YOU SHOULD BE
SAVING
BUT YOU ARE
NOT Issue 7 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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FROM THE EDITOR Let’s face it, July 2021 is probably going down in our history books as the “month of shame”. In the wake of the ex-President being incarcerated, (for repeatedly ignoring the highest court in the country) people in areas of KZN and Gauteng began a criminal spree under the guise of a protest. As these citizens took to the streets to commit theft, arson, violence and even murder, they exposed not only their disregard for the authority of the courts, but also their disrespect of the laws of the country. With over 300 people losing their lives, these have been really dark days. These events have highlighted political divides and the intense level of discontent that people, all over this country, are feeling. Then of course, there are the financial ramifications. The fallout from the few days of looting and violence, will be felt for a long time to come. Not only did countless small businesses come under attack, but in the wake of the devastation, the workers and staff of these businesses have been hard hit with job losses and income loss. Government has fortunately stepped in to try and offer some assistance and relief to those affected. The Rand and foreign investment confidence took a real kick in the teeth, and those affected will be experiencing bleak times for a while to come. Of course, it is reminiscent of the chaos and confusion in the USA during the storming of the Capitol by politically unhappy
people, who realized that they actually hate the democratic process. The USA experienced riots during the “BLM” protests too; SA is just one of many countries around the globe that is cracking under the pressure of the pandemic and social unhappiness. That being said, it is best to focus on the positive, once the worst of the looting and murders were over, regular South Africans picked up brooms and made an effort to clean up and get things back on track. There are stories of taxi associations protecting malls, and regular citizens putting themselves in harm’s way to help protect others. There are moving pictures of regular people helping rescue babies from burning buildings - inspiring stuff! However, in the midst of all that, the banks still want to get paid. The demands for payment have not stopped just because thousands of people lost their minds and morals, nope, life goes on. So, with that in mind, we are going to spend some time this issue talking about how you are not saving, and why it is basically impossible to do so… or is it? We will also look at other financial news, discuss retirement; look at a common misconception in debt review and more. We hope that you made it safely through, we hope we never see a repeat of the recent chaos, we hope that if you got swept up in the madness and grabbed a flat screen TV, you have come to your senses and returned it. Please stay safe and try stay positive despite the challenges we face. Let’s not get bogged down in all the negatives that life throws at us, and rather focus on the positives, like helping others or paying off your debts and finally becoming debt free.
FREE BOOKLET
FOR DEBT COUNSELLORS TO SHARE Are you being phoned by consumers who are asking how they can leave debt review? Is your inbox full of requests to remove a Debt Review Flag at credit bureaus? The free booklet, which you can download from the link below ( 1MB in size) covers many common questions and helps consumers learn more about the challenges involved with having their debt review status removed before paying off all their debt.
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DEBT REVIEW LESSON #1
Never miss a Debt Review payment. It can derail all the progress you have made so far in your debt review. If you see trouble coming then talk to your Debt Counsellor right away.
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
South Africa’s Leading Debt Solutions Provider
Wessel Symington Steyn Coetzee Attorneys ‘‘The reason Zero Debt are industry leaders is that they get 80% acceptances on their initial proposals to credit providers, right away. They also make excellent use of the DCRS proposal system in negotiations with credit providers. Zero Debt regularly succeeds in convincing credit providers to reduce their high interest rates down to less than 5% on their client’s debts. This means that Zero Debt clients obtain their court orders and can pay off their debts quickly. They ensure dedicated clients get their clearance certificates and are soon able to start their debt free life. Zero Debt’s team are very experienced and highly professional. They work hard to ensure clients are totally debt free at the end of the debt review process.’’ 087 701 9665 help@zerodebt.co.za www.zerodebt.co.za
CONTENTS YOU SHOULD BE SAVING BUT YOU ARE NOT DEBT STRESS & OUR EMOTIONAL HEALTH
MUST A DEBT REVIEW APPLICATION BE REFERRED TO COURT WITHIN 60 DAYS?
RETIREMENT AND TAX
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.
CONSUMER FRIEND USES SOFTWARE TO ENSURE
POPIA COMPLIANCE! - Secure system-to-system data transfer (no human contact) - Elimination of data exposure from the use of email - Data specification is fit for purpose
POPIA COMPLIANCE IS CRUCIAL THIS YEAR!
BREAKING NEWS
DIRECT AXIS RECKLESS LENDING COURT MATTERS Direct Axis are concerned that their automated email system is not picking up certain court documents that are being sent and getting them to the right people internally. The concern relates mainly to matters that include any mention of reckless credit (which all credit providers need to defend against due to the threat of fines and more from the National Credit Regulator (NCR). So, they have asked Debt Counsellors to please use the proper address for these matters namely: Legal@directaxis.co.za This address is where Debt Counsellors should already be sending notices of motion, founding affidavits, supplementary affidavits, draft court orders etc. This applies to accounts with DirectAxis Personal loans, DirectAxis Secured loans, CallDirect Personal loans, Wesbank CashPower Personal loans, Clientele Personal loans, IFA Personal loans, Telesure Personal loans and Credit Cart.
We are the champion in your corner!
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.
