Debtfree Magazine January 2018 by Debtfree Magazine

South Africaâ&#x20AC;&#x2122;s debt counselling magazine

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YOUR DEBT PROBLEMS? January 2018 www.debtfreedigi.co.za

Water, Steinhoff and Bitcoin. It seems that’s all anyone wants to talk about at the moment. That and how the holidays flew by and it feels like we never had a break at all. Perhaps those close to you have also been fixating on these topics and admittedly, this issue of the magazine we also caved and discuss them as well. They are well worth talking about for a variety of reasons.

When a consumer uses more money than they earn then they are often able to access credit to temporarily make up the difference. If they can later repay that debt then, no harm, no foul. But when a city is using more water than is falling out the sky… well, thus far none of the banks are trading in water. If they did, trading values would be sky rocketing. Kind of how Bitcoin and many other cryptocurrencies took off in the last half of 2017. For some who have come up with water saving innovations, then business has been booming. In many places you can’t get a borehole drilled without having to wait months and you can’t find any large storage tanks in the shops. Bottled water sales are sure going through the roof. This just goes to show that, there are opportunities for profit around us every day.

If you live in one of the many towns or cities across the country where even the wasteful are finally waking up to the possibility that the water shortage could inconvenience them on a day to day level then no doubt you have seen people heading home from the shops with litres and litres of water bottles. They are now being forced to adjust their behavior but it has taken a long time. And if you Some wonder if Bitcoin and other have been saving water all along, cryptocurrencies could be their opportunity to find a way out of debt. then: well done!

We discuss what all the hype is/was all about and how the technology works (we try to keep it simple). We also cover all the latest news like what is going on with the draft bill to amend the National Credit Act and what’s going on with Steinhoff. If you’ve lived through your own personal drought of access to credit slowly drying up then you are no doubt familiar with the sense of hopelessness that arises when you feel that things are beyond your power to change. People can stare at the clouds all they want but they can’t make them rain. You can stare at your late payment bills but wishing alone won’t solve your problems. Fortunately, unlike with the nationwide drought, debt review is already in place and has been helping hundreds of thousands of consumers. And unlike the drought, debt review is always designed with an end in sight. We hope that this year is a good one for you and that it takes you one step closer to the refreshing feeling of finally being debt free.

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BITCOIN AND CRYPTOCURRENCIES

NEWS

BALANCE IN 2018

AMENDING THE ACT

SERVICE DIRECTORY

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C O N T E N T S

BITCOIN & CRYPTOCURRENCIES If everyone agrees that seashells are valuable (or even Tulip flowers) then, they are. Everyone says they are and because we all agree that they are valuable well, you can trade them for other things and services because that item is in demand.

“

Hand over all the lupins you’ve got

”

BITCOIN & CRYPTOCURRENCIES

In the past, most currencies like the Rand or Dollar where connected with gold. Gold is valuable. It is hard to find and is pretty and shiny. So, the small piece of paper you held in your hand (money) replaced the need to actually carry the gold around. Over time however, this has changed and now the piece of paper or even more so the ones and zeros reflected on a computer somewhere, are linked to a commonly perceived value system. We all agree it is valuable becauseâ&#x20AC;Śwe all agree it is valuable. And as we all know, from things like diamonds, the rarer they are then the more valuable they seem to be. There are (or will be) 21 Million Bitcoin in total. This is important because if you can keep walking down to the beach and finding more and more seashells the overall value of an individual shell will drop (and if you figure out you can grow Tulips). One of the challenges with many currencies is that the notes wear out, so new ones have to be printed or the regulating body may just decide to go ahead and print a bunch more notes making each one already in existence worth less.

BITCOIN & CRYPTOCURRENCIES

WHAT IS BITCOIN? Bitcoin is one of many different electronic currencies. You use it by downloading software and it can be traded for services and bought with real world money. Unlike normal currency, no one entity or single government controls this currency. Bitcoin is the brainchild of a mysterious creator (or creators) known as Satoshi Nakamoto (“ah...you say, “it was made by a computer smart Asian sounding person. Now it makes sense”- Don’t be racists - we don’t even know who this person or people are but…yes, the name engenders confidence doesn’t it?) The currency is created and managed by using a type of technology called Blockchain. The system reduces the chance of fraud and crosschecks itself continually. The original core code was only 3000 lines long. Imagine a system where all users, on all computers, have the overall ledger

of where all the money is, has been and where it has currently moved to. Even though the different userâ&#x20AC;&#x2122;s identity is hidden, the figures are known by all. Each time a single transaction is made it is added to the ledger and it contains a record of every single transaction that has ever been made before. By comparing all the information on all the computers the system can make sure that every computer agrees, and that any single computer which says something different is lying. This prevents fraud. In theory it is impossible to cheat. Each transaction has a private portion (between you and the buyer or seller) and a public portion which is known and checked by all to make sure it is legitimate. If you help check that the current transaction is legitimate and that all the information on the ledger is accurate, you get rewarded by the system. This is called mining (technically it is when you run and confirm the specific hash value of the nonce and other such techno jargon).

