Debtfree May 2017 by Debtfree Magazine

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

ARE YOU SABOTAGING YOUR REVIEW May 2017 www.debtfreedigi.co.za

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Running out of water has been on the mind of those living in Cape Town for a few weeks now. Dam levels are dropping and as the rest of the country watches the city of many millions of people prepare for a disaster. Of course, most people in the Cape are optimistic that the rains will come and dam levels will rise and it will soon be life as normal. In fact, the municipalities have had to fine people who during this drought are watering the grass alongside the road outside their property. It is kind of how many consumers deal with debt. As their debt levels increase and their income stays the same, they carry on spending the same as before. No drastic measures are taken until they are absolutely forced to do so. Normally, by then it is too late and those summonses and collections agents are beating down the door. Well, now the Western Cape is in need of some

FROM THE

rain but they don’t have the option of just going down to their local Debt Counsellors office for help. A day of rain won’t see the issues disappear and even when (if ) the rains start, the municipality will struggle to get residents not to waste water. They worry that with rain falling from the sky, residents will once again begin to waste water even though they will face a similar issue next year. Consumers under debt review can also do things to worsen their hopes of staying in debt review. They can start to sabotage their own debt review (sometimes without even realizing it). It may be things they do or things they neglect to do. This issue we look at some of those things and ask our readers to avoid the bad and embrace the good. We also only have a few days till the Annual Debt Review Awards. Months of hard work and participation have finally come to a close and we will soon find

out who the industry rates as it’s top performing firms. We have an update about that in this issue, along with a roundup of several industry events. After reading our first article our readers may just be motivated to give those roundups a glimpse to see what happened even though they do not work in the industry (read the first articles and find out why). So, as some of the country sit and stare at cloudless skies the rest of us stare into empty wallets and wonder when our financial windfall will come. The trick is to go slow and steady. To not waste, to be water and money wise and the situation will be manageable. Who knows? If we are all savvy about it Capetownians may soon be singing in the rain and the rest of us may be debt free.

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SELF SABOTAGE

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DISCLAIMER Debtfree Magazine considers its sources reliable and verifies as much information as possible. However, reporting inaccuracies can occur, consequently readers using this information do so at their own risk. Debtfree Magazine makes content available with the understanding that the publisher is not rendering legal services or financial advice. Although persons and companies mentioned herein are believed to be reputable, neither Debtfree Magazine nor any of its employees, sales executives or contributors accept

any responsibility whatsoever for their activities. Debtfree Magazine contains material supplied to us by advertisers which does not necessarily reflect the views and opinions of the Debtfree Magazine team. No person, organization or party can copy or re-produce the content on this site and/or magazine or any part of this publication without a written consent from the editorsâ&#x20AC;&#x2122; panel and the author of the content, as applicable. Debtfree Magazine, authors and contributors reserve their rights with regards to copyright of their work.

C O N T E N T S

SELF SABOTAGE

Are YOU Sabotaging Your Debt Review? When you finally decided to enter debt review it might have been from a place of desperation or perhaps, for those more fortunate, knowing that you were about to go through tough financial times. The relief that comes from having a financial plan that will work and will enable you to cover your costs and still pay back your debt in a more reasonable manner is immense. It is a good feeling. Many who enter debt review however do not go the full distance. Some start well and then miss payments after a short time period.For others they can pay for many years getting oh so close to being debt free before they fall off the wagon. The results of leaving a last chance way

of dealing with debt responsibly before completing the programme are harsh. Many consumers have then had to deal with renewed harassment, had to face collections agents, summonses and many have gone on to lose assets. If they had stayed in the debt review process they could have avoided all these consequences.

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SELF SABOTAGE

Why Some Consumers Make It and Others Don’t!

While external factors do come into play, in many case it is a case of the consumer making poor choices and behaving badly while under debt review. It is like the overweight person who stops for cake after their session at the gym. Will they really lose weight if they cheat on their diet every chance they get? Let’s discuss some ways consumers sabotage themselves, some of the things that they do or don’t do and try to learn from their mistakes so that you do not have to repeat them.

SELF SABOTAGE

Understand the Process Do you know what a 17.1 is? Do you know what a 17.2 is? How about what a CoB is? Do you know who restructures your debt? Do you know how much authority your Debt Counsellor has? Can they force a credit provider to accept any terms? What happens at court? What happens if you miss a payment? How long will the Debt Review process take? What will the credit bureaus show while you are under debt review?

If you take up a new hobby one of the things you will often do is research the hobby online. You might read a book about the hobby, look at pictures of the hobby, talk to others who have the same hobby. Debt review is similar. You need to get to know how the process works. The more you know the more empowered you will be.

If you donâ&#x20AC;&#x2122;t know some or all of the Living in ignorance of what to realistically above you need to start to learn more expect through debt review is a sure about the process. way to get into trouble down the line.