086 999 0606 info@debtbusters.co.za www.debtbusters.co.za
DEBT REVIEW AWARDS GALA - 10TH SEPTEMBER The Debt Review Awards Annual Gala will be broadcast live over YouTube on September 10th. All are invited to tune in. The Annual Debt Review Awards Gala is a small black tie event held in a major SA city around the middle of the year. Due to the Pandemic and Lockdown last year (2020), the event was moved online and was held in September. This year, the event will also be held online due to Covid-19 precautions (they can’t even keep Covid-19 out of the Olympic Village). Zak King, Founder of the Awards and the Editor of Debtfree Magazine says: “For now, we have decided to be cautious and focus our efforts online.” The annual Peer Review process has been underway and the results of those reviews will be shared on Friday 10th September in the afternoon. The event should close around 4 pm to enable those who have to travel to do so. The event features speeches, presentations, entertainment and updates from the NCR and others. There will also be a pre-show from mid morning which will feature in-depth interviews and group panel discussions about hot industry topics (for those who work in the industry). These will also be available to enjoy on the YouTube stream. For more info head over to www.debtreviewawards.co.za
DEBT COUNSELLORS TO HAND IN QUARTERLY REPORTS Debt Counsellors should organize to hand in their obligatory quarterly reports to the NCR for 01 April 2021 – 30 June 2021. These reports should be handed in before the 15th of August 2021. The form should be sent to the NCR at: dcreturns@ncr.org.za
South Africa’s
leading Debt Counsellors since 2007
Start getting out of debt today! www.creditmatters.co.za
Just got out our national of Call debt! call centre on
086 111 6197
Call our national call centre on
086 111 6197
www.creditmatters.co.za
PROBLEMS WITH NCR DEBT HELP? Every time a new consumer applies for debt review, the Debt Counsellor who is helping them has to go onto the National Credit Regulator’s database site (NCR Debt Help) and capture information about the consumer. Some of this information is then passed along to the Credit Bureaus so they can ‘flag’ the consumer as having applied for a review of their debt situation. Recently, Debt Counsellors have been complaining that they are having some difficulty listing new clients on the system. Others are saying they are struggling to transfer clients from one Debt Counsellor to another when this is required. The system seems to be acting up some of the time. Debt Counsellors have been assured that the NCR IT team are working hard on the matter and that Debt Counsellors will be officially updated when this is totally resolved.
POPI-PROOF your PROCESSES WITH DREX Secure system-to-system data transfer (no human contact) Elimination of data exposure from the use of email Data specification is fit for purpose
DID YOU KNOW? ^^
The President of South Africa has proclaimed the POPIA commencement date to be 1 July 2021. POPIA applies to any company or organization processing personal information in South Africa. Fines for non-compliance with POPIA can range up to 10 million ZAR (South African rands). POPIA defines personal information broadly as any information relating to not only a living person, but also a company or legal entity.
^ ^
WILL THEY GET YOU A LOAN OR JUST TAKE YOUR MONEY? Thousands of consumers have for years been taken in by a network of websites offering to source them loans… for a monthly fee. Desperate consumers who mistakenly signed up for what they thought was a loan soon found out that they had actually just signed up for “legal services” and allowed these companies/websites linked to Lifestyle Direct Group International to debit their accounts monthly. The loans they so desperately needed never materialised as, in most cases, the consumers simply do not qualify for more debt. Instead Lifestyle Direct Services International would milk their accounts for what they could before setting their collections people loose on these already troubled consumers. With so many consumers being taken for around R400 (initial fee) and then R99/month for up to 12 months in debit orders it is hard for any single consumer to take the matter to court. It will cost them much more than that just to have the matter set down.
Fortunately, the Stellenbosch University Law Clinic has gotten involved and has asked the High Court for permission to bring a class action suit against the two owners of Lifestyle Direct Group International. The idea behind the class action is to also avoid thousands of cases at the small claims court level. The High Court agreed to the class action and that the case can be an ‘opt-out’ class action (where if consumers who were scammed do not want to be part they must specifically say so otherwise they will be included). Already the owners are in a lot of trouble as the so-called service they offer consumers (not actually giving loans) was supposedly ‘legal services’. That’s a problem since they were not actually registered with any legal entity or body. So, not only were people not getting the loans that they thought they were getting, but they were also not getting the services actually promised in the fine print of the agreements these consumers got locked into either. This will be fully explored during the case but already it is not looking good for the owners Damian Malander and Nandie Piach.
YOU SHOULD BE
SAVING BUT YOU ARE
NOT
YOU SHOULD BE SAVING, BUT YOU ARE NOT
YOU SHOULD BE SAVING We all know we should be saving. It is one of those things your mom told you when you were young, your teachers told you at school and certainly one of the things a Debt Counsellor will tell you if you go to them for help. The truth is that you are not saving even though you know you should. Saving is very hard to do these days. So we ask: • Has it become impossible to save? • Is it even practical to think about saving when you have lots of debts and are just struggling to make ends meet?
“
NO BUDGET WILL MEAN NO SAVING!