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BITCOIN & CRYPTOCURRENCIES

IS BITCOIN MONEY? Now, you might think that the answer is simple, but smart Judges in Courts around the world have disagreed. Even many countries disagree. In some pretty pivotal cases in the US, it has been ruled that Bitcoin did not meet the standard of money and thus the accused in those cases walked away scot-free though accused of all sorts of financial misconduct. Subsequently, several states have had to make new laws to take cryptocurrencies into account.

Companies like Microsoft and Dell accept payment in Bitcoin and even universities (like Nicosia University on Cyprus – who were the first) accept student fee payments in Bitcoin and some other currencies. Countries like Japan (since April 2017) and the micro state of Liberland are leading the way in making Bitcoin legal tender (ie. You can’t refuse payment in it). On the other hand countries like Belgium, Switzerland and Finland see Bitcoin as a ‘commodity’ and not a currency and don’t even make you pay VAT on it. Some countries see Bitcoin as a threat to their sovereign currency and have banned its use like: Saudi Arabia, Bolivia, Ecuador, Bangladesh and Kyrgyzstan (Russia is not that fond of it either). In some countries you can use it but never exchange it for the state currency. It is how the oil producing countries must feel about electric cars. They have been in charge for hundreds of years and want things to stay how they are. This new technology threatens that and defies regulation.

BITCOIN & CRYPTOCURRENCIES

BITCOIN AND CRIME Another concern is that it is almost impossible to know who is paying for what, criminals can use the currency to pay for all sorts of nasty stuff. Cryptocurrencies have been used to pay for all sorts of illegal things like assassinations, drugs, weapons, human trafficking and more. Crooks like to use these currencies since no one can see who they are, and what they are paying for. Some forms of cryptocurrency, which hide even more information about all users and transactions, are growing in popularity with criminals and it is said many have switched from Bitcoin to these newer currencies.

BITCOIN & CRYPTOCURRENCIES

WHATâ&#x20AC;&#x2122;S THE SNAG? Well, you know how you have been hearing that desalinating water is not too difficult but that it takes a lot of electricity? Something similar happens when every computer has access to the entire ledger and computers have to generate random strings of hash numbers and see if they match the transaction. It is said that one Bitcoin transaction takes 3994 times more energy to process than a credit card transaction.

BITCOIN & CRYPTOCURRENCIES

WILL BITCOIN MAKE YOU RICH? Bitcoin mining and trading has certainly made many people rich. Especially those who bought low and sold high. For those who bought too early and went out and used some Bitcoin to buy two pizzas, they didnâ&#x20AC;&#x2122;t realize they were spending what would one day be worth millions of Rands for dinner (true story). The value of the currency swings up and down to some pretty frightening extremes and over very short time periods. During 2017 the value of many cryptocurrencies shot up by many hundreds of percent. Sadly, some desperate people borrowed lots of real world money to buy Bitcoin (and others) at the top of the curve (late in 2017) and when the value bubble burst in mid December the value plummeted. The expensive thing they had bought suddenly lost a huge part of its value (like buying Steinhoff or African Bank shares on the wrong day). This is not to say that the value wonâ&#x20AC;&#x2122;t go up again, nothing is for certain.

Asking if buying Bitcoin will make you rich is like asking if trading on the stock market will make you rich. It is possible. Is it a good idea to go out and borrow lots of money from the bank and convert it into cryptocurrency? Who knows? Maybe talk to a broker, but be prepared for some pretty divergent answers. Today, not having debt is the new form of wealth. Taking steps to ensure that you donâ&#x20AC;&#x2122;t owe anyone anything can be hard. It can certainly appear harder than a chance to get rich quick but are definitely more reliable and consistent. The future of blockchain technology and the currencies which operate off it is unclear, other than to say they are probably here to stay (for a while).

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Contact Maximus on 011 451 0041 | www.dcmax.co.za

BITCOIN & CRYPTOCURRENCIES

WHAT IS BLOCKCHAIN Essentially Blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without the need for a central certifying authority. Potential application fund transfers, settling trades, voting etc.

