DEBT REVIEW?
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?
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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
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BENEFITS OFFERED:
• Critical Illness – we pay your installments for 3 months
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• Temporary Disability – we pay your installment for 12 months
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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
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The following financial obligations or debt can be covered on the ONE Credit Protection Policy:
• Rental Agreement
• Credit Cards
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• 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
If you are feeling tired, you are not alone. It can be hard to drag yourself out of bed in the morning with a sense of enthusiasm for another day of work. Few of us, go to sleep eager to wake up and head off to the office. And some things make it harder. The dark and cold winter mornings, a mean and unreasonable boss and a bad night’s sleep.
If you have been dealing with debt then a good night’s sleep can feel like a long lost memory. Restless night’s and being distant and distracted by stress all day long are hardly the recipe for a happy life.
This is why so many people find relief when they enter the debt review process. It’s a weight off your shoulder, a light at the end of the tunnel and can really help turn sleepless night’s into stress free slumber. So, if you have entered debt review and have been paying off your debt successfully for a while, why are you starting to feel tired? Where did all your enthusiasm and energy go? Has the glamor begun to wear off?
Many people who enter the process eventually start to feel this way. In this issue we take a look at this phenomenon and it’s root causes. We consider steps you can take to fight this feeling and avoid the traps that await those who give in to debt review fatigue.
We also take a look at the upcoming Debt Review Awards (18th Oct) in a detail. We invite you to see what is lined up and check out how you can watch all the action on the 18th.
We also have news, tips, reviews and more all designed at keeping you up to date, alert and motivated to remove one of the biggest energy drainers: debt from your life.
So, enjoy the issue and we hope that find yourself reinvigorated for an amazing future of living your best life, a life where you are debt free.
DEBT REVIEW
There are 4 NCR Registered Payment Distribution Agents (also known as PDAs).
CollectNet PDA
DC Partner PDA
Hyphen PDA iPDA
These are the companies that handle the money side of debt review. They collect one big payment towards all your debts (from you) and then split it up into the right amounts, into the right account, on the right day and keep records of all transactions. They will send you a statement of the payments each month.
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YOU TIRED OF DEBT REVIEW?
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ARE YOU TIRED OF DEBT REVIEW?
ARE YOU TIRED OF DEBT REVIEW
DEALING WITH DEBT IS TIRING
Getting into debt can happen so subtly that we hardly notice it, or it can arrive all in one go when we face challenging times. It seems one day you are fine, and then suddenly all you can think about is debt.
And then, the collections calls, sms, emails and letters begin. This makes debt even harder to deal with, as you are hounded for repayments nonstop. They are designed to motivate you to pay off your debt and are very effective in doing so.
Getting out of debt, however, can unfortunately take a long time and due to the extended time, it makes things extra difficult. We might start to feel tired along the way, due to delays and setbacks.
The simple truth is that dealing with debt is stressful. It’s mentally and emotionally draining, it’s relentless and it’s just tiring.
Perhaps it was when you were getting tired of being stuck in a debt spiral, and dealing with the collections process that you came across the idea of debt review, which finally gave you hope of sorting your situation out.
ARE YOU TIRED OF DEBT REVIEW
DEBT REVIEW & DEALING WITH DEBT
Debt review is a great way to settle your debts. You get advice from a Debt Counsellor, you get a fresh start and with concessions from credit providers and help from the courts you are able to pay your debt off more manageably over a longer time period.
But that does not mean debt review is easy, Debt review is a lot like a long distance road trip.
At first, you’re energized by the promise of a solution and the relief that comes with a having clear plan to sort out your debt. But, much like on any road trip, as the kilometres drag on, your fellow passengers can start to irritate you and fatigue can set in.
Many consumers find themselves tempted to stop and give up, thinking it’s just not worth it anymore. But just like it’s dangerous to fall asleep at the wheel on a road trip, losing focus during debt review can lead to serious consequences.
ARE YOU TIRED OF DEBT REVIEW
WHY DO WE GET TIRED ON THE JOURNEY
If you are fatigued after being in debt review after a while, please know that this is totally normal.
Just as you naturally feel tired after hours and hours of driving, sticking to a debt review plan over months or years can eventually wear you down.
One really big issue is often shrinking disposable income. Disposable income is the money we have to live on, after we have paid all our taxes.
Unfortunately, with the rising cost of essentials (like electricity and groceries) and most of us only getting small salary increases (if any), it can feel like your financial situation is getting tougher instead of easier. The constant strain of trying to make ends meet, can be exhausting.
Now this would, of course, be true even if we were not in debt review. But in our mind, we might start to connect the two.
Then there’s the natural desire to break away and “enjoy life”.
