Debtfree Magazine May 2018 by Debtfree Magazine

DO YOU HAVE

WHAT IT

TAKES? May 2018 www.debtfreedigi.co.za

There is a tree on the slopes of mountains in California that is said by scientists to be an amazing 4700 years old. It survives at a chilling altitude of over 3000m and has been in place from before the pyramids were built. The fact that this tree can and has survived for so long in such a harsh climate, clinging to the side of a mountain at about the height of 3 table mountains shows that a little grit and stubborn determination can go a long way. By growing so high up in snowy and cold weather, this tree has avoided any forest fires entirely for millennia. Because very little other vegetation is around so high up, there is hardly any competition for nutrients in the nearby soil. So what at first seems like a terrible place for a tree to grow turns out to be ideal for this tree which is now affectionately

called by botanists â&#x20AC;&#x153;Methuselahâ&#x20AC;?. This month we discuss whether you have what it takes to make it through the debt review process. Though not physically demanding, the debt review process can be emotionally and mentally challenging. Many people drop out of the process partway through. Our main articles force you to take a look at yourself and ask if you are a quitter or not. Do you have what it takes? We also catch up on some of the latest news from around the country, and in particular we have some exciting information on the Debt Review Awards this issue. Each year the industry is invited to participate in a peer review of those on the opposite side of the industry and we find out some of the top candidates for Awards this month just before the Annual Awards Gala coming in June. Members of the Debtfree team, with the help others in the industry, organize the Gala and we wish them all the best with the event.

Though debt review may not seem ideal, it is a highly effective means of getting out of debt and becoming rehabilitated so that you can reenter the credit market if you wish. The process can teach you new things about yourself you never realized or knew. It can teach you great habits, which you will use for years to come. If a tree like Methuselah can make it in such a tricky environment for so long, in the face of harsh weather and changing climates then, surely we can push through a few months or years of tough times. People are the most adaptable creature on the planet, and we have a drive unlike any other animal or plant to succeed. If you have that determination, then you can turn your financial life around, one month at a time. Hopefully debt review is helping you to do just that. So enjoy this issue, keep up those repayments and we are sure that you will soon be debt free.

FROM THE

E D I T O R S DESK

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DO YOU HAVE WHAT IT TAKES

DEBT REVIEW AWARDS NOMINEES ANNOUNCED

WAYS TO INCREASE YOUR STAYING POWER

NEWS

SERVICE DIRECTORY

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C O N T E N T S

DO YOU HAVE

WHAT IT

TAKES?

DO YOU HAVE WHAT IT TAKES?

STAYING POWER noun (informal) 1. the ability to maintain an activity or commitment despite fatigue or difficulty; stamina. Debt review has been compared to running a marathon or taking a long distance road trip. Runners who run for many kilometers in a long distance race need to know how to keep going despite muscle and mental fatigue. If they lose focus, even briefly, they may allow their fatigue to overwhelm them and cause them to give up without reaching the finish line. Those going on a long distance road trip need to plan ahead and know that they will be travelling for many hours or even days. They also understand that because they will be travelling on the roads with other vehicles, they canâ&#x20AC;&#x2122;t lose focus during the journey or they could have an accident. To pay off your debts through debt review, you need staying power. Those without it soon fall out of the process and can end up worse off than they were before.

DO YOU HAVE WHAT IT TAKES?

ARE YOU A DROP OUT? We respect people who endure despite hardship. The political prisoner who gets out of prison after 27 years who goes on to become president, the men who brave snow and storms to make it to the most extreme parts of the planet, the victim of a terrorist attack who goes on to win gold. Their endurance and staying power is impressive. To lack staying power is hardly a good quality and can also be described as being cowardly, weak, lacking endurance or being a drop out. Now, being a ‘drop out’ is nothing to strive for. If you were choosing friends to play on your team, or had to rely on them, would you choose a friend who has a reputation for endurance or for being a drop out? Sadly, people drop out of debt review for a variety of reasons. Many reasons are weak and reveal that the person doesn’t fully understand the debt review process. Other excuses show that the person has not really embraced the process and doesn’t see the value of ever getting out of debt. Let’s briefly look at some common reasons.

DO YOU HAVE WHAT IT TAKES?