BITCOIN & CRYPTOCURRENCIES

PLEASE NOTE The process is quite technologically advanced and we are not techno wizards, so we have tried to simplify the process which may result in some slight oversimplifications. We also may only be able to tell part of the story as things are complicated so, some information presented may seem somewhat incomplete. Please feel to research the topic further yourself for a complete picture. We donâ&#x20AC;&#x2122;t know everythingâ&#x20AC;Ś just some things.

BITCOIN & CRYPTOCURRENCIES

DID YOU KNOW... • The FBI own 1.5% of the worlds Bitcoin. • Chinese mining pools control +- 81% of Bitcoins network collective hashrate. • A man called James Howell once threw a hard drive against a wall and broke it. The hard drive contained Bitcoin worth 4 Million British Pounds at the time. • Refunds are not possible with Bitcoin. Someone once sent US$137 000 worth instead of US$5. They never got it back. • There are over 1400 Bitcoin ATMS in 55 countries around the world. • Because Bitcoin mining is often done using the processing power of graphics cards, worldwide graphics cards prices have shot up in response to the demand during late 2017.

KIM ARMFIELD

AND ASSOCIATES

NEWS

ONE|SURE WORKSHOP

For daily debt counselling news in 3 minutes or less visit www. debtfreedigi.co.za

Insurance specialists ONE|SURE provide insurance products tailor made for consumers under debt review. On 22nd February 2018 they will be holding a one-day workshop in Gauteng. The workshop (which starts at 11am) will cover topics such as last yearâ&#x20AC;&#x2122;s big changes to NCA section 106, FAIS and how that impacts on DCs, Transfer to OMART and the ONE|SURE operations process. Included in the agenda will be a discussion of the 1web system and a look ahead at new products being developed by ONE|SURE and how they can assist consumers under debt review.

THE R AND DOING WELL

HERMAN JOUBERT APPOINTED DC PARTNER CEO

The Rand continues to benefit from a weaker US Dollar and has broken significant barriers in the last few weeks.

After many years of Mrs. Gesie van der Merwe leading Payment Distribution Agency, DC Partner as CEO, the role has now passed to the well known and much loved, Mr. Herman Joubert.

American President Donald Trump surprised the world by saying that the US wouldnâ&#x20AC;&#x2122;t mind a slightly weaker Dollar and it seems everyone is taking him seriously for a change. The Rand broke through the R12/1 US$ barrier and has done well to stay there for some days. This has had additional knockon benefits to South Africans by reducing the cost of fuel etc.

Herman officially took on the position at the George based PDA, at the beginning of this year. Congratulations!

NATIONAL CREDIT ACT AMENDMENTS BILL

IT’S LOOKING ‘ROFF’ FOR STEINHOFF

The Portfolio Committee on Trade & Industry has drafted a new Bill to amend the National Credit Act. The bill introduces a type of debt relief for very specific groups of people, and those who the Minister of Trade and Industry may identify from time to time in hard hit industries or areas.

Retail Empire Steinhoff has made brands such as Pep, Ackermans and Tekkie Town household names. Until recently, Steinhoff used to be a top 10 share on the JSE, then growing allegations of financial irregularities resurfaced, their CEO quit suddenly and the media began to warn of danger to investors.

The Bill also introduces some changes in regard to debt review. Public hearings (at the end of January and start of February) and written submissions of comments have been arranged by the Committee, in an effort to engage with the industry and public. [more in this issue]

Steinhoff shares quickly dropped by R194 Billion or around 84%, throwing the market into disarray and hitting many people’s investments hard. It may have cost the Public Service Pension Fund as much as R12.5 Billion. As a result, the Public Servants Association (PSA) now want regulators to take criminal

action against former Steinhoff CEO, Markus Jooste after he “jumped ship” just before the company hit troubled waters. They even initiated legal action along with the PIC to try to recover a joint R17 Billion. Even though Steinhoff came up with an amazing R13.1 Billion over a single weekend to shore up loses and try build some market confidence, there is no light at the end of the tunnel as investigations are underway in both Europe and South Africa. The company’s former bosses have also been trying to desperately gather as much cash as they can, as fast as they can.

Christo Wiese (who resigned in December) sold shares in Shoprite for about R4.2 Billion, as well as Aspen Pharmacare Holdings. Markus Jooste has sold shares, auctioned off race horses and is trying to sell one of his many local properties in the Cape (for around R15 Million). Efforts are underway by the company to refinance loans and borrow even more funds to try right the ship.

NATIONAL DEBT COUNSELLING ASSOCIATION

DEBT COUNSELLORS COLLECTIVE

After a quiet build up, the National Debt Counselling Association has officially begun to make public announcements on behalf of its members.