SELF SABOTAGE

Get to Know Your Debt Counsellor In the story of Snow White she is awoken most don’t know. They might perhaps by a prince. So, what’s his name? Here’s a know the name of the company they clue: it is not “Charming”. are dealing with but not the name of the actual person who has taken their A little research shows that the charming matter to court. The person whose prince could perhaps be called name was on those court documents, Ferdinand. But for the most part, the the person who is there to help them. prince is simply nameless. Is your Debt Counsellor similarly a faceless, nameless If you don’t even know who it is that is entity in your life? helping you, is it likely that you will be able to turn to them for advice when Many consumers contact us (at Debtfree) something unexpected or unplanned thinking of leaving the process too soon, comes up? How can you confide in for one bad reason or another. We then someone or trust someone when you ask them who their Debt Counsellor is, don’t even know their name?

SELF SABOTAGE

Missing Payments Debt review is based on good budgeting to make sure a payment is made every month. The plan is made into a court order and breaking that order brings an end to the process.

and interest rates) will take legal action if consumers canâ&#x20AC;&#x2122;t keep up their side of the deal.

Missing payments before debt review could be done every now and then and This causes all sorts of chaos and perhaps gotten away with. Once in debt credit providers who have extended a review however missing a payment is final chance to consumers (with some the clearest way of saying: Sue me! fantastic concessions in fees and charges

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SELF SABOTAGE

Sign Those Papers When you enter debt review it is the start of a legal process. A Debt Counsellor doesnâ&#x20AC;&#x2122;t restructure debt. They make a suggestion to a court, who in turn restructures the debt repayments. Court documents are important. A Debt Counsellor will ask a consumer to sign an affidavit so that they donâ&#x20AC;&#x2122;t have to go to the court and wait around all day to tell the Magistrate they agree with the

arrangement. Without that document the court application will not work. Some consumers take their time in getting this document signed. They may take so long that credit providers decide they are not cooperating and try to remove their account from the debt review. So, be sure to sign your papers as soon as possible and get them back to the Debt Counsellor.

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SELF SABOTAGE

Who Handles The Money? Some consumers think that the Debt Counsellor will handle their money. This is not true. This misconception makes some consumers blame the Debt Counsellor for things to do with their payments to creditors. Debt Counsellors do not touch the money. The National Credit Regulator (NCR) has registered three regularly audited entities to handle money. They are called Payment Distribution Agencies (PDAs). The law allows for payments to be made either by yourself (which is a lot of work) or via a PDA.

for commission on a collection tells them (incorrectly) that their debt review payment has not happened [it will have been made] then the consumer thinks this is the fault of the Debt Counsellorthe Debt Counsellor who does not handle payments; the Debt Counsellor who never touches the money.

Get to know your Payment Distribution Agency. Get to understand their role in the process. Knowing who they are and that the NCR audit them monthly will give you confidence that payments are being made and this will prevent you falling for misinformation from Many consumers mix up the identity of unscrupulous collections agents or their PDA with the Debt Counsellor. If a worrying about an incorrect balance credit provider collections agent looking showing from a credit provider.

Payment Distribution Agencies NEVER change their bank details. Do not let anyone try convince you otherwise! If you get a call asking you to query your monthly payment debit order and change bank details, call your Debt Counsellor immediately to talk to them about it.

SELF SABOTAGE

Change Your Way Of Thinking Many consumers who enter debt review think it will be a way for them to carry on life as normal with reduced debt repayments. This is not the case. Consumer as well as credit providers need to make concessions. Both parties need to make changes to facilitate the process. Credit providers often drop interest rates as low as zero %. Consumers therefore need to change the way they think about spending and

about the level of comfort they have. Consumers need to look for ways to save on expenses. They need to change their behavior in regard to how they shop, where they shop, what they buy. If you have been living on credit then you have simply been fooling yourself for a long time. Itâ&#x20AC;&#x2122;s time to get realistic and change the way you think about your situation.

SELF SABOTAGE

Pay More If You Realistically Can The faster you pay any debt with interest the better is since you pay less interest over time. This is amplified because of compounding of interest. So paying more now saves you a lot more in the future. Sometimes consumers begin to earn a bit more money each month. While they may naturally need a bit more to cover monthly costs as inflation drives prices of foodstuffs and transport up the consumer may have more than is needed for that. Some consumers rather

prefer to spend this small bit of extra money on themselves and their family. After all who doesnâ&#x20AC;&#x2122;t like a little luxury every now and then. What they do not realize is that setting funds aside in a contingency fund for the unexpected or increasing their monthly payment are much better options. Then when trouble comes along these funds which could have been used to get ahead of the curve or held one side for emergencies are all gone.