For many of us, we have been taught that we can only do this by spending money. It is natural that after some time, we may want to improve our lifestyle. Maybe you want to upgrade your car because it is starting to show wear and tear, replace your phone, or simply buy something new. We can start to resent the fact that we can’t have these things, while others can and we might blame being in debt review (rather than being in debt) for that.
These temptations, like wanting to take a detour on a long road trip, can pull you off course.
ARE YOU TIRED OF DEBT REVIEW
BEWARE OF SHORTCUTS AND SCAMMERS
On any long journey, the idea of a shortcut is appealing.
Scammers know this, and while you are in debt review, they may reach out to you with fake offers that sound like a faster and easier way out.
They might promise to get you out of debt review, or get you more debt (a loan) or give you a way to pay less towards your debts. All of which can sound very interesting and tempting.
But just like taking a shortcut through a dodgy area on a road trip can lead you into dangerous territory, these promises are often traps. Falling for them can leave you in a worse position, with more debt and fewer options.
ARE YOU TIRED OF DEBT REVIEW
THE DANGER OF PULLING OVER TOO SOON
Leaving debt review before reaching the finish line is like stopping halfway through a journey.
Except with debt review, you’ll find yourself right back where you started—or worse.
Leaving debt review before you have paid off all your debt, according to your court order, means your original credit agreements come back into play. That could mean higher interest rates, extra fees, and a sudden return to aggressive collections calls and letters. All the progress you’ve made could be undone.
Quitting early also puts up roadblocks to future credit, because of not getting to the point where the debt review is removed from your credit record. Lenders are very wary of offering credit to someone who didn’t complete debt review.
ARE YOU TIRED OF DEBT REVIEW
STAY AWAKE AND FINISH
THE JOURNEY
The key to staying awake and on track, is focusing on the destination. If you think about where you are going and the fun you will have when you get there, it can help you keep motivated when things start to get uncomfortable.
With debt review, each payment you make brings you closer to financial freedom. If you know how many payments you have left to make, and track your progress, it can be motivating.
It can also help to focus on all the benefits debt review gives you every day.
ARE YOU TIRED OF DEBT REVIEW
THE BENEFITS
A Clear, Structured Plan
Unlike when you were stuck in debt with no way out, debt review provides a clear road map for becoming debt free. You know exactly how much you need to pay and when you will be debt free, which helps to eliminate uncertainty and gives you a sense of control over your finances.
Protection from Legal Action
One of the immediate benefits of being under debt review, is that creditors cannot easily take legal action against you while you are complying with the plan. If they do, you can easily fight back and win. This legal protection helps reduce stress and gives you peace of mind.
Better Money Management Habits
Being in debt review often requires better budgeting and financial discipline. It involves working as a household to get out of debt. The skills you develop during the debt review process can benefit you long after you’ve paid off your debts, helping you to avoid future financial pitfalls.
Lower Monthly Payments
For most people this is the biggest benefit. The debt review process restructures your debt so that your monthly repayments are more affordable, which can ease the burden on your finances. Instead of juggling high payments to multiple creditors, you have a consolidated, manageable plan.
Rebuilding Your Credit Score
Missing payments regularly can mess up your credit worthiness. Successfully completing debt review will eventually help you rebuild your credit score. While you may be flagged during your debt review, completing the process shows that you have responsibly paid off your debts, and over time, this will reflect positively in your credit profile.
Avoiding Further Debt
What might later seem to some like a trap is actually a huge protection. Since debt review limits your ability to take on new credit, it prevents you from falling into the trap of running out and getting more debt, it can help you break the cycle of using credit to pay credit. We all know we are kind of addicted to debt and this stops us falling off the wagon.
Reduced Interest Rates
Another fantastic benefit is that, through negotiations, many creditors normally agree to lower interest rates and cut fees. This is an amazing benefit over time. And the longer you are in debt review the more you benefit. This means you pay less interest over time, and more of every payment goes directly toward settling the principal balance.
Achieving Financial Freedom
The ultimate benefit is that you will be debt free at the end of the process. This is the destination we have been talking about. Achieving that freedom then allows you to manage your finances without the burden of creditors or the pressure of unmanageable payments. It is the ultimate fresh start, and enables you to now start working on building wealth instead of making credit providers rich.
An Expert By Your Side
Dealing with debt on your own can be hard. We sometimes look around for the adult in the room only to realise that it is us. It’s hard to know what to do and how to avoid mistakes. So, during debt review it is really great to have an expert at your side to point you in the right way. It’s like a good travel companion who helps you stay awake when your eyes get heavy.
ARE YOU TIRED OF DEBT REVIEW
FIGHT THE FATIGUE
Yes, the road to financial freedom is long, and there are many tempting exits along the way. But by keeping your eyes on the end goal, you can avoid the dangers of stopping too soon, and you will ultimately arrive safely at your financial destination, if you remain focused.