”
YOU SHOULD BE SAVING, BUT YOU ARE NOT
WHY YOU ARE NOT SAVING: BUDGETING It is almost a universal rule that we all spend just a little more than we earn. Things seem to be more expensive now than ever before and the money we get paid hardly stretches to cover all our necessary expenses. And that’s before we even begin to look at all our scary debts. One reason why you are not saving is because you do not have a good budget. Admit it! Making a budget is a pain and makes you confront how scary your debt situation is. So, nobody likes to make a budget, even if it is a good thing to do. But if you don’t budget then you can’t effectively plan ahead for expenses you need to save towards.
YOU SHOULD BE SAVING, BUT YOU ARE NOT
WHY YOU ARE NOT SAVING: INFLATION It is also true that things do cost more now than they did last year. These days just having work is a victory and expecting an annual increase is not always realistic. Businesses are cutting back on salaries and employees not handing out increases and bonuses. So, keeping your job is probably more important than arguing over an increase right now. Even if you do miraculously get a raise this year it is likely that it will be a smaller percentage increase than your cost of living has gone up. So, you might get a 5% increase while your rent goes up by 10% and your food bill goes up by 6%. What that means is less money in your pocket at the end of the day.
When you get a 3% raise but inflation is 5.4%
YOU SHOULD BE SAVING, BUT YOU ARE NOT
SAVE BY PAYING OFF DEBT These days the interest you get from putting money into a bank savings account is often not that great. Few banks really reward you for depositing money with them. That said, you might start banking with a bank that will reward you with a really great…7% interest on your savings account (which keeps you ahead of the interest rate right now) and be really happy with yourself. At the same time, however, you may be sitting with lots of credit card debt which is increasing at 18%. So while you are making 7% on one side (your savings) your debt is growing by 18%. You can quickly see that paying off your debt to stop it from growing would actually end up saving you a lot more money over time than setting funds into an account and your savings only growing a little. So, getting rid of your expensive debts is actually a great way of saving yourself money over time. But what about the normal type of saving?
YOU SHOULD BE SAVING, BUT YOU ARE NOT
WHY YOU NEED SOME SAVINGS If you have entered debt review then a Debt Counsellor will help you make up a budget (you know, the one you kept meaning to make up). They will help you figure out what is realistic and sustainable*. A big part of a budget is figuring out what you need to cover each month. These are called your running costs. A good budget is also designed to take into account things that you only pay once a year (annually). These might be things like school related expenses for your kids or annual obligations like your car license or TV license (yes, you should be paying that). A good budget will also include some things you may have forgotten to take into account such as saving towards new tyres every so many Kilometers or the regular servicing your car at certain intervals (if you own one) or even setting funds aside to cover your insurance excess should it be needed.
Normally, people who enter debt review have already cut all these types of savings to try to just make ends meet and this is why they become so vulnerable to sudden issues to do with unplanned medical bills or broken appliances or accidents. If you have no access to endless credit (like once you start debt review) then you cannot just reach for the credit card again if something suddenly comes along. You need to have the funds already sitting one side. * If you deal with a Debt Counselling firm that simply tells you that your new total budget figure is just X but gives you hardly any details of how that is made up, then you should ask for a much more detailed breakdown from them. Find out exactly how they think you should be spending your available funds each month. Everything from groceries to medication should be included. This is a vital part of making your debt review actually work.
YES YOU CAN
YOU SHOULD BE SAVING, BUT YOU ARE NOT
YOU CAN SAVE So, it is important to have some funds set aside in advance for either a rainy day or regular annual expenses. How can you do this? If you are in debt review then your Debt Counsellor will have worked some savings towards annual costs into your monthly budget. The trick is to actually follow through and set the funds aside each month before you spend them on other things. With the advent of savings pockets etc you should be able to do this with minimal effort by clicking a few buttons on your banking app. If you are not making use of a banking app then you may need to go old school and transfer funds from one account to another. Alternatively you may be hiding money under the mattress (don’t do this). Whatever the case, you should move any funds you have in your budget for savings first, right after you get paid. Do not plan to do this later in the month or there will be nothing left, guaranteed.
YOU SHOULD BE SAVING, BUT YOU ARE NOT
HOW MUCH SHOULD YOU BE SAVING? It is unrealistic to think you will be able to save a lot of money when under debt review. Rather we are talking about regularly saving a little something. Once again you should go back to the budget drawn up with the help of the Debt Counsellor. It will serve as a guide. Your Debt Counsellor will have added up all your annual expenses and divided them by 12 (approximately).
YOU SHOULD BE SAVING, BUT YOU ARE NOT
DOES YOUR BUDGET NEED TO BE ADJUSTED? If that budget was done some time ago then why not go back to the Debt Counsellor and ask for some help to update it? As your cost of living changes you will find you will need to relook at your budget from time to time. If you find that you are not able to set aside the saving amount calculated by your Debt Counsellor then you need to seriously look at changing your other expenses. This may involve changing what you are buying at the shops or how much you are spending on transport, communication or other costs. This can take effort and may require you to make even more adjustments than you did at first when entering debt review. Here we are talking about making moves to stay with family, changing service providers, renting out rooms and other big steps. Though not easy to put in place, it will help you stay within your budget. Your goal is to get rid of your debt entirely and be debt free, this might be complicated and sting a little but it will be worth it in the long run.