SELF SABOTAGE

Stick To Your Budget When your Debt Counsellor gives you your debt repayment figure this may be all you think about. The other figure a Debt Counsellor will give you is a new budget with suggested amounts for different costs each month.

then you will not run into the situation where you do not have enough for your expenses. Many consumers spend the funds available without actually saving anything toward their car license, TV license, vehicle services, tyre replacement, doctorâ&#x20AC;&#x2122;s visits etc. Rather, Obviously the Debt Counsellor is not when they find that they have covered going to follow you home and check the essential expenses there are a few that this is how you actually spend your rand left over. money. They have however tried to work with you and find a figure that is Rather than save, they fall for the urge realistic. to make an impulse purchase or two. These types of consumers soon find that If you stick to their suggestions (which a month comes along when they donâ&#x20AC;&#x2122;t will include saving funds toward annual have enough to cover all their expenses expenses like school clothes and books) and their debt review payment.

SELF SABOTAGE

Over Reacting When receiving a call from a collections person don’t panic if they make some outrageous claims. They say things like: “your debt review has been cancelled” (really?) and “we never received payments” (Never? Ever?). Here is where knowing the process will help. Ask them: Which PDA do you have on record for me? See if they understand the process. Ask them: Did you rescind my court order? What ‘domicilum’ address do you have to send my court documents to? Rather than over react and think that the PDA or Debt Counsellor are at fault, it would be good to investigate that this person on the phone is legitimate.

Check that the person on the line actually works at the credit provider and not an outsourced collections firm. Remember people under debt review deal with credit providers via their Debt Counsellor. The court order is done in the name of the Debt Counsellor so why are they calling you? As a consumer you are merely a party to the court order the same as the credit provider. Remain calm in the face of such claims and contact your Debt Counsellor (not someone else). Rush decisions that the process is not working are normally disastrous decisions resulting in chaos in your life.

SELF SABOTAGE

Earn More This may sound simple but few consumers who enter debt review make a concerted effort to earn more. Most are happy to keep things the same. Well, the bad news is prices for consumer goods will not stay the same.

prices in the months ahead. If one person in the family is without work then there is an opportunity for that person to earn a little more to help with payments and expenses.

Donâ&#x20AC;&#x2122;t burn out but be smart and look for Things are getting more and more opportunities with low risk and some expensive each month and with the bad extra income to help out. economic climate we may see spikes in

SELF SABOTAGE

Donâ&#x20AC;&#x2122;t

Self Sabotage

Strange but true, the person most likely to take you out of debt review prematurely, is yourself. Small steps in the wrong direction over By not over reacting when snags come time will take you right off the path. The along and by sticking to your budget opposite is also true however. you will be better able to handle the unexpected. If you make an effort to get to know the process and understand more Debt review is a powerful process when about debt review you will be more used well. Donâ&#x20AC;&#x2122;t be too passive while in empowered to make wise choices. the process. If you know all the role players you will Make getting out of debt a focus of not easily be conned by collections your life not something that is simply agents or fraudsters. happening in the background.

Questions you should ask a Collections Agent who calls and says your Debt Review is “CANCELLED!”

• Can I get your name and contact number? • Who do you work for? • Yes, but do you work at the credit provider or another collections firm? • Who is my Debt Counsellor? • What is the name of the PDA which you say payments never came from? • How much was the payment meant to be according to the court order each month? • Please send me documents to prove you are who you say you are and are authorized to handle this matter. • Have you contacted the debt counsellor since the court order is in their name not mine?

Didn’t your mom tell you not to talk to strangers? If at this point you get the feeling they don’t actually know what is going on it might be time to ask them to send you legal documents rather than chat on the phone with a stranger.

If you promise more to one (by yourself ) which of the other creditors will you have to short pay? Beware of making promises you cannot keep.

Don’t even agree that such a debt really Make no promises. After all how can you exists. Use words like: Maybe, possibly, make promises to one credit provider the alleged debt, this amount you are when your entire plan has to do with talking about. several different creditors each month.

Tell Your DC If you get any such calls then why not let your Debt Counsellor know? Perhaps they can clarify if there has been a snag or can put your mind at rest that all is going well. This will help you feel more confident and relaxed.

Don’t Want To Talk To Them? If you do not wish to deal with these situations then simply refuse to give permission for any recording of your voice. You have the right to refuse permission to do so. Most, if not all, collections agents will be unable to turn off recording software. So, by refusing permission you essentially end the conversation.

Be polite but firm: Ask: “Is this conversation being recorded?” Then say: “I do not give permission to have my voice recorded.” At that point you can end the call.

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PAWN YOUR CAR AND STILL DRIVE IT RULING BY NCT

public coverage. Consumers wanted to know. This led the NCR to apply to the National Consumer Tribunal for a ruling in regard to this Credit Provider. At the same time, a number of related matters were taken the Magistrate Court (by Debt Counsellors) who also agreed that there had been contraventions of the NCA.