So, if you are feeling tired, it is good to remember that it is the debt and the effects of the debt that you are tired of, not the solution.
Even if you were not in debt review, you would not be able to get more credit because with your debts, you would not qualify anyway. Even if you were not in debt review, the price of food and electricity and…well, everything would still be going up (unlike your salary).
Debt review is certainly not the problem, it provides so many benefits; from protection of your assets, to actual progress towards being debt free. Debt review is what is moving you forward to a financially secure future, one that you could perhaps only dream of while stuck in debt.
If you can track your progress and focus on these benefits, it will help you fight the feeling of being so very tired, and will keep you motivated to reach your destination.
THE 2 POT SYSTEM & DEBT REVIEW
THE 2 POT SYSTEM & DEBT REVIEW
SAVING FOR THE FUTURE
Due to the fact that one day, in the future, you will no longer be able to generate income and may retire, there has been a long standing push for the working public to save towards retirement.
The long held wisdom is that saving while you are younger, to spend later in retirement, is the only way to try make ends meet in later life.
With people living longer than ever, and the effects of inflation eating away at the value of savings, the pressure on older ones to make ends meet has never been harder.
At the same time, millions of South Africans have overcommitted themselves to debt in order to currently live beyond their means. This has plunged most working people into serious financial crisis. Few have funds set aside for emergencies, and the idea of savings has been replaced with rather deciding which creditor to pay so you can use those same funds to go buy food.
No wonder people are desperately looking around for any funds they can get their hands on.
MONEY NOW NOT LATER
How can people find more money now without earning more? Enter the new 2 Pot System which allows those with pension funds, to get their hands on some of those funds they are saving towards retirement each year.
After all, it’s hard to worry about the future when you need cash right now, and most people do not feel confident about the future anyway. So, starting in 2024 funds in your retirement plan will be divided into two virtual “pots”.
If you ignore them, then all the money will continue to grow and earn interest etc as normal, but now there is an option to get your hands on some of the funds once each year.
Savings Pot
• This pot is designed for short-term access
• 1/3 of your monthly retirement contributions will be allocated to this pot
• You are allowed to withdraw from it once a year
Retirement Pot
• 2/3 of your monthly retirement contributions will be allocated to this pot
• This is locked until you retire
THE 2 POT SYSTEM & DEBT REVIEW
MOVING SOME FUNDS INTO THE SAVINGS POT NOW
In order to jumpstart the savings in your savings pot, a special once-off arrangement has been put in place (called “seeding capital”).
This involves automatically moving 10% of your saved retirement funds across into the savings pot right away.
There is however a limit to this once-off transfer of funds. It caps out at R30 000. So right away everyone’s’ saving pot will have some funds in it (but a maximum of R30 000 for those who have already saved R300 000 or more for retirement).
From this year on, the 1/3rd of payments will be allocated into your savings pot, and should you need the money in your savings pot, you will be able to access all of those accumulating funds once a year.
If left untouched, the savings portion will grow and grow and more funds will be available to you should you want to make a withdrawal.
THE 2 POT SYSTEMS EFFECT
ON DEBT REVIEW
It is interesting to hear that many debt counselling practices that tend to service higher income consumers (like those with retirement policies) have felt a dip in the number of applications this month.
Could this be because so many of the heavily over-indebted people in the country have run to withdraw the funds they are allowed to? There are media reports of millions of Rands being drawn from such policies across the country (and they can be taxed, which SARS is happy about).
Love it or hate it, the system is now in place and will offer consumers facing an emergency another way to get their hands on some funds, should they need it. Perhaps these funds are just what’s needed right now, to keep food on the table and inject funds into everyone’s credit cards and loans.
The good news is that for those in debt review who face an emergency (and who have a retirement fund) you will now have another option, instead of having to try leave debt review to get more credit (which of course you would not actually qualify for). You will be able to access these funds, which may help you successfully remain in debt review.
Perhaps the 2 pot system is very good news for the debt review industry.
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.
“Debt is the worst poverty”
~ Thomas Fuller
THE LATEST CLEARANCE SCAM
CAN’T AFFORD IT? JUST PAY LONGER
LONGER LOANS
Longer loans are being offered to encourage buyers.
With the price of vehicles and even mobile phones shooting up, while people’s income has stagnated it seems that credit providers and retailers are having to offer longer loans just to get consumers to buy.
CAN’T AFFORD IT? JUST PAY LONGER
LONGER LOANS FOR CARS
Vehicle finance terms in South Africa have stretched considerably.
In the past, a 60-month loan was the standard, but now banks like WesBank offer terms up to 96 months. Capitec, through certain partners, extend vehicle loans of up to 84 months. ABSA still limits car finance to 72 months.