DEBT REVIEW IS NOT WORKING Some consumers panic near the start of the process (within the first few months) because they receive information from collections agents and even their credit providers which might be incorrect. Their statements may not reflect their debt review status, and collections agents looking for commission may even misinform them. Consumers need to realize that the process is a legal one, and the courts are involved. This means they can be confident that the credit providers have an obligation to cooperate. Rather than worry that your debt review is not working, why not first make contact with your Debt Counsellor and discuss your concerns? They will not mind, since many consumers experience these same concerns. Donâ&#x20AC;&#x2122;t let a few phone calls or sms scare you.

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DO YOU HAVE WHAT IT TAKES?

IT’S TAKING TOO LONG “Are we there yet”? Kids on a long distance trip often grow impatient because they do not appreciate the distances involved. As a parent, you may have a more realistic view of how long the trip will take. If you have a bond or are repaying a car loan, then you have already committed to repay debt over many years or even decades. Since most debt reviews are over within 3 - 5 years (leaving only the bond to be repaid afterwards) you should repay your debts over a reasonably short amount of time. If you are paying half of what you were before, is it totally unreasonable if it takes you twice as long? If you feel your debt review is taking “too long”, then try to increase the monthly repayment amount, rather than trying to quit the process prematurely. Increasing repayment amounts early on in the process can significantly shorten the repayment term.

DO YOU HAVE WHAT IT TAKES?

I CAN’T PAY THIS MONTH BECAUSE... A runner who begins to focus on all the reasons why he doesn’t feel like running any more will soon give up. Often a lack of saving along the way or not sticking closely to the budget suggested by the Debt Counsellor can result in consumers running short on funds when emergencies do arise. Some emergencies are legitimate and cannot be avoided or planned for, this may mean that you will have to ask your Debt Counsellor to talk to the credit providers and even the courts to make adjustments to your plan. This could, unfortunately, add months to your repayment plan. Other reasons however may simply be the result of not setting aside funds each month towards annual expenses such as licensing fees or school books and uniforms in January. Some consumers have fallen into bad habits over the years, like missing debt repayments in December or around Easter. Doing this in debt review simply derails the entire process to the consumers’ detriment.

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DO YOU HAVE WHAT IT TAKES?

I DONâ&#x20AC;&#x2122;T NEED DEBT REVIEW ANYMORE Some consumers have favorable improvement in their situation. Maybe their partner gets a job after a long time without one, or they are able to find much cheaper accommodation. This can help increase the amount of funds available to service debt. If this happens to you, then you should talk to your Debt Counsellor about increasing your debt repayments to shorten the time it will take to get out of debt. Do not be quick to stop paying via debt review and lose all the benefits you have received (like reduced fees and interest). Unless your situation has dramatically shifted in the last few weeks, and your income has really shot up significantly, then you probably still need debt review and cannot afford to revert to your old contract commitments. Ask your Debt Counsellor to help you figure it out.

DO YOU HAVE WHAT IT TAKES?

I DONâ&#x20AC;&#x2122;T NEED DEBT REVIEW ANYMORE It is also vital to realize that when you leave debt review before completing the process properly, your creditors may revert to your original contract obligations. This can mean you suddenly owe them a lot more than you ever thought. Example:

Original obligation Restructured debt review repayment Growing Difference

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 R1000 R1000 R1000 R1000 R1000 R1000 (+ fees R10) (+ fees R10) (+ fees R10) (+ fees R10) (+ fees R10) (+ fees R10) R500 R500 R500 R500 R500 R500 (no fees) (no fees) (no fees) (no fees) (no fees) (no fees) R510

R1020

R1530

R2040

R2550

R3060

If after just a few months you suddenly leave the process, creditors may ask you for the difference all in one month, along with all the interest you missed. If you canâ&#x20AC;&#x2122;t pay, they may take new legal action.