Last year Allied Capital ran into a snag with a consumer who they repossessed a car from over end balance differences. In that case, the consumer had borrowed R30000 in a pawn your car and still drive it scheme from Allied Capital. When she said the balance was paid up and they disagreed she stopped payments. That led to them sending several men to take This year the NCT made a ruling which the car from a shopping centre (with her stated that the whole “pawn and still drive your car” scheme is prohibited bags still in the back). because it is actually just an attempt at When the matter went to court the disguising a normal credit agreement. judge ruled in favour of the consumer This is, of course, disastrous for Allied even though Allied Capital argued that Capital. The NCT further ordered that she willingly gave them the car that day. an independent audit must be done to figure out what the credit provider now All the way back in 2015, Debt needs to refund consumers who have Counselling firms Octogen and Debt been a part of the scheme since it began. Therapy referred Allied Capital to the After the audit is conducted refunds will National Credit Regulator (NCR) for have to be made to consumers even investigation over what they saw as where they failed to make payments contraventions of the National Credit and had cars taken in the past. Act (NCA). These things tend to take time and eventually, the NCR did get The NCT have ordered that: to investigate. Especially after these 1. Allied Capital is to return consumers’ vehicles and, if already sold, to refund matters hit the press and got some good

NEWS CONTINUED

those consumers; and NCR QUARTERLY REPORTS 2. Allied Capitalâ&#x20AC;&#x2DC;s registration has been IN MAY lapsed (stopped) for 18 months. Debt Counsellors are reminded that they were supposed to submit their Quarterly The NCT found that though these Reports to the National Credit Regulator Allied Capital agreements were, in fact, during May. The current report covers normal credit agreements disguised as the period from 1 Jan till 31 March 2017. something else. As normal agreements, there are steps a credit provider must normally take (like affordability INTEREST RATES REMAIN assessments, quoting and proper THE SAME documentation) which Allied Capital This month the Monetary Policy failed to take as such these agreements Committee announced that interest are invalid or reckless. rates will remain where they are for the moment. The announcement was not unexpected and many analysts say that FINWISE DASHBOARD recent political developments made it FUNCTION TO GO LIVE inevitable that any decision on a possible DC Partner provide software which debt increase needed to be postponed. counsellors use to track progress of clients through the process and to make A lot now depends on what the ratings proposals to credit providers. Their agencies decide (Moodys in particular) flagship software programme Finwise is and what happens with local politics. about to launch a long awaited feature the dashboard. Most people are visual and the dashboard is designjed to at a PETROL PRICE SET TO DROP glance provide Debt Counsellors with a BY 20 CENTS quick update on the status of their client Finally, a touch of good news on the files. From clients who have not paid to back of a stronger Rand, slightly weaker matters at different stages of the process Dollar and lower oil prices. Local drivers the dashboard will now be going live will see a small drop of around 20C/ litre and show these stats in an instant. for petrol in the near future.

NEWS CONTINUED

DID THE NCT JUST KILL EDCON?

After the recent ruling by the National Consumer Tribunal (NCT) that Edcon (and other credit providers) should not charge a club fee since it is not provided for in the National Credit Act, Edcon could face a big problem. The matter was brought before the NCT by the National Credit Regulator (NCR) and the ruling was in favour of the NCR, who say it is a huge victory for consumers and clarifies the issue of whether creditors can add other such fees over and above those that are mentioned in the NCA. Not only might the NCT issue a fine of many millions of Rand but Edcon could be forced to potentially refund consumers all the money taken since 2007 (when the NCA came into effect) if they do not win an appeal against the ruling. Edcon are appealing the ruling by the NCT since they say that they do not feel that the Club Fee is credit related. This is a similar argument to that of the NCR who say a credit provider should not charge other types of fees. The challenge for Edcon might relate to if any of these club fees were ever factored into debts (balances) owed by consumers using credit with the credit provider and if interest was levied on these Club fees, as well as, the principle debt.

The appealed ruling handed down by the NCT calls on Edcon to do a full audit and provide the facts and figures of those affected by these club fees since 2007. The NCT will then rule on the fine based upon this information. Since Edcon brings in many hundreds of millions of Rand each month in club fees the total refund amount could be too much for the Credit Provider to cover and remain afloat in the months ahead. Particularly during a time when sales and credit usage by clients is down. Another challenge is what this will do to share prices as it might result in a similar situation to the one that saw African Bank (the old one not the new one that looks exactly the same) go under. donâ&#x20AC;&#x2122;t be a twit

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Consumer Friend are an award winning company who offer debt review solutions, primarily to credit providers. Many large non bank credit providers make use of their outsourced debt review management service. This means that if you would like to deal with a company like Woolworths or RCS in regard to a debt review application you do so via Consumer Friend. Recently Consumer Friend have been on the move around the country holding roadshows to introduce people to their exciting new offering called: DReX. Debtfree were able to attend and cover the event (check our twitter feed for photos from the event).

was held near their offices in the Western Cape. It was good to once again meet up with and chat to various Debt Counsellors and some of Consumer Friendâ&#x20AC;&#x2122;s Western Cape credit provider clients. The vibe was light and happy.