Stretching the loans over longer repayment times means the monthly payments are within reach for more people. Adding things like balloon payments (at the final month of the agreement) and slashing the need for deposits can also make the offers seem more tempting.
The problem is that those extending the payments over longer time periods, means you end up paying a lot more in interest and fees. You also end up paying off an aging asset (or liability in some people’s books) for a lot longer.
CAN’T AFFORD IT? JUST PAY LONGER
LONGER LOANS FOR PHONES
Smartphone contracts have followed a similar trend. Once limited to 24 months, most phone plans now are offered over 36 months, with some networks now offering up to 48 months to pay.
How long do the batteries last again? They may not last as long as the repayments do.
Many phones are now so expensive they cost much more than a laptop or desktop computer, in some cases, more than a second-hand car!
While extending the contract has the same effect of reducing monthly payments, the total cost adds up over time. Buyers may still be paying for their current phones long after the next model (or two) is already available.
CAN’T AFFORD IT? JUST PAY LONGER
LESS EACH MONTH IS BETTER RIGHT?
These new extended loan terms, whether for vehicles or phones, can psychologically make purchases feel affordable in the short term.
For many people they are becoming the only way they can afford to have new products or vehicles.
The problem is that the long-term financial impact is significant, as consumers end up paying so much more for the same items than they would with shorter loan terms. The banks and retailers of course, end up making more, but also face greater risk of defaults over time.
When taking out a contract or any credit, always consider the total repayment amount for the whole contract period, and not just the amount you will pay each month.
CREDIT PROVIDERS MEDIA CAMPAIGN AGAINST DEBT REVIEW
CONTINUES
TALKING SMACK
While the debt review departments at the various banks love debt review, and work hard to help consumers in debt review, other departments within the same banks often take shots at debt review.
Recently, there have been a number of directed shots by different credit providers seemingly aimed at undermining confidence in the debt review process. Let’s look at a few recent examples.
In a MoneyWeb Article
FirstRand, Group CFO Markos Davias said:
they have also observed higher incidences of debt counselling –especially among the middle- to higher-income segments. Davias says the increase in FirstRand’s retail debt counselling portfolio means potentially higher default rates from customers and a lower ‘loss given default’ experience over the medium term, which in turn could hurt its credit loss ratio.
“Debt counselling inflows have been more pertinent in the second half of the year and were up 17%,” he adds. Another worry is that those who enter debt review are often not aware of the costs associated with the process. Another Moneyweb article stated:
Major banks have warned that many heavily indebted South Africans opt for debt counselling when their financial circumstances do not necessarily warrant it.
In that article Nedbank are quoted saying:
“We are seeing that as a result of a lack of financial education, customers are entering into premature debt counselling arrangements which are ill-advised,” says Nozizwe Tshabuse, Managing Executive for Retail and Business Banking and Client Debt Management at Nedbank.
In an interview with Moneyweb, she pointed out that people often do not fully grasp the consequences of debt counselling.
“Customers should understand what they’re letting themselves in for. Their credit scores are adversely affected because the process of debt review is registered with all the credit bureaus,” says Tshabuse.
“Once people have agreed to debt counselling, they can’t get any kind of funding until the debt review period is concluded. It’s particularly problematic for young people who may want to buy a home. It might also affect all future funding negatively,” she warns.
Nedbank’s official website has a section on debt counselling.
While the information is not blatantly wrong (like one bank’s website that says you won’t get credit for 10 years) it does have a bit of a dark “tone” to it.
Editor’s note: Debt review is serious and should only be entered into after knowing exactly what it involves.
Recently, people who used the FNB banking app received this message when opening up the app:
There are concerns by those working in the debt review industry that some who market debt review do so aggressively. So, there is some truth to the message but it is dangerous to paint everyone with the same brush. As if ALL Debt Counsellors make unrealistic promises.
Nedbank also sent out emails to clients that looked like this: It is quite a push back against consumers consulting a Debt Counsellor for advice.
JUST FOR LAUGHS
It would be amusing to imagine a similar advert or content aimed at credit providers, containing misleading wording or half-truths.
Don’t talk to credit providers about getting credit. Rather talk to a Debt Counsellor.
BEWARE credit is not
free!
Credit providers charge thousands of rands in fees and interest and expect you to pay their money back.
Don’t talk to credit providers about getting credit. Rather talk to a Debt Counsellor.
[For illustrative purposes only]
Most people who enter credit remain stuck in debt until death.
[For illustrative purposes only]
Don’t talk to credit providers about getting credit. Rather talk to a Debt Counsellor.
MEDIA CAMPAIGN AGAINST DEBT REVIEW
FIRST TALK TO YOUR CREDIT PROVIDERS
While it remains true that consumers should obviously talk to their credit providers if they are struggling to repay their debts, these types of adverts seem to be pushing a negative agenda.