Providing DC’s with a voice on an industry level is vital if DC’s want to help drive the industry in a direction to benefit both consumers and DC’s. In the past many DC’s have turned to various Debt Counsellors associations for assistance in this regard. This saw the rise and fall of many associations over the years.

The new Debt Counsellors association, which is primarily for very large Debt Counselling firms, has weighed in on the proposed amendments to the National Credit Act. This is the first official public statement the new association has given.

Now a Facebook based group of Debt Counsellors, known as the Debt Counsellors Collective, are beginning to make waves. The small group has amassed numbers over the last 6 months but says outright that it is not an association but rather a collective of Debt Counsellors who wish to be heard on an industry level eg. CIF.

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FINDING BALANCE IN 2018

FINDING BALANCE IN 2018 Did you feel overwhelmed by all your responsibilities in 2017? Were you desperate just to make it to the holidays? How can you avoid losing your balance, feeling rushed, burnt out and overly stressed this year? Most people feel overwhelmed these days by all the demands put on them by their home life and work responsibilities. Stress has become the new â&#x20AC;&#x153;normâ&#x20AC;?. In a 2015 survey on the topic, people from 8 different countries reported that they struggled to keep up with all the demands on them, both at home and at work. Respondents from USA reported working an average of 47 hours each week and 20% of all respondents said they work 60 hours or more a week.

Do you feel that if you are not working at the office, you are working at home? Are you feeling off balance and unhappy? As a result of this pressure, most of us try to take a break each year (like in December) but these days it seems like even when you are relaxing, there is just not enough time or that it feels rushed. This can leave you feeling like you need a holiday after your holiday! When you are regularly rushing from one task to the next, you can easily become stressed. Stressed employees (and employers) deliver poor quality work, and are more likely to argue with colleagues and lose sales.

How can you avoid becoming overly stressed in 2018, and how can you find better balance this year? Letâ&#x20AC;&#x2122;s first talk about why we fall into the trap of trying to do too much, too quickly.

FINDING BALANCE IN 2018

PUTTING “FOOD ON YOUR FAMILY” US President George W Bush once made a funny comment about “putting food on your family” (as opposed to “the table”, which is how that saying normally goes). This is one of the most common reasons why people lose balance. The desire to give our kids nice things, or maybe just a better life than we had, is strong for most parents. This can pressurize parents to work nonstop. A seven day work week is not uncommon in South Africa. Sadly, trying to keep your kids happy by giving them things may actually have the opposite effect. Some studies indicate that both parents and children who attach too much importance to money and material things, tend to be less satisfied with life and even less healthy than those who do not. In an effort to push their kids to great heights, some parents involve their children in too many different activities and leave their kids with little or no time to rest or time for themselves.

FINDING BALANCE IN 2018

THINKING “MORE IS BETTER” Adverts tell us that we need all the latest gadgets. To get them, we probably need to work longer hours and focus more on work. In the past, SciFi writers thought that technology would result in less work and more relaxing. How wrong they were! As more technology has become available, people are now working harder to acquire it. We “need” the latest phone, tablet, gadget or device. Using an old model is not cool, and if 1 is good, then 2 is going to be better!

FINDING BALANCE IN 2018

TRYING TO PLEASE OTHERS Come December, most people head home to see family and friends, but feel a lot of pressure to come back with arms full of gifts and goodies, there is an expectation. Family members can put pressure on us to provide money for all sorts of events all year long, rather than carrying their own weight. If a family member has debt problems, encourage them to talk to a Debt Counsellor. Don’t adopt other people’s debt. Co-workers might also make you feel bad if you do not keep pace with them and put in extra hours at work. Just because they don’t have a life doesn’t mean you can’t. Many employees report to being scared of displeasing their boss by leaving work ON time, or turning down overtime. There is also the pressure to “keep up with the Joneses”. We don’t want to be left behind or miss out on what others have.

FINDING BALANCE IN 2018

OUR WORK DEFINES US Many people report that their self worth and value is attached to their job. What they do and how far up the corporate ladder they climb defines how they feel about themselves and what they think others think of them. Some feel that busy people are important people and so, they want to be busy.

FINDING BALANCE IN 2018

STRIKING A BALANCE

It is important to be a hard worker and be good at your job, but this needs to be done in balance so as to get the best from life. Here are some ways you can strike a reasonable balance in 2018.

FINDING BALANCE IN 2018

DEFINE YOUR PERSONAL GOALS AND VALUES It is common for people to re-evaluate their lives at the end of one year and the start of the next. So, it might be time to figure out why YOU want to work, and what YOU want to get out of work. The obvious answer is money, right? Well, thatâ&#x20AC;&#x2122;s what you need to figure out. Do you really want money or do you only want certain things that money can typically get you? If so, how much money do you really need? What do you think it means to be really successful and why do you feel that way? Take the time to figure it out. Many people are actually surprised by how little money they need to reach their real goals in life.