KIM ARMFIELD

AND ASSOCIATES

WAYS TO INCREASE YOUR STAYING POWER

FOCUS ON YOUR PROGRESS Rather than focus on what you do not have and cannot buy, try to focus on how far you have already come. Focus on the advantages that you are experiencing because of your debt review. For example, you may now be able to answer calls from numbers you don’t recognize. You may now be able to go check the mail box without that feeling of dread. You and your spouse may no longer be fighting about money. Debt review probably made all of that possible. You should focus on the fees and interest you are SAVING each month e.g. If you were paying off R100 000 at 22% interest and are now only paying 5% then that means you are saving a HUGE amount of money over time. If you are saving even R50 in account fees each month and have been in the process for a year, that’s R600 for each account. If you have 5 accounts that’s R3000 in just some of the fees, never mind interest charges.

WAYS TO INCREASE YOUR STAYING POWER

KNOW YOUR RESTRUCTURING PLAN Before starting a race or long trip it is important to know where you are going, and to study the route ahead. When your Debt Counsellor makes proposals to your credit providers and to the courts, they set out how many months it will take to repay all your debts. Each individual debt is planned out in payments month by month. You should have a copy of the plan and know exactly how far along you are each month. On which month will I be Âź of the way? Which month is Â˝ way? Much like using a map on a road trip, this plan can help you measure your progress.

WAYS TO INCREASE YOUR STAYING POWER

HANG OUT WITH OTHERS IN DEBT REVIEW There are hundreds of thousands of South Africans who have been, or are in debt review at the moment. You may have heard about debt review from a close friend who is using the process to repay their debt. Having people around you who understand your circumstances can really help. Some Debt Counselling firms even link their clients into a support system for one another.

WAYS TO INCREASE YOUR STAYING POWER

AVOID PEOPLE WHO OVERSPEND In every group of friends, there will be some with a little more money than others. Every office will have some who spend more than others. They can leave you jealous of their lavish lifestyle and “jealousy makes you nasty”. Even the TV shows and Youtube Channels you watch or Instagram accounts you follow can expose you to people who overspend, and they may start to encourage you to also spend funds you can’t afford. Choose your company wisely.

WAYS TO INCREASE YOUR STAYING POWER

AVOID ADVERTISING BR AINWASHING Companies pay clever marketing people a lot of money to get you to want to spend your money on their products. These people spend years and years at expensive collages learning how to make you fixate on their products. So don’t think that you won’t be influenced by their efforts. Beware of exposing yourself to too much advertising, too many emails promoting things you can’t afford. Don’t obsess over things you cannot afford at present. There is a difference between setting yourself goals, and being brainwashed into ‘needing’ the latest and greatest. Allowing yourself to be blasted by emails and adverts and sms all day long, promoting things you can’t afford, will only make you feel depressed that you can’t have them (that is how they want you to feel). You may start to think that you really need them and debt review is preventing you from having them.

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WAYS TO INCREASE YOUR STAYING POWER

DON’T BE A DROP OUT If you are able to keep on consistently pay your debt review through both easy times and hard, you will soon find yourself debt free! Like a runner reaching the finish line or a traveler arriving in a distant town, you may be tired, but that will soon fade away. You will have reached your goal and succeeded. Things will come your way that will test you, you may have to power through. You may have to force yourself to carry on and not give up, but knowing clearly how long it will take, how far you have come and by taking practical steps to keep up repayments, you will be able to stay in the process. Every month under debt review is a month where you are saving a ton of money on fees and interest charges. Every month is a step closer to your goal. Don’t give up and don’t give in. Show a little staying power and in just a little longer than you originally planned, you will have paid off all your debt.

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NEWS

NCRPDA4 THE LATEST PDA The NCR has issued a new PDA registration number to CollectNet (pty) Ltd. A PDA is a payment distribution agent who handles debt review related payments on behalf of consumers under debt review. CollectNet are based in Gauteng (Centurion) and have been registered as NCRPDA4. They join the 3 existing NCR registered PDAs (Hyphen PDA, DC Partner PDA and NPDA). Malcolm Povey, well known for his long time in the industry at Hyphen PDA, has now moved to CollectNet after a number of months associated with DC Partner. He will be heading up operations. Though newly registered the company has been in existence for some time and has been considering registering for a while.