While this did happen back in 2007, when the banks were initially scared of debt review, most have now realised that the process helps them recover funds reliably. At present, the banks recover over R1.5 Billion each month through the debt review process, what an amazing process.
If you are experiencing debt stress, then yes, talk to your credit providers first. If they don’t help, then speak to a Debt Counsellor for a holistic view of your options.
UNEXPECTED PEOPLE ARE ENTERING
THE PROCESS
This muddying of the waters over people supposedly entering debt review before their account with a particular bank is in arrears, fails to address the most basic truth: Consumers have multiple accounts with different credit providers.
This is why a Debt Counsellor is often needed to suggest a repayment plan that’s fair to everyone involved. Collections agents for one bank will seldom encourage fair payments to all credit providers. Their commission is based on collecting for their bank alone.
It seems that incorrect, or inefficient modelling within these organisations (to try predict which consumers not to lend to) might be a big factor. After all, most credit providers would like to only lend to those who will pay the most, the fastest. It is a great way to make the most money back on what you lend out.
Debt review seems to be throwing them a curveball as they somehow struggle to understand that half their clients across all products actually are seriously over-extended. It must be scary for lenders right now, with so many people experiencing debt stress.
MEDIA CAMPAIGN AGAINST DEBT REVIEW
SHINING A LIGHT ON DEBT REVIEW
Hopefully all this talk about debt review, debt review, debt review will prompt more people to wonder what it is all about, and to go online and do research. This, in turn, may well drive more people to talk to Debt Counsellors for practical advice about their debt.
While those currently entering debt review remains a relatively small number each month, perhaps this sudden focus on the process might help the industry rather than hurt it.
Time will tell.
As always, all Debt Counsellors know that the debt review departments at the various banks love debt review and we feel sorry that you are caught in the midst of this negativity. We see you and appreciate your ongoing support for debt review.
DEBT REVIEW
ONLY USE REGISTERED SERVICE PROVIDERS
Debt Counsellors, Credit Providers, Credit Bureaus and Payment Distribution Agents are registered with the National Credit Regulator (also known as the NCR).
The NCR issues them certificates (and stickers) that must be displayed at their offices.
If you are talking to someone about debt review or about taking credit, be sure to ask to see their certificate.
BREAKING NEWS
SAMWU MEMBERS BLAME UNION
FOR PUSHING THEM TO
USE SHOSHOLOZA FINANCE
The South African Municipal Workers’ Union (SAMWU) is currently facing criticism, as 7,000 municipal workers in Joburg claim union reps led them into debt.
SAMWU members are saying that that union representatives encouraged them to take unsecured loans from Shosholoza Finance (which has close ties with the union). As a result, many members have found themselves over indebted and have had to turn to debt review to rescue them from their situation.
Members are saying that the Shosholoza loans came with high repayment terms, leaving them with very little money after deductions from their salaries, to cover loan instalments.
SAMWU’s Regional Deputy Chairperson, Lebogang Ndawo, denies the claims, arguing that the media is now exaggerating the situation. Ndawo acknowledges that some members are struggling with debt, but says it’s not solely due to Shosholoza Finance. He points out that insurance companies and other financial commitments (which also come off workers earnings) leave many workers with reduced take-home pay.
SAMWU encourages any member currently experiencing financial difficulty to seek advice and support from the union. Thousands of members have entered debt review for assistance.
MORE PETROL PRICE RELIEF COMING
A stronger Rand and lower international oil prices point to some good news ahead.
The latest data indicates that SA motorists could see a drop of R1.34 per litre for 95-octane petrol and R1.25 per litre for 93-octane petrol.
Diesel could possibly drop by around R1.07 per litre for 500ppm and R1.13 per litre for 50ppm. If these cuts do come through as anticipated it would be the 5th month of cuts in a row.
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
THOUSANDS OF CREDIT PROVIDERS FAIL TO RENEW
THEIR NCR REGISTRATION
Zolile Mngqundanisa, (Registration Manager at the National Credit Regulator) was recently interviewed and revealed that around 4,300 credit providers have allowed their NCR registrations to lapse in the past three years.
The concern is now whether these credit providers have actually stopped operating or have simply stopped reporting their activity to the NCR. If they are now operating without regulatory oversight, it could put vulnerable South Africans at risk of abuse.
The good news is that entering into a loan with an unregistered credit provider makes the agreement void and unenforceable (unless that is done by big guys with baseball bats. Please beware).
DTIC PUBLISH NCR CEO
NOMINATION & APPLICATION
Under a heading on the DTI website entitled: Board/CEO/ Commissioners Vacancies, you will find the following information/call for applications:
The Department of Trade, Industry and Competition (the dtic) is calling for nominations and applications to fill several vacancies within the entities under the Executive Authority of the Minister.
