING

Are you passionate about helping people?

Are you ambitious and money driven?

Do you want to be part of a growing organization?

Training is provided together with a basic salary.

This role includes:

- Cold calling (leads provided)

- Achieving weekly and monthly targets

- Working under pressure

- Basic Salary: R4500 - R5,500.00

- Commission Earning Potential of R10 000/month

Requirements:

- Matric grade 12

- 25 years old or older

- 1 years’ sales experience in a call centre

- Experience in banking/financial/insurance

- Independent agent working directly under management

- Must have experience in Microsoft Outlook and Excel

- Debt Review experience will be advantageous

- Good customer care skills

- Good communication skills

- Speaking more than two SOUTH AFRICAN languages

- Target driven

Please forward your CV to cvs@ezdebt.co.za

DEBT COUNSELLORS

NORTH WEST

NORTHERN CAPE

WESTERN CAPE

GAUTENG

LIMPOPO

FREE STATE

KWAZULU-NATAL

EASTERN CAPE

MPUMALANGA

www.debtbusters.co.za

info@debtbusters.co.za

NCRDC533

14th Floor, The Pinnacle

Cnr Strand & Burg St Cape Town

Tel: 086 111 6197

Fax: 021 425 6292

info@creditmatters.co.za

www.debtbusters.co.za

www.zerodebt.co.za

www.debtbusters.co.za

info@debtbusters.co.za

www.zerodebt.co.za

www.debt-therapy.co.za

www.debtbusters.co.za

info@debtbusters.co.za

One consolidated payment. Savings on interest rates. More cashflow. Let’s get it sorted! Debt doesn’t have to weigh you down. NCRDC2484 Credit Matters

South Africa’s Leading Debt Counsellors NCRDC533

14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197

Fax: 021 425 6292

info@creditmatters.co.za

Tel: 087 701 9665

Email: help@zerodebt.co.za

www.zerodebt.co.za

www.debtbusters.co.za

info@debtbusters.co.za

www.zerodebt.co.za

www.debtbusters.co.za

info@debtbusters.co.za

www.zerodebt.co.za

www.debtbusters.co.za

info@debtbusters.co.za

South Africa’s Leading Debt Counsellors NCRDC533

14th Floor, The Pinnacle Cnr Strand & Burg St Cape Town Tel: 086 111 6197 Fax: 021 425 6292 info@creditmatters.co.za

www.zerodebt.co.za Credit Matters

Tel: 087 701 9665 Email: help@zerodebt.co.za

www.debt-therapy.co.za

WESTERN CAPE

0872382280 enquiries@payplansolutions.co.za www.payplansolutions.co.za

Liddles & Associates

LEGAL

- Tony Robbins

(T) +27 87 138 3275 (E) quintin@liddlesinc.com www.liddlesinc.com

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

Jus�n

Assisting

Effective Intelligence sardagh@e-intelligence.com

Fides Cloud Technologies craig@fidescloud.co.za

Finch Technologies chris@finchinvestments.co.za

I-Bureau Services abrie@ibureau.services

IDR South Africa shane@v-report.co.za

iFacts sonya@ifacts.co.za

Inoxico support@inoxico.com

Kudough Credit Solutions chrisjvr@kudough.co.za

Lexisnexis Risk Management kim.bastick@lexisnexis.co.za

Lightstone chrisb@lightstone.co.za

Loyal1 tshepiso@loyal1.co.za

Managed Integrity Evaluation

marelizeu@mie.co.za

Maris IT Development marius@marisit.co.za

National Validation Services info@nvs-sa.co.za

Octagon Business Solutions gregb@octogon.co.za

Omnisol Information Technology info@verifyid.co.za

Payprop Capital johette.smuts@payprop.co.za

PBSA seanb@PBSA.CO.ZA

Right Cover Online cto@rightcover.co.za

Searchworks 360 skumandan@searchworks360. co.za

Smart Information Bureau info@smartbureau.net

ThisisMe juan@thisisme.com

TPN Group michelle@tpn.co.za

Trans Africa Credit Bureau

clintonc@transafricacb.co.za

Transaction Capital Credit Health

DavidD1@tcriskservices.co.za

VeriCred Credit Bureau sumein@vccb.co.za

WeconnectU

johann@weconnectu.co.za

Zoia Consulting sipho@dots.africa

C O N T A C T D E T A I L S DEBT REVIEW NIMBLE GROUP

Dear Debt Counsellors,

This letter serves to communicate to the Credit industry to use the following contact details for the Nimble Group when processing Debt Review related applications, enquiries, queries and, complaints escalation process.

Kindly take note Nimble Group hereby consents to service all legal documents applicable to Debt review herein by way of email.