Guests enjoyed chatting and taking The Consumer Friend Road shows have photos while having some snacks and been held in several cities across the waiting for the day to kick off. Ryan country and the one Debtfree attended Hartslief began the day with a welcome

speech and gave a glimpse at what lay ahead in the agenda for the morning before handing over to Mr. Rob Easton Berry. Rob discussed the failure of CIF to produce any tangible results in 2016 and promised that things were looking very different for 2017. He explained the various sub committees and what they are working on. He mentioned that once again the NCR are looking to find ways to make their non binding opinions that they are allowed under the NCA to issue, binding.

Next the audience got to hear from Mr. Daniel Silke who discussed the challenges that face SA during 2017. He compared the political upheaval in SA with that in the USA and gave the audience a few chuckles. Though most in attendance deal with finances on a day to day level with clients under debt review this is on a one to one basis, thus the presentation was helpful in seeing the big picture economically speaking. Next Mr Mel de Silva spoke about â&#x20AC;&#x153;the good, the bad and the uglyâ&#x20AC;? - different sorts of consumers who enter debt

review and how different consumers bring real challenges to a debt review practice. He also discussed ways to reduce or deal with those challenges. Then the moment arrived for Consumer Friend to show off their new system which Debt Counsellors are going to be granted access to: DReX.

DReX is an abbreviation for the

Debt Review eXchange

DReX is a Monster This online computer portal designed specifically for Consumer Friend (which they are transitioning to over the next 3 months) allows for different parties to access information about accounts which Consumer Friend manage. Only registered parties will have access with needed permissions and checks. So what does the system offer? Well, one example they shared guests at the road show, was how the system can be used to get CoB info and check balances. This is a big deal since Consumer Friend report that checking balances has become a massive task for both themselves and Debt Counsellors (as part of their aftercare services). DReX can also help with some strange situations which sometimes arise, such as when debt review consumers

make â&#x20AC;&#x153;in storeâ&#x20AC;? payments toward their debt outside of the normal debt review repayment plan via a PDA. The DReX system not only allows Debt Counsellors to get information quickly, without being on hold on the phone for ages, but will potentially be integrated in the future with PDAs who would like to accurately report on payments and balances to consumers. Being able to track in store payments will also prevent funds from sitting in holding accounts before being returned unused to consumers. Rather, funds will quickly be used to help settle other accounts in the restructuring repayment plan. DReX has been designed with integration and expansion in mind. Perhaps one day we will see all the smaller (and maybe some larger) credit providers plugged into the system. The offerings that DReX will bring are many and we will try to cover some of them each month as the system rolls out to highlight how Debt Counsellors, PDAs and Consumer (yes, consumers too) can benefit from using the system. Those attending the road show were visibly excited at the thought of not waiting on hold to try get a balance update or to confirm a balance and expressed their eagerness to get onto the system as soon as it is available to them.

2017 Debt Review Awards

The Annual Debt Review Awards in June 2017 The Debt Review Awards Peer Review comes to a close at the end of May 2017. All the winners and top performing companies will soon be announced at the Annual Debt Review Awards Gala which will be held in Johannesburg, on the 10th of June 2017.

The modest red carpet event sees many of the top Debt Counselling firms and Associations (who get tickets for their members) along with members of the DTI, NCR and NCT get together to celebrate debt review successes. They will gather alongside members of the MFSA, BASA and other large Credit Provider, as well as, leading trainers, attorneys, and the 3 NCR registered PDAs. The evening is the “Oscars” of debt review and members of the media are invited to attend and report on some of the success stories reported at the event. Though modest, as is fitting with the industry of helping those in financial stress, everyone gets dressed up and enjoys the chance to focus on all that is going well with the industry rather than the usual haggling over minor process hiccups etc.

Peer Review

Over the last half a year, preparation work has been underway as an industry-wide

peer review process – with agreed criteria* (the same this year as last) is used by

those within the industry to help review the performance of those on the other end of the industry. For example, Debt Counsellors take the time to review how

the various bankâ&#x20AC;&#x2122;s debt review departments have been performing and visa versa.

As various Debt Counsellors add their review, the information is progressively compiled to present a holistic view of how the industry sees the performance of the banks and visa versa.

The final results are then announced on the night of the Gala and winners go home with a Golden Piggy Bank. The piggy bank is the international symbol of saving and

this is what the debt review industry is doing. Not only saving consumerâ&#x20AC;&#x2122;s money but also in many cases their marriages or even lives. Those who enter debt review normally do so under great strain from the collections process and find relief under debt review. By sticking to the restructuring court orders consumers often save

thousands of Rands in fees and charges due to kind concessions from cooperative credit providers. Many thousands of South Africans have already benefited during the last 10 years.