YOU SHOULD BE SAVING, BUT YOU ARE NOT
SAVING WHILE IN DEBT REVIEW IS POSSIBLE Remember, each time you make a payment towards your debt through debt review you are actually saving yourself a lot on fees the credit providers are not charging and interest rates they have probably lowered. You may also find that with things getting more and more expensive over time you may feel tempted not to save anything. You may eventually need every cent possible to cover your increasing everyday costs. If this is the case then you seriously need to look at your monthly running costs and make some more big changes to cut them. Ask your Debt Counsellor for help. Often the key is as simple as (1) knowing how much you need to save each month and then (2) setting those funds aside right away once you have been paid. Even if you have not been saving up till this point, why not start this month? As they say: “better late than never”.
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DEBT STRESS
& OUR EMOTIONAL HEALTH
DEBT STRESS & OUR EMOTIONAL HEALTH
DEBT IS NOT A NEW PROBLEM Throughout history someone, somewhere has owed someone else money and this has caused them stress. After all, if you owe someone money, eventually they are going to want it back. Dealing with those demands for repayment can be very stressful. It can even lead you to some very dark and lonely emotional places. Debt has long been a problem for South Africans, but it seems that the COVID-19 pandemic has spread the misery to millions more people than before. Along with the increase in debt there has been an increase in emotional problems linked to stress and anxiety. Regardless of the cause, debt often wreaks emotional havoc on our psyche and our family life.
DEBT STRESS & OUR EMOTIONAL HEALTH
DEBT’S NEGATIVE EFFECTS Among the negative effects of dealing with debt are low self-esteem and even impaired cognitive function. That means that you can’t learn, remember, pay attention or solve problems when you’re busy freaking out over something like your overdue municipal bill. It is a fact that debt can hurt, really hurt. A study found that those with higher levels of debt and/or unemployment were more likely to purchase over-the-counter painkillers as well as anti-depressants and anti-anxiety pills just to help them cope. A research team discovered that simply thinking about financial insecurity was enough to increase pain levels. People reported feeling almost twice as much physical pain after recalling a financially unstable time in their life, compared to those who thought about a financially secure time. It’s rare for someone to go through their entire life and never experience any money problems. Trouble arrives unexpectedly, jobs disappear suddenly, marriages fail, people get sick and bills just keep piling up. Nobody is immune, especially during (and probably long after) a global pandemic.
DEBT STRESS & OUR EMOTIONAL HEALTH
THE LINK BETWEEN STRESS AND DEBT We know being in debt causes stress but could there be a link the other way around? Can stress lead to debt? Well, it seems that debt and stress can be part of a vicious circle. After years of research, it has been found that worrying about debt triggers stress, which drives negative behavioural patterns - negative behaviour that compels some consumers to spend without restraint. You may have heard of terms like “retail therapy”. People often spend to feel powerful and free, even when they do not have the means to do so. And this can drive a person into debt just as fast as an unplanned financial emergency caused by a car accident, for example.
DEBT STRESS & OUR EMOTIONAL HEALTH
FIVE WAYS TO DEAL WITH FINANCIAL STRESS Regardless of how anyone gets into debt, it will always trigger unsettling emotional responses that are hard to deal with. So, what can help you to cope with these negative feelings and concerns? Debt can lead to stress and many negative emotions and those feelings and the stress can lead you to make bad choices that create even more debt. Being aware of this is important. It can help you better cope with the way you feel and act about your financial situation.
1
DEBT STRESS & OUR EMOTIONAL HEALTH
TALK TO SOMEONE ABOUT IT
If you are feeling low about your money problems, you may feel very isolated. You need to confide in someone. You may not feel free to talk to family and friends because you don’t want to stress them with your challenges. Talking to someone neutral like a Debt Counsellor, who helps people deal with their debt stress all day, can really help. A Debt Counsellor will sit down together with you (or virtually over Zoom or on the phone if that’s safer) and work out a personalised game plan to help you deal with your debt and become as financially successful as possible in the future.
2
DEBT STRESS & OUR EMOTIONAL HEALTH
ADJUST YOUR SPENDING
Chances are, there are still some expenses you can reduce or cut out that can immediately relieve some pressure. Review your spending and eliminate expenses that aren’t absolutely essential. Prioritize according to necessity – basic needs such as food, housing, utilities and children’s expenses come first, and everything else is included after that. Write it down.
3
DEBT STRESS & OUR EMOTIONAL HEALTH
CONFRONT THE PROBLEM
Rather than hiding from your credit providers and bill collectors, choose to be calm and pro active. Why not make the first move and contact your creditors to explain your new financial situation? Let them know the details of what led to the problem (even if it was your “fault”) and how you plan to fix it. They are also people with families and economic challenges of their own. The best thing you can do is talk to your credit providers and create a plan of action.
4
DEBT STRESS & OUR EMOTIONAL HEALTH
PUT IT IN PERSPECTIVE
Focus on the good things in your life rather than all the challenges you face. Ask yourself; are you ‘relatively’ healthy? Do you have the love and support of friends and family? It might be difficult initially, but being optimistic is key to making positive changes.