Email & Task Type

Forms 17 1 and 17 7

Forms 17 2, Proposal Summaries, Cascade plans & Court orders

Forms 17.2 Rejection, 17.W & Form 19

Forms 17 3, General queries, settlements, balance, refunds, statements, Paid up letter request & reckless lending allegations, payment allocation queries & Complaints

Contact Details

drcob@nimblegroup co za

drproposal@nimblegroup co za

drtermintation@nimblegroup.co.za

drqueries@nimblegroup co za

DEBT REVIEW INBOUND CONTACT NUMBERS:

+27 87 250 5533

+27 21 8300 711

DEBT REVIEW ENQUIRIES ESCALATION MANAGEMENT ORDER CONTACT DETAILS

Kindly note that escalations must only be done once you have sent your request to the above-mentioned contact email addresses and if your requests are out of SLA in lieu Debt Review forms response business days stipulated in the NCR Act

Kind Regards,

Denvor Rank

Operations Manager: Process Recoveries

1st line escalation

Aletta Tokollo Molelekeng

Debt Review: Team Manager

D: +27 11 285 7247

E: AlettaM@normanbissett co za

2nd line escalation

Denvor Rank

Operations Manager: Process Recoveries

O: +27 21 830 0750 (Ext 6062)

E: denvorr@nimblegroup co za

3rd Line escalation

Zivia Koff

Specialised Process Manager

D: +27 21 492 4554

E: ziviak@nimblegroup co za

We trust this communication finds you well and that it will improve our service to you

It is of utmost importance that debt review documentation is sent to the correct email address to ensure timeous feedback and action.

CAPITEC BANK CONTACT DETAILS

Further to the above, please ensure that only the channel email address applicable to the documents being submitted is used. Sending emails to multiple email addresses will result in a delay or even no feedback or action.

CAPITEC BANK ESCALATION CHANNELS

1 Jolene Pieters Team Leader: Debt Review (Court Orders/Forms/Inclusions) JolenePieters@capitecbank.co.za 2 Cindy Mauritz Manager: Debt Review CindyMauritz@capitecbank.co.za

3 Carolina Visser Manager: Process Recoveries CarolinaVisser@capitecbank.co.za Proposals

1 Meghan Bruiners Team Leader: (Proposals) MeghanBruiners@capitecbank.co.za

2 Cindy Mauritz Manager: Debt Review CindyMauritz@capitecbank.co.za

3 Carolina Visser Manager: Process Recoveries CarolinaVisser@capitecbank.co.za General Enquiries, Refund/cancellation requests , Termination queries, Updated COB’s, Payment queries

1 Nathan Slaverse Team Leader: Enquires Nathanslaverse@capitecbank.co.za 2 Carolina Visser Manager: Process Recoveries CarolinaVisser@capitecbank.co.za

1 Mfundo Xaba Officer: Market Conduct Oversight MfundoXaba@capitecbank.co.za

2 Dries Olivier Manager: Market Conduct and Oversight DriesOlivier@capitecbank.co.za

Reckless Lending Queries

1 Whitney Jardine Team Leader: Recoveries Risk Support WhitneyJardine@capitecbank.co.za

2 Zayaan Jurgens Manager: Recoveries Risk Support ZayaanJurgens@capitecbank.co.za

Credit insurance claims

1 Grant Griffith Jessica Rademeyer Kanyisa Mbiza Team Leader: Insurance Claims GrantGriffiths@capitecbank.co.za JessicaRademeyer@capitecbank.co.za KanyisaMbiza@capitecbank.co.za

2 Brigitte October Performance ManagerInsurance Claims BrigitteOctober@capitecbank.co.za

Telephonic queries lodged

1 Laetitia Pretorius Team Leader: CCS Queries LaetitiaPretorius@capitecbank.co.za

2 Tracey Govender Manager: Recoveries Administration TraceyGovender@capitecbank.co.za

Sincerely,

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

DETAILS COMING SOON For more

ESCALATION PROCESS

DC QUERY PROCESS

NEDBANK DRRS

Debt Counselling Query Resolution Contact Points and Escalation Process

Email submissions (Level1)

Email: DebtCounsellingQueries@nedbank.co.za

To be used as a first point of contact for all written communication

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 Specialist (Level 2: First Escalation) dcescalation1@nedbank.co.za

To be used only where no resolution is found from first point of contact after 5 business days

Attended to by Team Leader and Queries Specialist (Level 3: Second Escalation) dcescalation2@nedbank.co.za

To be used only where no resolution is found from the first escalation after 5 Business days

Attended to by Support and Escalation Manager (Level 4: Final escalation) nbdcescalations@nedbank.co.za

To be used only where no resolution is found from the second escalation after 5 Business days

proposals@consumerfriend.co.za