The Debt Review Awards process is open to all who are registered with the NCR

(they have a database). So donâ&#x20AC;&#x2122;t feel that your company has been overlooked or neglected. Those who then sign up in the peer review are eligible to be a winner in the process.

We wish all our NCR Registered readers the best for the Awards and thank all who helped organize and participate in the process again this year.

* Criteria can be found on www.debtreviewawards.co.za

donâ&#x20AC;&#x2122;t be a twit

http://twitter.com/Debtfree_DIGI

IN A NUTSHELL

BLAME IT ON THE BLUES Blame it on the ‘blues’, blame it on stress, blame it on poor health, blame it on debt. Yes it’s true, high levels of debt are often the cause for people’s poor health. People who are over-indebted go through an emotional rollercoaster ride, commonly starting with denial. They will ignore phone calls from their credit providers, stash away unopened bills, totally underestimate the full extent of their debt and will apply for new credit cards when the old ones have maxed out already. Stress is the body’s response to imminent danger. It’s a flight or fight response. At the right levels, stress creates a heightened sense of awareness and may actually be helpful. However, when people feel incapable of addressing a situation, particularly when they are

drowning in too much debt, stress can impact a person’s health. According to the Mayo Clinic, too much stress can lead to ‘headaches, high blood pressure, insomnia, fatigue, stomach upsets, muscle tension and pain to name

but a few of the symptoms. Chronic stress can lead to depression.’

Signs that you are heading into a financial spiral:

The loss of financial control that overindebted people experience often creates paralysing anxiety and fear. This tends to spill over into their personal life, affecting their performance at work and affecting their relationships with their families and friends.

• Skipping credit obligations on a monthly basis

Hiding debt from your spouse and family can be disastrous, particularly in cases where people are married in community of property. If you are married in community of property then all your assets and debt are part of a joint estate. If your partner incurs debt without your knowledge, you are jointly responsible for this debt by law. The faster people acknowledge that they need help the easier it is to untangle the debt web.

• Using one credit card to pay another • Underestimating how much you owe • Telling yourself that everyone is in a similar situation • Having a “you only live once” attitude • Rationalising impulse purchases • Obtaining short-term, high interest, loans to pay for daily living expenses • More than 70% of your salary goes towards servicing debt repayments • Numerous letters of demand from creditors clogging your mailbox • Several Emolument Attachments and or Garnishee Orders

Taking the first steps towards financial control will immediately alleviate some stress. There are a number of avenues open to over-indebted individuals. • Draw up a list of all your creditors and calculate how much you owe in total.

• Contact your credit card providers and see if you can negotiate a better interest rate. Even better avoid using your credit cards and if possible cancel them so that you are not tempted to use them.

• Draw up a budget for the next 12 months and look at ways to reduce your expenses.

• If you find that overall your expenses are way over your income it’s a wise idea to consider Debt Counselling.

• Pay the minimum monthly amounts across all your creditors. If you plan on missing or short paying your creditors, call them in advance and notify them this may prevent legal action and they may agree to more favourable payment terms. Also, you will get fewer creditor phone calls and letters of demand.

The ‘blues’ caused by too much debt can be beaten, but it is dependent on individuals and families making wise decisions and regaining control of their lives. You owe it your health and the health of your family.

• Look at ways to generate more money: sell items you no longer need, obtain an additional part-time job.

IN A NUTSHELL is brought you by the DCM Business Partnership Programme™, designed to support debt counsellors and consumers during the debt review process, in collaboration with the National Payment Distribution Agency (NPDA). For help, contact the NPDA on 0861 628 628. If you have suggestions for topics that you would like covered in future, please email info@dcmgroup.co.za Debt Review Awards Winner 2014 and 2015: NPDA: Payment Distribution; Client & Customer Service; Industry Support & Engagement Care Premier: Debt Counselling Software

PROFESSIONAL DEBT COUNSELLING ATTORNEYS

T E L : 021 872 1968 1 1 MARKET STRE ET, PA ARL w w w.ste y nco etze e.co.za

A PLAN TO PLAN

The Debt Counselling industry is extremely lucky to have a tool such as DCRS to assist in negotiations between Debt Counsellors and Credit Providers. DCRS (Debt Counselling Rules System) is an independent computerised system that assures that a set of predetermined rules are consistently applied in a proposal for rearrangement of a consumerâ&#x20AC;&#x2122;s debts. In terms of the Task Team Agreement, Credit Providers are obliged to accept a proposal generated through this system. The system allows for generous concessions to be obtained for the Consumer with an aim of repaying unsecured debt in no more than sixty months. It would be great if all consumerâ&#x20AC;&#x2122;s could be catered for under the DCRS system, but for a variety of reasons this is not always the case. DCRS is designed to cater for the bulk of Consumers but there are some special circumstances where it cannot be used. For these circumstances a different sort of plan is needed.