Nomination Procedure: Applications and Nominations must be submitted in writing and must contain the following information: Detailed curriculum vitae that includes membership of all boards the nominee currently serves on or has served on in the past, motivation for the appointment and certified copies of the identity document and qualifications obtained.
The following mandatory forms must be fully completed, signed, and submitted:
• Nomination and nomination acceptance form (Form 1A);
• Particulars of the nominee form (Form 1B);
• Consent form, Criminal record and indemnity declaration form;
• Register of interest information sheet.
Call for applications:
1. Chief Executive Officer (CEO): National Regulator for Compulsory Specifications (NRCS)
2. Chief Executive Officer (CEO): National Credit Regulator (NCR)
3. Competition Commission (CompCom): Deputy Commissioners (2X)
Closing date: Call for Applications, positions 1-3 – 4 October 2024
Application Procedure: Applications must include a detailed Curriculum Vitae (CV), certified copies of the Identity Document, and qualifications obtained.
In addition: Background verification, including criminal record and citizenship checks, will form part of the selection process
• It is the nominee’s responsibility to have foreign qualifications verified by the South African Qualifications Authority (SAQA).
For more info you can head directly to the site here: https://www.thedtic.gov.za/board-ceo-commissioners-vacancies/
A WAVE OF NEW BANK CEOS
Several South African banks have recently appointed new CEOs, signalling major leadership changes in the industry.
Old Mutual named Clarence Nethengwe as CEO of its soonto-launch OM Bank.
Nedbank appointed Jason Quinn as CEO in May 2024 (after serving as Absa’s financial director and interim CEO).
First National Bank (FNB) appointed Harry Kellan as CEO in April 2024 (after serving as CFO for FirstRand, the parent group).
ABSA recently announced that Charles Russon will take over as interim CEO of in October 2024 (he has been a key figure in Absa’s Corporate and Investment Bank (CIB) division since 2018).
Standard Bank’s leadership has also changed, with Kenny Fihla appointed as Deputy Chief Executive of the group and CEO of Standard Bank South Africa.
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OM BANK TESTING SYSTEMS
PRIOR
TO FULL LAUNCH
Old Mutual is making big moves to become a full-service financial institution, with its new bank already attracting 1 million customers through its Money Account (which is a transactional banking service already offered by the company).
Clarence Nethengwe, who’s been with Old Mutual for 15 years, has just been appointed as the CEO of the new bank. The bank recently finished its build process (which cost around R1.75 billion) and recently got approval to test its systems with other banks.
While Old Mutual are only set to fully launch by the end of 2024, they are already gearing up to compete with Capitec by targeting South Africans earning between R5,000 and R80,000 per month. The company plans to use its existing customer base of 3.1 million clients from its insurance side to grow its banking services.
Why Hold Awards?
The purpose of the Debt Review Awards is to highlight all the good being done by the industry and to recognise hard work and excellence in the industry (both by individuals and by credit providers, Payment Distribution Agents and Debt Counsellors).
While it still remains challenging to identify what exactly makes a good Debt Counsellor or credit provider debt review department, in a developing industry, the industry peer reviews do reveal the educated feedback from those who deal with debt review matters every single day.
Thousands of individuals strive every day in the debt review industry to make the process work well for distressed consumers. The Debt Review Awards presents an opportunity to shine a light on those efforts.
www.debtreviewawards.co.za
If you are curious about the event, or would like to watch the event live, then visit www.debtreviewawards.co.za for additional information, links and the livestream (from 12 noon – 4pm on Friday 18th October 2024). It is the primary source of information about the Awards.
You may be wondering about all the action that is lined up for this year’s event. What associated events are happening? How can you watch the event and what awards will be handed out. We have all the details for you.
18th October 2024
The Debt Review Awards gala will be held on the 18th of October 2024. The event will be held in person with about 200 guests (by invite only) and also live streamed on YouTube so everyone can tune in.
The organisers invite you to make a day of it. Let others know that your office will be unavailable as you all tune in and watch the event.
Consider holding your own internal Awards on the same day to recognise your hard working staff and colleagues. So, break out the snacks and prepare for the Debt Review Industry’s own version of the Oscars.
to
https://www.youtube.com/@debtfreemagazine
Awards Week Activities
You may be wondering about all the activities linked to the Debt Review Awards this year. As usual, the event actually spans several days as the organisers try to give all a chance to be involved, and benefit from travelling to the Awards host city.
This year the Awards are being held in Cape Town, in the Durbanville area.
Monday, Tuesday and Wednesday
Debt Counsellor and Credit Provider office Tours
Various Cape Town based credit providers and Debt Counsellors are opening their doors to visitors. This will allow time for those who tend to only email each other, to meet face to face and discuss any burning issues or challenges in person.