FINDING BALANCE IN 2018

DONâ&#x20AC;&#x2122;T LET MARKETING PEOPLE DICTATE YOUR HAPPINESS If you find all you do is watch adverts and shop online or even stare at shopping catalogues, then it might be time to moderate this. What you put in front of your eyes all the time will eventually make you want it. Stare at Instagram pictures of island holidays every day and soon you too will be wanting to book a plane ticket to Bora Bora. Watch out! Even the people you hang around with can influence you. If they are shopping mad or fascinated with having the newest everything then, guess what? So will you. Take a piece of paper and write down a list of things you actually need. You will be surprised at the amount of things on the list that you already have, and how many things donâ&#x20AC;&#x2122;t make the list.

FINDING BALANCE IN 2018

YOU MIGHT BE ABLE TO WORK LESS If you have taken the previous steps, you will probably find that you don’t need as much money as you thought. This really helps you to keep work in its place. Have you ever been sick for a week or two and could not go into work? Isn’t it amazing how the office still managed to get on without you? You realize that much of your work (which you should do as well as you can) can honestly wait a day or two. All that overtime and constant rush is probably not necessary (especially, if your boss does not pay you for it). If the company wants more work done, they need to plan better, and hire more people or update your contract. Work hard when you are at work so you don’t feel bad when you leave at the end of the day. At one large Debt Counselling firm, all the staff know that one of the Debt Counsellors leaves around 3pm each day, to go fetch his kids and spend some time with them after school.

FINDING BALANCE IN 2018

MAKE FAMILY A PRIORITY Sadly, many parents work long hours and a lot of over-time and never actually spend any time with the family they are trying to care for. They neglect their familyâ&#x20AC;&#x2122;s emotional needs and end up becoming a stranger in their own home. Your home is meant to be a safe and fun place to be. But if you are never there, your spouse and kids will begin to resent you and no amount of material things will make up for it. You will send them a simple message: Work is more important than you. When you are with your family, be careful not to tune out by getting glued to social media or TV and neglect actually spending quality time together. Your kids will learn to imitate you and they will stop communicating. Try to eat at least one meal together, talking together. Research shows that families who do this have children who perform better at school and have higher levels of well being.

FINDING BALANCE IN 2018

DEAL WITH YOUR DEBT Was 2017 a mad rushed year? Did you feel stressed out, all the time? Were you only worried about money and paying debts all year? 2018 does not have to be like that. If you are not in debt review but are concerned about your debt, then take debt-stress out of the equation by entering debt review. Put your debt in its proper place. If you are already in debt review, then all you need to do is make your monthly debt repayment. Stick to your budget so that you know you have enough available each month and also for those special annual expenses.

FINDING BALANCE IN 2018

BALANCE IN 2018 A good example of balance is a tightrope walker. They need to be focused and relaxed in order to remain safe. So, focus on what you really need this year and you will see you donâ&#x20AC;&#x2122;t need to spend all your time fixated on work, to the detriment of everything else. If you work hard but know where to draw the line, you will be far less stressed. Donâ&#x20AC;&#x2122;t let other people influence you to provide for them or impress them. Figure out what is really important to you, and work towards that as a family. If you strike a balance between your financial needs and your personal goals you will be much happier. Happier people are more productive at their jobs, and enjoy better relationships with their families and friends. Make a conscious decision to keep work, recreation, family and finance in its proper place this year. 2018 can be a great year for you, once you figure out how to strike the right balance.

PRESS RELEASE FOR IMMEDIATE RELEASE – 25 January 2018 PRESS RELEASE FOR IMMEDIATE RELEASE – 25 January 2018

Mr. Herman Joubert appointed new Chief Executive Officer of DC Partner.

Payments distribution agency DC Partner has announced with excitement the appointment of Mr. Herman Joubert as their new Chief Executive Officer. He has assumed responsibilities on 1 January 2018 and succeeds Mrs. Gesie van der Merwe, who has stepped down after many years of valued service as head of the company. Directors, through succession planning and with comprehensive search and assessments

ayments distribution agency DC Partner has announced with excitement the appointment of Mr. Herman oubert as their new Chief Executive Officer. He has assumed responsibilities on 1 January 2018 and succeeds Mrs. Gesie van der Merwe, who has stepped down after many years of valued service as head of the ompany.

he Board of processes, were pleased to have found the best individual to assume leadership of this dynamic and high anked position.

The Board of Directors, through succession planning and with comprehensive search and assessments processes, were pleased to have found the best individual to assume leadership of this dynamic and high ranked position.