ESCALATIONS AND CASCADES Escalation entails the consumer paying a little more each year while cascading entails using the released affordability from one debt been paid off to accelerate the payments on the remaining

debts. While the use of an annual escalation and cascading is not ideal, using these methods can bring an otherwise hopeless case into a decent proposal. Plans need to be flexible enough to cater for this on a switch on and switch off basis.

SALARY STOP ORDERS (SSO) Salary Stop Orders are the bane of many Debt Counsellorâ&#x20AC;&#x2122;s lives. Some can be cancelled and others, such as where a home loan subsidy is dependent on the Salary Stop Order have to be amended under the debt review. In either case, there is generally a lengthy process to make the adjustments. This poses a particular problem for the Debt Counsellor who wishes to move on with the case. The solution lies in having a special plan that allocates the full repayment to the SSO loan in the first couple of months ahead of fees. Not ideal but practical.

CATCH UP PLAN When a Consumer misses a payment, he falls into arrears with his aftercare fees. A plan is needed to help the Consumer repay these arrears without placing his Debt Review in further jeopardy.

DEALING WITH MAVERICKS Sometimes it is necessary to create a plan entirely for the full period without using a set of rules. This can be as a result of a Magistrate taking it in his head to lay down the plan or even from Credit Providers asking for some sort of structure, such as a change in interest rate after a time. Whatever the reason, it is important to have the ability to quickly create such plans with accuracy. This includes knowing how much the overall plan deviates from the affordability and when.

A PLAN FOR ALL SEASONS Because Maximus is written by Debt Counsellors for Debt Counsellors, real life challenges are catered for on the Maximus platform. Maximus has a plan for all of the scenarios mentioned above and many more. This is one of the reasons that Maximus is the gold standard in Debt Counselling Software. To find out more or for a demo contact us today or visit www.dcmax.co.za. Till next time

Max Contact Maximus on 011 451 0041

Die Republiek van

SKYT AFRICA Groete aan Almal. As n mens so kyk na die lewe dan wonder n mens wat is die pad vorentoe, nie oor n jaar of n maand nie, maar selfs volgende week. Laat my asb toe om twee aanhalings te opper. (met erkenning ann Pieter Cronje jare gelede) Forrest Gump: “Life’s a box of chocolates - you never know what you are going to get” en John Lennon: “Life is what happens while you are planning something else” Pieter het die waar opmerking gemaak dat tussen die chocolates en die lewe maak dit jou storie. Nou ek is geensins n filosoof nie maar dit is tog raakvat woorde, die onsekerheid kan n mens of bang of opgewonde maak afhangende seker na jou ingesteldheid. In die 80s was Henderik Schoeman n Minister en bekend vir sy staaltjies, hy was ook n

boer buite Delmas. In die tyd toe n Chappie nog een sent gekos het toe vra n joernalis hom wat sou hy doen as hy R1M wen (dit was toe nog baie geld) hy antwoord dat hy sy skuldeiesers sal betaal. En met die res Minister vra die joernalis? Antwoord Schoeman, nee die res moet maar wag. Dit is seker hoe ons voel as die finansieele skoen druk. Deesdae verwys ons nie meer na skuldeisers nie maar na krediteure en ja hulle eis hul pond vleis. Hulle word uitgekryt as aasvoels, onbillik, gevoelloos en sommer vol k@k. Ek is aan niemand se kant hier nie maar op die einde van die dag was daar tog n kontrak, n skuldoorsaak

en niemand het ons gedwing om skuld te maak nie. Dit is ons optrede wat ons storie tussen die chocolates en die lewe gaan maak. Baie mense glo â&#x20AC;&#x153;attack is the best form of defenceâ&#x20AC;?. Klim op Facebook en Hello Peter en skree harrasment! In my beskeie mening is dit nie n oplossing nie. In Afrikaans is daar ook n spreekwoord, pleit skuldig en vra om genade. Voordat ek gestenig word laat ek verduidelik, as ons verantwoordelik is weet

ons die begroting gaan nie klop nie en dat almal nie betaal kan word nie. Moenie soos n volstruis maak en jou kop in grond druk nie want jou hele lyf en gat steek nog uit. Praat met die skuldeiesers en wees eerlik met hulle, elke oproep word deesdae opgeneem. Hou die emosies in toom en kom vorendag met n voorstel. Dit is nie persoon aan die anderkant van die telefoon se skuld nie, behou jou waardigheid. Mag jou lewe n lekker box chocolates wees!