Thursday
Debt Review Awards Workshop in conjunction with iPDA. With the help of payment distribution agent, iPDA, there will be a rather exciting Conference held in the Durbanville area.
Seating is limited and invitations have been sent out. If you are curious about the event or would like to later watch some of the recorded content, please feel free to reach out to iPDA by messaging candice@ipda.co.za
On Thursday several other role-players will also be meeting. For example, the National Debt Counsellors Association will host the AGM and various parties will tour either credit providers or Debt Counsellors offices.
Thursday Evening
Those who are based in Cape Town and those who are travelling down to Cape Town for the Awards are invited to spend time together on Thursday evening.
With some coordinating help from DCCP, members of the industry will all be heading to a dinner venue in the Tygervalley area, not far from the Awards location. A suitable spot has been chosen with something for every budget.
Guests as well as local Debt Counsellors and credit providers are invited to contact carel@dccp.co.za to let him know that you would like to join and spend some time getting to know people in the industry. It is a chance to get to spend time with others in a social setting, and put a face to a name.
Friday (am)
There will be some meetings between technology providers and credit providers and others on the morning of the Awards.
Friday 12 noon Industry Pre-Show
At midday everyone can join the livestream broadcast over YouTube.
The industry specific Pre-Show content is suitable for anyone working in the debt review industry.
Department heads and senior staff in particular will benefit from the presentations, debates and discussions held as they will offer insights into industry issues.
The Pre-Show runs until the signal is switched over to the inperson event at 2pm when speeches begin.
The Awards Gala
1pm: Guest arrivals, photographs, drinks, snacks, entertainment & more. Keep an eye out at the venue for the Debt Review With Dummies crew.
Several of the event sponsors and supporters will be on hand to meet and spend time with the guests for about 45 minutes before everyone is seated.
2pm: Opening Words Speeches
Associated Awards presentations
Debt Write off with Capital Data a division of Nutun
After a short break there will be additional speeches, a presentation about the Peer Reviews and then the announcement of top rated PDAs, credit providers, the Top 5 Debt Counsellors and highest rated in various categories. This should end around 4pm.
After the live stream ends (at 4pm) guests at the in person gala will get to enjoy some snacks, drinks, chatting and relaxing. It will be a time to reflect on the results and to get to network.
Awards
There are various awards handed out on the day of the Debt Review Awards Gala. Some are a result of the industry peer review and others are done in conjunction with Sponsors & Contributors.
Rising Star Awards
This year we are excited to recognise an additional two Debt Counsellors. With the support of DCCP we will be able to share the identity of Debt Counsellors who are making strides in establishing and growing their practices.
Technology Adoption Award
With the help of Slipstream, we will announce the Debt Counselling practices that most make use of the DReX system. This encompasses both the Debt Counsellors’ use, as well as use by their clients who can log into the system and check documents and balances.
Significant Contribution to Debt Review Awards
With the help of ONE, we are able to recognise the hard work of two individuals identified during the industry peer reviews. These individuals are (1) making a difference right now to the debt review process as well as (2) have done so for many years.
Nousheen Pore Award & Attorneys Certificates
With the assistance of those who work in the legal field, two legal practices will again be recognised this year. First will be a legal practice representing credit providers and then one working with Debt Counsellors (and consumers).
Then we will learn who will take home the prestigious Nousheen Pore Award. This award was introduced last year, and is awarded to someone showing the same spirit and characteristics as the much beloved Nousheen Pore. This Award in the legal category was awarded to Cornel van Heerden of VHT Attorneys in 2023. He will be on hand to hand over the Award to this year’s winner.
Credit Provider Awards
Credit providers of various types will be announced on the day. Debt Counsellors have been weighing in on their performance and the results will reveal the highest rated in several categories.
Payment Distribution Awards
Two awards will be announced in the PDA categories. The first will reflect the ratings by credit providers and the second by Debt Counsellors.
Debt Counsellor Awards
Over 55 different Debt Counsellors will be recognised again this year. First, we will learn the names of the Top 5 in the various size categories, and then the highest rated Debt Counsellors based on the various credit provider reviews.
Top 10 Debt Counsellors
Due to the ongoing audit process this year, we are unable to announce the Top 10 Debt Counsellors in the various size categories in this issue of Debtfree Magazine.
Instead the information will soon be published on www.debtreviewawards.co.za and Debtfree Magazine will publish the names in a series of articles on www.debtfreedigi. co.za. Be sure to visit the sites in the days ahead or follow on socials to get all those details.
This year the Top 10 will be announced in the Boutique, Small, Medium, Large and National Categories. A Top 5 will be announced in the National Plus Category.
Join The Action
While the Debt Review Awards might not be able to identify the “best” in the business (that’s you right?), it certainly helps to identify who it is that everyone finds it best to work with.
We appreciate the time and effort of all those who participate in the annual peer reviews.