PETROL PRICE TO JUMP IN JUNE Global oil costs are rising which means that we end up paying more for fuel locally. Tensions in the Middle East and other international political and price controlling factors are all pushing the worldwide fuel costs higher. Turns out Prince Harry and Meghan were being wise to ride a horse carriage back from their wedding. Good money saving tip. Thanks Royals. Now with the Rand not doing as well as it has been against the Dollar, SA commuters are in for a harsh shock as petrol prices rise past the R15/litre mark to as much as R15.50 a litre. The AA (Automobile Association) predicts a 74c increase for petrol and around 80c for both diesel and paraffin during June.

FNB DC CONFERENCE IN JUNE FNB Debt Review department is arranging a Debt Counsellor conference with Gauteng DCs at the end of June 2018. FNB will call on DCs to help tackle some of the biggest challenges they are currently experiencing and help to develop potential strategies to overcome them. An ongoing hot topic will be the splitting of current account and overdraft and the subsequent use or non-use of the current account. The date for the conference has been set as 27th June and the event will take place at the FNB Conference Centre on Grayston Drive in Sandton. If you are a NCR registered Debt Counsellor and would like to attend (along with another member of your team) you can email Faadiel Toffie at FToffie@fnb.co.za

LEWIS VS NCR OVER CLUB FEES The National Credit Act and regulations set out very clearly what fees can and can’t be charged for credit accounts. In 2016, after a report from Summit Financial Wellbeing and in the wake of several similar investigations, the National Credit Regulator (NCR) had a look at Lewis Group’s club fees which they charge clients and said that they find them to be illegal. The NCR then referred the matter to the National Consumer Tribunal (NCT) who have authority to rule on such matters. The NCR asked the NCT to make Lewis pay back all their club fees to all their clients and fine the credit provider for breaking the law.

After hearing arguments from both parties in 2017 the NCT ruled that the club fees charged by Lewis were not illegal. The NCT felt that Lewis had avoided mistakes that other credit providers may have made in regard to charging club fees and interest on these fees. The NCR then appealed the matter to the High Court as they want to see all club fees removed from the industry as the fees “increase the consumers’ cost of credit“.

HIGH COURT RULE AGAINST NCR The High Court in Pretoria heard the matter on appeal but eventually ruled against the NCR. The ruling was somewhat scathing against the NCR and will even award costs against the Regulator to try to discourage the NCR from repeating this type of application in the future. The Judge pointedly said that the NCR should have been well aware that they were not going to win the case as soon as they saw the credit providerâ&#x20AC;&#x2122;s replying affidavit (at NCT level). Part of the argument hinged around if consumers were forced to take the club membership in order to get access to credit. Lewis showed that less than a third of their clients had joined the club and this had not stopped any from

gaining access to credit. The other half of the argument was about warranties which the NCR held to be pretty useless but Lewis was able to prove that they honoured, even when their own staff made some clerical errors. During the process in which the NCR showed 3 clients who were being incorrectly charged for insurance, Lewis conducted a massive internal investigation and decided to refund customers around R44 Million. This amount related to insurance fees which they discovered should not have been charged in regard to employment insurance (for example; insurance against being retrenched which may have accidentally been charged to a pensioner who was not employed). Also affected during the entire case at NCT and High Court has been Lewis Group shares which initially fell dramatically during the investigations and allegations. The High Court decision to issue costs against the NCR for the case was specifically made in an attempt to dissuade the Regulator from pursuing similar litigation.

BOUTIQUE (IN ALPHABETICAL ORDER)

TOP 5 Alan Manshon THE MONEY CLINIC Amanda Johnson ALGOA DEBT CARE Suzanne Pretorius DEBT SOLUTIONS Trevor Armfield DIVERSE DEBT COUNSELLORS

INDUSTRY PEER REVIEW NOMINEES ANNOUNCED With less than a week to go until the Annual Debt Review Awards Gala we are eager to announce the Top 5 and Top 10 nominations in each of the award categories for Debt Counsellors. Be sure to look out for our winners in the next issue of Debtfree.