Herman Joubert has been part of the DC Partner team for 10 years and brings a stellar leadership reputation; a wealth of customer, management and change management experience, and a passion for the debt and credit industry to DC Partner. During his career time at DC Partner in his previous role of General Manager he or years, DC Partner has been at the forefront of this industry, not only serving as a PDA, but also taking on he responsibility to educate and assist consumers and the DC’s that so willingly in serve their communities. accomplished noteworthy growth the company and established firm relationships with the customers and hese basic principles are what has made us the successful company we are today. industry stakeholders throughout the market while being responsible for the daily management of DC Partner am not here to reinvent the wheel or drastically change what we have been doing so well for 10years. We at the Head office George. Hemacro has also been serving as chairperson of The PDA Agent owever have to operations adapt to the ever-changing economic environment and in be very cognizant of the conomic factorsAssociation that determine consumer behaviors in South – Africa.’’ of South-Africa (PDASA).

Herman Joubert – “If the nearly 9 years I have spent with DC Partner has taught me anything, it is that onsistency, transparency and honesty still remain the bedrock of what a business of this kind must be.

My vision for our great company is to maintain the high level of standards we have always set ourselves and o expand the brand of this business to DC’s who share the values of our company and want to serve the people of South – Africa.

Herman Joubert – “If the nearly 9 years I have spent with DC Partner has taught me anything, it is that consistency, transparency and honesty still remain the bedrock of what a business of this kind must be. For years, DC Partner has been at the forefront of this industry, not only serving as a PDA, but also taking on the responsibility to educate and assist consumers and the DC’s that so willingly serve their communities. These basic principles are what has made us the successful company we are today.

DC Partner (Pty) Ltd ; 59 Victoria Street, George ; 044 873 4532 ; www.dcpartner.co.za

PO Box 10311, 6529 George, Western Cape ; Registration Number : 2008/018741/07

I am not here to reinvent the wheel or drastically change what we have been doing so well for 10years. We however have to adapt to the ever-changing economic environment and be very cognizant of the macro economic factors that determine consumer behaviors in South – Africa.’’ My vision for our great company is to maintain the high level of standards we have always set ourselves and to expand the brand of this business to DC’s who share the values of our company and want to serve the people of South – Africa. DC Partner is a Payment Distribution Agency in South Africa with the head office operations based in George in the beautiful Southern Cape. On 28 August 2008, DC Partner began distributing as a newly appointed Payment Distribution Agent and accredited by The National Credit Regulator. On 25 April 2016, DC Partner officially registered in terms of the National Credit Act as a payment distribution agency. IT was DC Partner in (Pty) ; 59 Victoria Street, George 044 873 4532 ; www.dcpartner.co.za indeed a proud moment theLtd history of the company. For ;years, Herman Joubert and the executive team have been lobbying to not only to be a part of the industry but also recognized PO Box 10311, 6529 George, Western Cape ; Registration Number : 2008/018741/07 by the act. Mr. Herman Joubert is unique in his ability to translate vision and strategy into DC Partner, bringing together teams and people to drive results. He knows every DC Partner process, technology area and customer, and 1 will move the company forward with the momentum required to capitalize on the opportunities in the market. For additional information, please contact:

Tel: 044-8734530 Email: Marketing Manager - petro@dcpartner.co.za or Chief Executive Officer herman@dcpartner.co.za

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086 111 2882

TELEPHONE 0861 112 882 FACSIMILE 086 605 9751 MOBILE 082 449 6856 EMAIL andre@in2insurance.co.za

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DR AFT NCA AMENDMENT BILL

AMENDING THE ACT The Portfolio Committee on Trade & Industry have been trying to get a draft Bill passed into law which will amend the National Credit Act. Over the past few months, different parties have submitted written comments on the draft bill, and at the end of January and beginning of February, public hearings at Parliament allowed interested parties to voice their thoughts on the draft Bill. One of the largest features of the proposed Bill is called â&#x20AC;&#x2DC;Debt Interventionâ&#x20AC;&#x2122;. It is an envisaged debt relief mechanism where certain types of consumers, who qualify, could ask the National Credit Regulator and National Consumer Tribunal to reduce debt repayments or pause payments on them for a period of 12 months. The NCT has the option to pause payments again for a further 12 months, if the consumer still does not have income or sufficient income to cover their debts. The Bill then goes even further to give the NCT the power to write off unsecured debt entirely (if all the debts add up to less than R50 000) if after two years, the person still has no means to repay any of their debt.