5
DEBT STRESS & OUR EMOTIONAL HEALTH
FIGHT INERTIA
Doing nothing will not help your situation. Get up and get out (but resist the urge to shop if your spending is out of hand). If you are already buried under debt, but keep receiving offers for credit cards or store accounts, destroy them and throw them away. Lockdown can make you feel caged at home and feed on the urge to roll up in a ball and hide. Why not start doing a little exercise? Why not take the dog for a walk? Why not get the ball rolling and make a call to a Debt Counsellor and ask about how they recommend you deal with your situation?
DEBT STRESS & OUR EMOTIONAL HEALTH
DEAL WITH DEBT & FEEL BETTER Being in debt is stressful but it really doesn’t have to take all the joy out of your life. There are many ways to deal successfully with debt. As we have seen, there are things you can do to start to deal with or debt and negative emotions. Remain positive by focussing on the good things in your life and remember there are many options to help you navigate your way out of debt. Sometimes all you have to do is ask for help. Speak to a friend or family member or, even better, a professional Debt Counsellor today and begin to take steps to reduce your debt stress.
Debtfree Magazine want to thank The Debt Surgeon for their help in creating this article. For more information about them or dealing with debt stress head to www.thedebtsurgeon.co.za
DEBT REVIEW LESSON #2
It is possible to change Debt Counsellors while under debt review. However if you are having problems with your current Debt Counsellor please try to communicate with them and explain the problem before deciding making such a complicated change.
POPI ACT PROTECTION OF PERSONAL INFORMATION
P er s o n a l i n f o r ma ti on is d at a tha t ca n b e us ed to id en ti fy a s p eci fi c pe rson
IDENTIFYING DETAILS
CONTACT DETAILS
FINANCIAL
DEMOGRAPHICS
SOCIAL
BACKGROUND INFORMATION
MEDICAL AND HEALTH
Do not leave documents or screens that contain personal information open for anyone to see. Shred or properly destroy/de-identify documents that are no longer required for work purposes. Regularly update your passwords to systems and applications that contain personal information. Avoid sending sensitive information over email and communication devices. Do not store sensitive information on desktops or flash drives that can be easily intercepted.
RETIREMENT
AND TAX
RETIREMENT & TAX
RETIREMENT & TAX You may think that, at least, when you retire you will finally be able to stop worrying about paying tax. We have some bad news for you… Even if you are no longer working, but do receive annuity income, you might still have to carry on paying tax, depending on how much you receive. If you are receiving above a particular threshold then every year you will be required to declare income from your annuity (and any other income like investments) on your tax return. Especially if you decide to take a large lump sum payout from your retirement fund you will also be in line to pay tax. Let’s look at both these situations and see what tax may apply.
RETIREMENT & TAX
LUMP SUM PAYOUTS FROM YOUR PENSION If you have retired and want to take out a portion of your retirement interest as a lump sum payment then you are able to take 1/3rd of the interest in that fund. The remaining 2/3rd will be paid out in the form of an annuity (a regular pension over time). Note: If however, if your total interest in the fund is less than R247 500, then you can take the full retirement interest as a lump sum in one go. For most people when you retire and have a provident fund (or provident preservation fund) your retirement interest is usually paid out as a lump sum (unless the rules of your fund only allows for annuity payments). If you have already retired and get an annuity income (from a living annuity arrangement) then you are allowed to draw the amount as a lump sum, if the full remaining value of the assets end up being less than R125 000. Tax on these funds is calculated on the gross retirement fund lump sum benefit (after taking a few past tax things into account).
THE RETIREMENT FUND LUMP SUM BENEFIT FOR THE 2020 TAX YEAR IS TAXED WHEN YOU RETIRE USING THESE SPECIAL TAX RATES: Taxable income from lump sum benefits
Rates of tax
1 – 500 000
0% of taxable income
500 001 – 700 000
18% of taxable income above 500 000
700 001 – 1 050 000
36 000 + 27% of taxable income above 700 000
1 050 001 and above
130 500 + 36% of taxable income above 1 050 000
Note: ALL lump sums received from a retirement fund, whether as a result of retirement or maybe as part of a severance benefit are taxed on a cumulative basis. This means that when you eventually retire, the total value of all the lump sum benefits received (after 1 October 2007), will be taken into account when working out the tax payable on your current retirement fund lump sum benefit.
RETIREMENT & TAX
ANNUITY PAYOUTS FROM YOUR PENSION As mentioned earlier, you may have to pay tax if you are getting a big enough pension payout monthly (worked out on a total annual figure). It all depends on if the payout is more than a particular threshold amount. You may be wondering what those threshold amounts are. Here is a quick look at the recent threshold amounts are for different age groups: For the 2021 year of assessment (1 March 2021 till 28 February 2022): • Person below the age of 65 – R87 300 per annum • Person aged 65 and above but not yet 75 – R135 150 • Person aged 75 and above – R151 100. For the 2021 year of assessment (1 March 2020 till 28 February 2021): • Person below the age of 65 – R83 100 per annum • Person aged 65 and above but not yet 75 – R128 650 • Person aged 75 and above – R143 850.
RETIREMENT & TAX
NEED MORE INFO? If you are fortunate enough to be getting a healthy retirement annuity or have an amount that you wish to draw as a lump sum then do not forget that SARS want their cut. If you are feeling a bit confused about all this then it is often a good idea to talk to your Debt Counsellor or a tax professional who can guide you to where to find the most up to date info. Resources: For more info on applicable tax rates and info head over to the SARS website here:
See more tax rates here.