Thank you to the volunteers who make the event possible. We also want to say a big thank you to the sponsors who
donate time, effort and funds to help organise the process and gala. The expense and their efforts to help consumers identify this industry as reliable, professional and respectable is much appreciated.
TUNE IN
Please do Join us on Friday, 18 October 2024. We warmly invite you to head over to YouTube to tune in and enjoy all the action again this year.
Subscribe to the YouTube Channel so long to receive notifications when the event goes live.
https://www.youtube.com/@debtfreemagazine
Share your ‘Debt Review Awards look’ on social media
Visit the Datanamix 360° photo booth at the Awards Gala to take some fun photos to share with your friends and family.
DEBT REVIEW AWARDS & iPDA
THURSDAY
CONFERENCE
The Industry Conference, in association with the 2024 Debt Review Awards team, taking place on October 17th in Cape Town.
This event is your opportunity to engage with industry professionals and gain the tools, technology, and fresh perspectives needed to thrive in the evolving field of debt counseling.
Our conference focuses on embracing innovation and technology, essential for navigating a changing industry.
Get ready to hear from dynamic keynote speakers Dawid Roodt and Dewald Lindeque and other speakers who will offer actionable insights that challenge traditional approaches and spark new ideas.
Expect transformative sessions designed to foster collaboration and inspire forward-thinking strategies. The day will include engaging discussions, interactive exercises, and ample networking opportunities. Plus, enjoy delicious food as you connect with fellow professionals.
Seats for the Intuitive 2024 Conference are limited, so don’t miss this opportunity to stay ahead in debt review innovation.
Book your spot today and join us for a day that promises to elevate your practice to new heights.
Click to book your spot.
Did you know iPDA is integrated with two robust frontend solutions, putting the power of choice back in your hands.
iPDA, integrated with Maximus and IFE, delivers seamless operations and superior efficiency. Managing your finances and operations has never been easier.
tuitive frontend system (IFE) - supports medium to national Debt Counseling practices, Managing your operational processes more effectively.
aximus frontend system - supports boutique and growing Debt Counseling practices, saving time on accuracy on captured information.
Coupled with extensive reporting on both the frontend systems and iPDA, you get a comprehensive view of your debt review business, assisting you in making informed decisions for your business.
Experience the power of the iPDA frontend integration and how we can partner with you to optimize your debt counseling practice.
Learn more at www.ipda.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.
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
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
Who W e Ar e
About Debt Rescue
Founded in 2008, Debt Rescue has established itself as one of South Africa’s largest and most trusted debt counselling companies. Our extensive network with credit providers and industry stakeholders enables us to deliver comprehensive debt management solutions that have helped thousands of individuals achieve financial relief and stability.
NCRDC595
WE C RE CAMPAIGN
Every Month with Debt Rescue
SIMPLY SHARE
DEBT COUNSELLING SALES CONSULTANT NEEDED
Why Join Our Team:
Are you passionate about making a real difference in people's lives? Do you have a drive for success and a talent for communication? If so, we have the perfect opportunity for you.
We offer a lifeline to individuals struggling with debt. Our mission is simple: to provide compassionate, effective solutions that empower our clients to regain financial stability.
Who Are We Looking For:
• Individuals with a talent for sales and a track record of exceeding targets.
• Empathetic listeners who understand the importance of building relationships based on trust.
• Motivated self-starters ready to take initiative and drive their own success.
• Team players who value collaboration and are dedicated to collective achievement.
Your Role:
As a sales consultant with us, your role will be pivotal. You'll be the first point of contact for individuals seeking assistance, guiding them through their options and helping them see a way out of their financial distress.
Your ability to empathize, share knowledge, and empower will not only lead to sales success but will also make a real difference in people's lives.
Ready to Make a Difference?
If you're driven by success and the desire to help others, we want to hear from you.
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
NCRDC1142
Tel: 087 701 9665
Email: help@zerodebt.co.za
www.zerodebt.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.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
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
NCRDC49
www.debt-therapy.co.za
Do you want to take the first step to become DEBT FREE?
Get started today by reducing your monthly debt repayments into one affordable payment. 021 204 4711 068 279 5951
info@debteezy.co.za www.debteezy.co.za
0872382280 enquiries@payplansolutions.co.za www.payplansolutions.co.za
LEGAL
Liddles & Associates
“If you do what you’ve always done, you’ll get what you’ve always gotten.” - 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
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
Jus�n �an Der Linde
1st Floor Icon House 24 Hans Strijdom Street Cape Town 8001
jus�n��dla�orneys.co.za
Assisting small to large debt counselling businesses with their legal applications on a National Scale.
We pride ourselves on personal attention and service excellence.
Levesh Govender Tel: 071 364 1475 eMail: levesh@lglaw.co.za
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