Zelda Erasmus CONTROL DEBT TOP 10 Daniel Ludick LUDDICK ATTORNEYS Francois Schaffer OVERBERG DC Helena Joubert H JOUBERT DEBT COUNSELLORS Lee Lombard GARDEN ROUTE DEBT COUNSELLORS Romi Govender FINESSE DEBT COUNSELLORS

SMALL

MEDIUM

(IN ALPHABETICAL ORDER)

TOP 5 Andre Carelse AC DEBT COUNSELLORS

TOP 5 Annemarie Marais DRS QUEENSTOWN

Awie Coetzee DEBT ASSOCIATES

Eugene Cilliers PAYPLAN SOLUTIONS

Drene Venter DEBT AID

Judy Knoetze CREDIT MATTERS (KLERKSDORP)

Karl Schweidler WYNLAND DEBT COUNSELLOR

Liana van Wyk DEBT WISE GROUP

Shaun Zeelie MASTER YOUR MONEY

Morne Olivier FREEDOM DEBT COUNSELLORS

TOP 10 Darren Mannikam INKOSINATHI DC SERVICES

TOP 10 David Marston ALGOA DEBT CARE

Denver Bright DB DEBT COUNSELLORS

David oâ&#x20AC;&#x2122;Brien MEERKAT

Susan Strydom DEBT REVIEW CENTRE

Gerhard Stoltz GERHARD STOLTZ DEBT COUNSELLORS

Thomas Swart DEBT SENSE GROUP (PE) Yolanda Jansen Van Rensburg RENCARE DEBT COUNSELLORS

Russel Dickerson RD DEBT COUNSELLING Wendy Mashegare DEBT MEND

LARGE

NATIONAL

TOP 5

CONSUMER DEBT HELP

DEBT BUSTERS

CONSUMER WISE

DEBT RESCUE

CREDIT MATTERS

NATIONAL DEBT ADVISORS

DEBT THERAPY

OCTOGEN

ZERO DEBT

PIONEER DEBT SOLUTIONS

TOP 10

DC PAYMENT SOLUTIONS

DEBT WORKS

DEBT CARE

ONE DEBT

DEBT COUNSELLING GROUP SA (DCGSA)

RANDWISE DMG

(IN ALPHABETICAL ORDER)

DEBT GUIDANCE DEBT SOLUTIONS

(IN ALPHABETICAL ORDER)

THE DEBT EXPERTS (DC EXPERTS)

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DCASA REGIONAL MEETINGS IN MAY The Debt Counsellors Association of South Africa holds regular regional meetings with members to discuss industry matters. Here are some of the highlights of recent meetings.

MAXIMUS Maximus gave a presentation about the benefits of using the Maximus frontend system (for Debt Counsellors and Attorneys). Among other features, the system checks NCR Debt Help to see if a consumer is already on the NCR system. It also pulls information from the consumerâ&#x20AC;&#x2122;s credit report to pre-populate a bunch of info which can help with the consultation with the consumer. Maximus allows Attorneys to draw documents for themselves about each consumer. The Debt Counsellor doesnâ&#x20AC;&#x2122;t have to then print and send them anything (other than a signed and commissioned affidavit) as the Attorney does all of that. Maximus costs R200/month which also includes 200 free sms/ month (you can sms right from the system) and 200 credit checks/month via Experian. Marital status checks are done via XDS).

DEBT REVIEW AWARDS Zak King gave a brief presentation in regard to the Debt Review Awards (at the Cape Town Meeting). He covered both where things stand in the process which has now ended, as well as, the plans for the coming Awards evening Gala which will be held in Cape Town in June.

DEBT INTERVENTION A discussion and report back was held about the Portfolio Committee on Trade and Industryâ&#x20AC;&#x2122;s proposed Debt Intervention Bill (an amendment to the NCA). The process, much like administration, is aimed at consumers with R50 000 or less debt (with no assets). The first draft of the Bill received a lot of negative feedback when hearings were held at parliament and many threats were made about challenging the constitutionality of the bill which could eventually allow for some of these consumers debts to be written off after some time. There were also many concerns expressed over the proposed criminalising not reporting reckless lending. The Portfolio Committee want the NCR to handle debt interventions. It has been suggested that around 300 debt intervention counsellors with 3000 support staff be appointed. The DTI anticipated around 1.7 Million applications and the NCR would have to review each proposal every year. It is a huge workload and many fear capacity issues and the costs involved. The estimated cost to taxpayers to fund work at the NCR would be around R475 Million.