For more information on tax and retirement, check out this guide from SARS here:
Guide on the calculation of the tax payable on lump sum benefits.
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DEBT COUNSELLOR PROFILE
DRISHA PILLAY CONSUMER FRIEND’S NEW DC RELATIONSHIP MANAGER
Debtfree Magazine caught up with Drisha Pillay as she begins her new role at, industry leader, Consumer Friend. Here is some of the info about Drisha (in case you are not familiar with her). How Do You Describe Yourself to Others Who Ask Who You Are? I am a vibrant, confident, independent, career-driven wife and mother to a 12-year old boy. I consider myself ambitious, driven, approachable and friendly. I am passionate about what I do – making a difference in the lives of consumers. I am a strong believer in the theory of mind power. I like to think of [our] mind as a magnet – positive thoughts attract positive outcomes, negative thoughts attract negative outcomes. So always cultivate good thoughts, remain positive and optimistic.
What are you going to be doing at Consumer Friend? As the Debt Counsellor Relationship manager, I am going to be engaging with the Debt Counsellors with regards to running webinars,
resolving escalated queries, engagement meetings, and providing industry feedback.
What advice do you have for consumers already under debt review? It is absolutely crucial that you keep up with your monthly payments as per the debt review repayment plan. If you are in trouble, and struggling, please speak to your Debt Counsellor immediately.
Tell us what kind of work you have done in the past before the move to Consumer Friend I started my career in the retail sector within the Edcon Group, in a sales role. After a couple of years in retail, I made the move across to the telecoms industry where I focused on selling PABX systems. Later, I started my own Debt Counselling business which was a steep learning curve and a wonderful experience but later I chose to rather join a large DC firm as a Debt Counsellor and Manager. My position prior to Consumer Friend was also at a DC firm, however, I was mostly focused on training and development as well as legal work. I am a qualified Assessor and Moderator and will continue to assess, moderate and facilitate the Debt Counsellor programme. I have also been the Chairperson for DCASA KZN since 2013. I obtained my Higher Certificate in Business Management in 2019 and I am currently studying towards my BCom degree.
DEBT COUNSELLOR PROFILE
What do you look forward to most in working at Consumer Friend? I am excited to work for a company that is on the cutting edge of technology that shares my ethical stance and has such an awesome staff compliment!
Let’s Get Personal…What are your guilty pleasures? I am a health food fanatic, but when I need a weekend treat, it is always a decadent chocolate cake!
What do you like to do on the weekend if not under level 5 lockdown? Weekends are for adventures! My husband, son and I like to go biking, hiking or zip-lining. Travelling, when possible, is also a passion of mine – whether local or international, I thoroughly enjoy trying new foods, hearing different languages and meeting new people with different cultures. [Debtfree Team] You may remember Drisha from one of our favourite covers of Debtfree Magazine after the 2019 Debt Review Awards (she also loves that picture). Here is another picture from the Awards which were held in KZN that year.
We want to wish Drisha all the best in her new position and are confident she will continue to spread positive thoughts and results into the debt review space with Consumer Friend.
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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?
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A LEGAL VIEW
MUST A DEBT REVIEW APPLICATION BE REFERRED TO COURT WITHIN 60 DAYS? Various role players in the industry have the view that a debt review application must be referred to court within 60 days of the consumer first applying for debt review.
Their reasoning for this is that Section 86(10) of the National Credit Act (the “NCA”) provides a mechanism for credit providers to terminate their participation in the debt review process after 60 days. This would mean they could try leave the debt review and start a new legal collections process. The courts have however stated that credit providers may not terminate their participation in a debt review if the matter has been referred to court. So, the sooner the matter goes to court the better. In the Papier decision, the court held that the right of a credit provider to terminate the debt review is forfeited once the Debt Counsellor brings an application to the Magistrate’s Court in terms of Section 86(7) and 87. To prevent even the slight possibility of termination, the rational that some people hold is that all debt review matters must be referred to court before the first 60 days have lapsed. This rational is, with respect, incorrect. Anyone who works in the debt review industry every day will know that referring every matter to the Magistrates court within 60 days is often simply impossible.
Mission Impossible Some of the reasons why it is often not possible for all matters to be set down within 60 days are: • Courts have very strict and complicated compliance requirements;
A LEGAL VIEW • Many clients do not have easy access to the internet, computers and printing facilities to reply to requests from their Debt Counsellor or attorneys; • Supporting documents for the debt review application are not easily available from either the consumer or the credit provider; and • Getting the originals to court can take some time. These are just some of the practical reasons why the view on referring all matters to court within 60 days is incorrect and often impossible.