Though a lot of people are very interested in the prospect of some consumers not having to repay their debts, this is not the intention of the Bill. The idea is to get the NCR to help low income consumers who currently do not benefit from debt review due to the NCR set fee structures for the industry. Many of these consumers are not advertised to because of the low financial return for Debt Counsellors and the relatively large workload involved in helping them. The Portfolio Committee thinks that the NCR will be able to assist where thousands of registered Debt Counsellors and their companies have held back in the past. Concerns have been raised that the NCR, and by extension the NCT, does not realistically have even partial capacity for any such debt relief measures. Another aspect of the draft Bill would see every credit act entering debt review scrutinized for reckless credit and potentially hundreds of thousands of possible cases of reckless credit reported to the NCR and courts to investigate. Failing to report possible cases could see Debt Counsellors get into serious trouble and face fines or worse. There are concerns about the ability of credit providers to supply the needed documentation on every credit agreement entering debt review, and capacity at the NCR

to investigate. To protect themselves from problems, Debt Counsellors would have to flag almost every matter they look at and canâ&#x20AC;&#x2122;t get papers for in time. There is naturally also concern among credit providers over the possible fines and share price impact of thousands of investigations every year. Also of interest, are clauses in the Bill that will see business owners and the big bosses held accountable for the actions of their staff (that they are aware of). This could see Board members, CEOs and CFOs heading to jail for things that happen at branches and outlets among credit providers, credit bureaus, ADRAs, PDAs and Debt Counselling firms. After all the comments - written and oral - have been made, the Portfolio committee have to consider if they will amend or add any clauses (there are a lot of areas where the NCA urgently needs amendments that have been totally ignored in this Bill). Eventually the Bill will go before Parliament and various committees and even the President before it is potentially enacted.

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DEBT REVIEW SCHOOL If you only paid some of your debt review payment in Dec or Jan then individual credit providers could begin new legal action against you. Some of your accounts might be taken out of debt review.

DONâ&#x20AC;&#x2122;T WORK WITH AN OUT DATED VERSION OF THE ACT

UPDATED 2017

We are happy to announce that the Amended National Credit Act booklet is now available via our shop. Get the latest version for only R250.00

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Die Republiek van

SKYT AFRICA Hallo al die Lesers, Vervelig gaan 2018 beslis nie wees nie en daar is baie eksterne faktore en rolspelers buite ons beheer wat of n positiewe of negatiewe impak op ons individuele koopkrag gaan hê, maar wat soos n paal bo die water uitstaan is dat aan die Regering se kant al lank gelede opgetree moes gewees het om fiskale vermorsing vas te vat om meer stabiliteit te verseker en beleggingsvertroue te vestig. Geleenthede het gekom en gegaan. Moenie dat die geleenthede jou verby gaan nie. By jou huis is jy die minister van jou finansies en dus die persoon wat verantwoordelik is vir die besluite wat geneem gaan word en uiteindelik ook verantwoordelik vir die impak wat dit vir die res van die jaar en moontlik vir die res van jou lewe gaan hê. Daar is drie belangrike besluite wat jy nou kan neem wat jou finansiële toekoms gaan bepaal. Eerstens kan jy besluit om negatief teenoor jou skuld situasie, jou krediteure en jou Skuldberader te staan. Dinge werk in elk geval nie so wat de hel,

almal se m**r, ek sal dreig, raas, baklei en stry met al wat leef en beef en ek sal oral op sosiale media en teenoor my vriende en enige iemand wat wil luister of nie, my lot bekla en die hele lot blameer vir my finansiĂŤle verknorsing. Glo dit of nie daar is baie sulke mense wat ongelukkig so dink en uit my ondervinding het hulle nog altyd aan die kortste end getrek. Jy kan voel jy het hier en daar n geveg gewen deur iemand aan die anderkant van die telefoon af te jak en hulle in geen twyfel gelaat van jou opinie nie maar die oorlog gaan jy beslis nie wen nie en die kanse dat jy jou bates gaan verloor is n werklike moontlikheid. Moet asseblief nie hierdie denkrigting volg nie. Tweedens kan jy besluit om passief teenoor die hele situasie te staan, ek doen wat ek kan en wat moet gebeur moet dan maar gebeur. Jy soek nie hulp of raad nie en indien dit aangebied word luister jy maar met n halwe oor want niks wat jy doen gaan die situasie verbeter nie. Dit is nie dat jy dinge gelate aanvaar nie maar die wil om n uitkoms te soek ontbreek. Gewoonlik wanneer dinge dan begin skeef loop dan tree negatiwiteit in met dieselfde gevolge soos vooraf genoem.