DCASA REGIONAL MEETINGS IN MAY

CREDIT INDUSTRY FORUM UPDATE

Members were then given a brief review of what has and has not been happening at CIF. Some of the highlights (or lowlights) were: • DCRS has not been updated • Joint Bonds – DCASA has been really pushing for finality on the matter because the NCA doesn’t properly provide for it at present. BASA would like to see some sort of reference to the debt review on the non debt review consumer’s credit record. DCASA disagree and have asked the NCR to issue a guideline. • Reckless credit investigations - Credit providers do not want to give all the required documentation up front (due to massive cost and manpower implications). • Pension Backed lending – still no consensus. • POPI Act – CIF are discussing how this impacts the industry. • The withdrawal guidelines are being reviewed ( in view of the new NCR fee guideline).

DEBT COUNSELLORS A S S O C I AT I O N O F S O U T H A F R I C A

STUCK

U S I N G

ANCIENT

T E C H N O L O GY ?

Contact Maximus on 011 451 0041 | www.dcmax.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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donâ&#x20AC;&#x2122;t be a twit

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Die Republiek van

SKYT AFRICA Hallo Almal, Ek het onlangs met iemand gesels wat sy werk verloor het en dit is ’n gebeurtenis wat ongelukkig baie mense te beurt val. Besighede sukkel om kop bo water te hou en besnoeiing van salarisse of te wel die salarisrekening is maar altyd aan die voorpunt as dit by besparing kom. Wat nou gemaak, was die eerste vraag wat opkom. Met bykans twintig jaar diens is daar ’n relatief goeie pensioen en die ideaal sal wees om dit te herbelê en weer die werkerskorps te betree. Dit is egter makliker gesê as gedaan -- werk is skaars en die poste wat wel beskikbaar is, bied ’n baie swakker salaris aan -- tot so veel as vyftig persent minder. Is die kool die sous werd? Die vraag het ook ontstaan of die korporatiewe wêreld (en in die proses verryk base hulle) steeds ’n opsie is, of het die tyd nou aangebreek om die horison te verbreed? Dit is van kleins af by ons ingeprent jy moet ’n werk hê en om vir ’n baas of base te werk, is die in-ding. Daar is egter duisende

suksesvolle entrepreneurs daar buite wat werk aan ander verskaf, mense wat geleenthede geïdentifiseer het en ’n mark geskep het. Die verlies van ’n werk hoef nie altyd negatief te wees nie -- dit is moontlik ’n deur wat oopgaan waar die kreatiewe denke na vore kom en drome bewaarheid kan word. Natuurlik is dit nie iets wat gatoorkop aangepak moet word nie en sal deeglike beplanning en navorsing verg. Die probleem wat die meeste eenmansake het, is dat hulle hul diens of produk nie korrek prys nie, gewoonlik te goedkoop om die transaksie te beklink sonder om die insetkoste behoorlik in ag te neem. Baie dinge in die lewe gaan oor ’n kopskuif -- is ek reg ingestel, is ek positief en is daar ander geleenthede wat vir my wag? Moet jou nie verknies in wat kon gewees het of wat moes gewees het nie; as jou omstandighede verander, sprei jou vlerke en vlieg ’n slag! Groete.

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

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iDCC is waiting to hear back from the NCR in regard to our official request to join CIF. We encourage non-affiliated DCs to join.

http://www.gentlereminders.club/

We encourage all member DCs to sign up to use Consumer Friendâ&#x20AC;&#x2122;s DReX system to make their lives easier.

www.allprodc.org

We wish our collegues all the best for the coming Annual Debt Review Awards

www.bdcf.co.za

Regional Meetings KZN 20 June Free State 13 July Gauteng 17 July W Cape 24 July Annual DCASA Conference Gauteng 22 August Check the website for upcoming regional meeting dates in other provinces. www.dcasa.co.za

We wish our members and all industry players the best at the upcoming Debt Review Awards

donâ&#x20AC;&#x2122;t be a twit

http://twitter.com/Debtfree_DIGI

KIM ARMFIELD

AND ASSOCIATES

When debt review clients don’t pay they put your entire practice at risk! We make sure you get paid for the work you’ve already done! Tel: 021 949 1758 | 084 702 3760 info@legalwc.co.za | w w w.capeat torney.co.za

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