What Do The Courts Say? From a legal point of view, which is what counts, the courts have also confirmed that there is no such obligatory first 60-day requirement. In the well-known judgment of Collett v Firstrand Bank Ltd and Another (2011 (4) SA 508 (SCA); [2011] 3 All SA 585 (SCA)) [2011] ZASCA 78; 766/2010 (27 May 2011) the Appeal court stated in paragraph 8: Because neither the NCA nor the regulations contain any time period within which the referral to court must be made he opined that, having regard to the context, the answer became clear: ‘The process of “debt review” requires of the debt counsellor to determine, within 30 days, whether or not a consumer is overindebted. If not, the debt counsellor must advise the consumer of
his or her right “to approach the court” within a further 20 business days for the necessary order. This leads me to the conclusion that the period of 60 days referred to in s 86(10) was introduced with the abovementioned time frame in mind so as to allow the consumer and/or debt counsellor sufficient time to “approach the court” for the necessary relief in terms of s 87. Given the fact that a consumer has a period of 50 business days, calculated from the date of his application to the debt counsellor, within which to “approach” the magistrate’s court for an order in terms of s 87, it could never have been contemplated that the rest of the process – including a hearing before the magistrate and a rearrangement order in terms of s 87 – should all be finalised within the remaining ten business days. The court further stated in paragraph 12: I do not think that s 86 requires the consumer or his debt counsellor to ‘approach the court’ within the period of 60 days. Indeed no time period is specified within which the debt counsellor must make application to the Magistrate’s Court. Nor does the NCA require the process of debt re-structuring to be complete within the period of 60 days after the application was made. To do so would obviously be unrealistic. Various other High Court judgments have also confirmed the view and precedent set by the Appeal Court above (the Van der Hoven judgment is such an example where the court stated in paragraph 4.5 of the order that a debt review can be heard even after a year).
A LEGAL VIEW
A Reasonable Time It is further trite law that a regulation or guideline cannot be used to interpret or amend the governing statute (National Commissioner of Police and Another v Gun Owners of South Africa (561/2019) [ZASCA] 88 (23 July 2020) para 44). So, any such guidelines requiring anything different would should only be considered as general guidelines and not requirements set in stone. In the Collett matter, the Appeal court already indicated that no time period is specified within which the Debt Counsellor must make application to the Magistrate’s Court. Therefore there is no time limit to refer a matter to court. Section 86 and 87 does however require a Debt Counsellor to refer the matter either to the Magistrates court of the Tribunal and this must be done within a reasonable time. This means that there is a duty on a Debt Counsellor to take positives steps within a suitable time to ensure that a consumer’s matter is referred to the Magistrates court or Tribunal.
Regardless Of Time Requirements Regardless of whether documents are dropped at court within the first 60 days or not, consumers must remember that their part of the debt review process is not just paying the Debt Counsellors and attorney fees. Payment is not all that is required of them, especially at the start of the process. Consumers need to also comply with reasonable
requests from both the Debt Counsellor and the attorney during the debt review process. Your attorney and your Debt Counsellor need you to get back to them with information as fast as possible. Turnaround times are particularly important at the start of the process when a lot of activity happens on all sides. The better and faster the consumer cooperates with their Debt Counsellor and their attorney, the better the chances are of the attorney getting a debt restructuring court order faster. This then ensures that they have added protection from the National Credit Act and debt review process.
Debtfree Magazine would like to thank Steyn Coetzee Attorneys for their input on this article. If you have any questions or would like to discuss this topic in more detail then feel free to head over to www.steyncoetzee.co.za
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065 939 9886
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leads@debtzen.co.za
www.drs-debt-help.co.za
www.debtzen.org
NCRDC1670
NCRD3032
021 204 4711 067 211 4913 info@debteezy.co.za www.debteezy.co.za
Financially stressed? We have lifted the financial burden of more than 150 000 South Africans.
086 999 0606 info@debtbusters.co.za www.debtbusters.co.za
Your Guide to Financial Wellness and Recovery 0861 229 922 info@debthero.co.za www.legalhero.co.za
WESTERN CAPE
Let DebtBusters be the champion in your corner.