Derdens en laastens kan jy n proaktiewe en positiewe benadering volg en besluit om iets daadwerklik en opbouend te doen. Verstaan jou situasie en soos al telkemale in die verlede gesê is wees eerlik daaromtrent. Praat met kundiges en luister na hulle oplossings vir jou probleem en nee, n kundige is nie hierdie “besighede” op Facebook wat kitslenings aanbied nie, die wat adverteer dat geen ITC gedoen word of dat hulle jou ongeag van jou krediet telling (credit score) sal help, dit klink te goed om waar te wees en is! Positief beteken hoe vinnig kan jy uit die moeilik kom en wat kan jy doen om dit te bewerkstellig, Het jy n paar Rand spaar wat jy ekstra op my skuld kan betaal, hoeveel van jou jaarlikse verhoging of jou jaarlikse bonus wat jy in hierdie jaar gaan ontvang kan jy gebruik om jou skuldlas te verminder? Die spreekwoord van wat jy insit sal jy uitkry is so waar in hierdie geval. Help jou Skuldberader om ‘n jaarlikse assessering van jou inkomste en uitgawes te doen en wees proaktief om jou finansiële welvaart terug te kry.

Groete en gaan julle goed!

Christo Hattingh Kyk gerus my LinkedIn profile: https://www.linkedin.com/in/christo-hattingh-351a52130/ * Seriously please do let us know if you found this article to be funny/offensive/amusing/interesting feedback@debtfreedigi.co.za

South Africaâ&#x20AC;&#x2122;s leading Debt Counsellors

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PAYMENT DISTRIBUTION AGENCY

What is the role of the Payment Distribution Agency? Over-indebted consumers pay their debt installments to their creditors, through an accredited PDA such as DC Partner on a monthly basis. DC Partner (PDA), distributes debt review funds securely to credit providers and keep track of the payments and balances on accounts through the debt management software program. The PDA provides monthly statements to the Debt Counsellor and consumer.

WHY CHOOSE DC PARTNER AS PDA? A client relationship officer is assigned for EACH Debt Counsellor – Single point of contact & communication! We assist to follow up on default clients, unpaid funds and unidentified deposits. National representation – Frequent face to face visits to your office by skilled, trained agents. Automated e-mails which can be sent directly from our system – 17.1, 17.2, proposals, cascades etc. Systematized client statements for each distribution sent as e-mail or sms. Daily Distributions on all clients. 24 Hour access to our system (Including distribution data) from any PC, Cell Phone or tablet with internet access. Individual, dedicated business bank account for each debt counsellor. Multiple management review reports accessible directly to manage your debt review business and processes.

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DEBT REVIEW SCHOOL If you did not pay your debt review payment in December or January then your Credit Providers have the right to begin new legal action against you. You will lose the protection of the debt review.

Estonia is set to launch its own Government backed crypto currency called Estcoin!

Debt Counsellors Collective Donâ&#x20AC;&#x2122;t need an association but want a voice at industry level? info@moneyclinic.co.za

www.newera.org.za

www.bdcf.co.za

Facebook page members can comment on the new poll about reckless credit

www.allprodc.org

Visit our Facebook page and tell us about concerns you have over the Draft National Credit Amendment Bill https://www.facebook.com/BlackDebtCounsellorsForum/

www.bdcf.co.za

Regional Meetings Free State 9 February 2018 KZN 16 February 2018 WCape 13 February 2018 Check the website for upcoming regional meeting dates in other provinces.

www.dcasa.co.za

National Debt Counselling Association

DEBT COUNSELLING COMMUNITY SUPPORT

CAN YOU HELP? DEBT COUNSELLING COMMUNITY SUPPORT

During 2017 the Nedbank Debt Rehabilitation & Recoveries Department made an effort to gather canned non perishable goods. Each member of the team from management to the call centre, all chipped in by bringing a can of non perishable food to work. They did this for several months. From small beginnings the canned goods quickly began to stack up. Nedbank are proud supporters of the DCCS program and asked DCCS who would be best suited to receive a little extra help at the end of the year. DCCS asked several Debt Counsellor members if they knew of families who would appreciate the assistance and who it would help the most. Contact admin@dccsupport.co.za

NEDBANK CAN! Soon deserving families (who regularly pay their debt review payments every month) were identified and DCCS and Nedbank sprang into action. The canned goods were distributed to the various families. Going a step further Nedbank showed their care for loyal debt review clients by making a financial sponsorship towards the DCCS programme. Using these funds DCCS has now identified even more debt review consumers who can be helped. DCCS want to say a huge thank you to the staff at the Nedbank Debt Rehabilitation & Recoveries Department for their generosity towards consumers who are making a big effort to settle their debts responsibly. DCCS receive many messages of thanks from the families and their Debt Counsellors. Thank you Nedbank!

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