www.debtcentre.co.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
TRAINING
Credit Life
Insurance You make money, your clients save money 087 109 1164 info@dccp.co.za www.dccp.co.za
INSURANCE BEST RATES IN THE INDUSTRY
50979
086 126 6562 debt@one.za.com www.one.za.com
LEGAL
CONTACT Jus�n �an Der Linde 1st Floor Icon House 24 Hans Strijdom Street Cape Town 8001 079 6977 259 jus�n��dla�orneys.co.za
Liddles & Associates “It always seems impossible until it is done” N. Mandela (T) 021 930 5790 (F) 0866070940 (E) frontdesk@liddles.co.za www.liddles.co.za
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 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:
Your Debt Counselling Attorneys
Port Elizabeth; New Brighton; Motherwell; Uitenhage; Hankey; Jeffreys Bay; and Humansdorp
Andre Van Zyl 021 494 4862
carla@cvlaw.co.za www.cvlaw.co.za
Johannesburg | Cape Town
info@bassonvanzyl.com
082 974 0866
carla@cvlaw.co.za www.cvlaw.co.za
www.bassonvanzyl.com
EMAIL yolande@ydeattorneys.co.za CELL 071 870 9535 TEL 061 250 4080 www.embattorneys.co.za
Accountability Group wendy@accountability.co.za
Bitventure Consulting compliance@bitventure.co.za
Blue Oak Systems enquiry@blueoak.co.za
South African Fraud Prevention Service NPC
Cession Central admin@cession.co.za
Clearscore 011 867 2234
regulatory@clearscore.co.za
maigoshians@safps.org.za
CREDIT BUREAUS
www.safps.org.za
Clicknhire christiel@clicknhire.co.za
Consumer Profile Bureau marina@cpbonline.co.za
Credit Gateway Credit Bureau Association
compliance@creditgateway. co.za
Cred-IT-Data Online Holdings bureau@creditdata.co.za
CreditWatch marina@cpbonline.co.za info@cba.co.za www.cba.co.za
CrossCheck Information Bureau marina@crosscheckonline. co.za
Effective Intelligence sardagh@e-intelligence.com
Managed Integrity Evaluation
ThisisMe juan@thisisme.com
marelizeu@mie.co.za
Fides Cloud Technologies
Maris IT Development
craig@fidescloud.co.za
marius@marisit.co.za
Finch Technologies chris@finchinvestments.co.za
TPN Group
National Validation Services
michelle@tpn.co.za
Trans Africa Credit Bureau clintonc@transafricacb.co.za
info@nvs-sa.co.za
I-Bureau Services abrie@ibureau.services
IDR South Africa
Octagon Business Solutions
sonya@ifacts.co.za
DavidD1@tcriskservices.co.za
gregb@octogon.co.za
shane@v-report.co.za
iFacts
Transaction Capital Credit Health
VeriCred Credit Bureau Omnisol Information Technology info@verifyid.co.za
sumein@vccb.co.za
WeconnectU johann@weconnectu.co.za
Inoxico support@inoxico.com
Payprop Capital johette.smuts@payprop.co.za
Zoia Consulting sipho@dots.africa
Kudough Credit Solutions
PBSA seanb@PBSA.CO.ZA
chrisjvr@kudough.co.za
Right Cover Online Lexisnexis Risk Management kim.bastick@lexisnexis.co.za
Lightstone
cto@rightcover.co.za
Searchworks 360 skumandan@searchworks360. co.za
chrisb@lightstone.co.za
Loyal1 tshepiso@loyal1.co.za
Smart Information Bureau info@smartbureau.net
PAYMENT DISTRIBUTION AGENCIES
DC Partner 044 873 4530
COLLECTNET +27 12 140 0602
Hyphen PDA 011 303 0060 iPDA 086 123 IPDA (4732)
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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‘’ I was pleasantly surprised by our experien new system is intuitive and e Debt counsellor Eas
Mrs. Cindy Mauritz will be heading up the debt review department and will be supported by Miss Meghan Bruiners and Mrs. Fika Snyders in their capacity as Team Leaders. We have updated our communication and escalation channels in this regard. Please refer to the communication channels listed in tables 1 and 2 below. It is important that documentation be send to the correct communication channels to ensure timeous feedback.
CAPITEC CONTACT DETAILS
Table 1: Debt Review communication channels 1
Channel Form 17’s
2 3
Proposals Court documents
4 5
Terminations General enquiries
6
Refund / Cancellation requests
7
Insurance Certificates
8
Reckless Lending Queries
9
Credit Insurance Claims
10
Payment allocations
11
Share Call Contact number
Description All Forms 17’s / Clearance Certificates All Proposals All Court documents (Notice of Motion’s / NCT applications / Orders) Termination queries General Debt Review Enquiries Debt Review Refund Requests and Cancellation of Debit Orders
E-mail address ccsforms17@capitecbank.co.za
Replacement Insurance Policies Allegation of reckless lending and document requests All credit insurance claims Payment Allocations queries
insurancepolicies@capitecbank.co.za
ccsproposals@capitecbank.co.za ccsdebtrevieworders@capitecbank.co.za
debtreviewterminations@capitecbank.co.za ccsdebtreviewqueries@capitecbank.co.za ccsrefundrequests@capitecbank.co.za
Rmcontrol@capitecbank.co.za CreditInsuranceClaims@capitecbank.co.za ccsdebtreviewpaymentqueries@capitecbank.co.za 086 066 7783 Option 2
Turnaround Time
Debt Review DepartmentEmail Address
Contact Details Standard Bank Debt Review Debt Review Call Center:
0861 111 525 or 0861 111 402
Debt Review Documents*:
DRApplications@standardbank.co.za
Debt Review Service requests:
debtreviewservices@standardbank.co.za
5 days
Debt Review payment queries:
DRPayments@standardbank.co.za
7 days
Debt Review administrative requests**:
DebtReviewAdmin@standardbank.co.za
5 days
Debt Review complaints and escalations:
debtreviewcomplaints@standardbank.co.za
5 days
Reckless Lending Allegations
recklesslendingallegations@standardbank.co.za
*Debt Review documents: Form 17.1; Form 17.2; Proposals; Court Applications; Court Orders **Debt Review Admin related requests: debit order cancellations; statement requests ; refunds; paid up letters; account closure instructions; settlement balances; or outstanding balances
Other Standard Bank areas Credit Card
086120 1000
Diners Club
0113588400 / 0860346377
Vehicle Asset Finance Recoveries
0861102347
Vehicle Asset Finance Collections
0861102347
Home Loans Pre Legal
0860102270
Home Loans Customer Service
0860123001
Standard Bank Insurance
0860123911
Deceased Estates
0861001868
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