Groete van die Republiek van Skyt Afrika. 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

Debt Review software is often underestimated as the partner in a successful Debt Review business. Often software providers toil in the background working on features and functionality to improve your success and profitability as a business. The purpose of this article is to give you a basic understanding of some of the solutions Simplicity Debt Counsellor Software has implemented over the past year in order to improve some key industry focus areas. Let us start with the PDA fees; last year the NCA Amendment, 2014 (Act 19 of 2014) came into effect. This amendment did two things, it enshrined the PDA’s and the PDA fees in the Act and it also changed the PDA fee model from a percentage model to a tiered model. This had an impact on the industry in terms of proposals as none of the software vendors or central DCRS were prepared for the change. An interim solution was proposed and accepted at the CIF (Credit Industry Forum) that

proposals will still be accepted on the old fee model if the difference between the old and the new fees is split amongst the creditors on the actual payments. This was shown on proposals as a contingency fee, which caused some confusion within the industry for both credit providers and debt counsellors. Simplicity has always viewed this as a temporary solution or a “band aid” fix. We have spent a considerable amount of time and resources to fully implement the new PDA fee structure in Simplicity. This includes Simplicity’s built-in DCRS module which now accurately calculates DCRS proposals on the new PDA fee model and successfully validates it against the existing central DCRS calculator working on the old fee structure. This was done to remove any possible confusion between proposals and payments received by credit providers. Additionally, with this change, Simplicity’s proposal calculations are fully compliant with the National Credit Act.

If we look at DCRS from a conceptual point it is a good solution that treats all parties involved in a proposal fairly. Unfortunately, DCRS in its current state, has some very basic problems that prevents it from getting the market traction that was envisioned at its inception. At the DCRS CIF subcommittee solutions were discussed and plans were made to solve some of the problems that users are currently experiencing with DCRS. With the implementation of the new PDA fees on Simplicity’s DCRS module we have also incorporated most of the solutions discussed at CIF. This includes functionality that shows the DC the minimum amount required for a DCRS solve based upon the information electronically imported from a credit bureau report in Simplicity. Additionally, we have provided a feature that allows a DC to handle a counterproposal on DCRS as previously a counter proposal on DCRS had to revert to a pro rata proposal to resolve that counter. This will have a positive impact on the number of proposals that get finalised as DCRS proposals. As a software provider we pride ourselves on always evaluating our clients needs and challenges and finding workable solutions to solve real problems.

Simplicity is an established turnkey solution for the Debt Review industry being used by a wide user base. The key focus area of Simplicity is the seamless integration with Hyphen PDA providing detailed and timely plan information as well as complete control over managing collections and distributions of the payment plans. In addition to the aforementioned, we would like to point out a few exciting features available in Simplicity, namely: • Automated Client Capture based upon a credit bureau report. • Automatically detects if a DCRS solve is possible, if it does not solve there is various other methods to find a solution. • Facility that allows consumer to electronically sign documents remotely. • Integrated workflow functionality.

and

CRM

• Dashboards visually displaying key performance indicators of the DC business. • Replacement Credit Life facilities. If you are interested in any additional information you can contact Kobus Burger directly on email: kobus@ bitechsystems.co.za or Cell: 083 293 6015

DEBT COUNSELLORS ASSOCIATIONS ANNOUNCEMENT BOARD DCASA Annual Conference Wed, 16th August 2017; 8 am till 4pm Invitations to the Annual DCASA Conference are now open to everyone. There are limited seat available and bookings shall be dealt with on a first come first served basis. Donâ&#x20AC;&#x2122;t miss out. Debt Review Awards Members attending the Annual Debt Review Awards should come visit our relaxation lounge space at the event. Regional Meetings: Eastern Cape:

Stop Sales in Execution: https://tinyurl.com/yah7qt8u This Bank Sold Their House for R10: https://tinyurl.com/y7zehzba

21/07/17

www.dcasa.co.za

Our main focus in 2017 is on ensuring that all BDCF members comply with all legislation, regulations and conditions of registration. We have already strengthened our communication channels this year and will look to continue to do so. We are excited that special projects are being launched for members and their clients in areas such as incapacitation or death of DCs,usage of PDAs by consumers, as well as fees.

www.newera.org.za

We wish our members the best for the upcoming annual Debt Review Awards Check our newsletter in this issue To join: bernidene@csdebtcounselling.co.za

We want to wish all our members the best for the Debt Review Awards 2017.

www.bdcf.co.za

www.allprodc.org

MAY

NEWSLETTER Debt Review Awards With the Debt Review Awards being held next month we want to wish all our members the best. AllProDC will attend. If you are a member and would like a seat at the Awards Gala (Saturday evening 10th June) simply let us know and we will try arrange that for you as we have been given an allowance of seats for members. Election of Full NEC At our last AGM we appointed an acting NEC with several members filling key roles. At the same time we indicated that we would hold a follow up vote to appoint members permanently to all the posts on the NEC. If you would be willing to stand for a post on the National Executive Committee please let us know. Email : bernidene@csdebtcounselling.co.za Please check the Facebook page for more info on when we will be holding the online meeting to do those votes. CIF We have submitted our letter to the NCR in regard to once again participating at the Credit Industry Forum. During the upcoming vote for permanent NEC members we will also take the opportunity to appoint a CIF representative. Regional Meetings We are holding regional meetings in various areas. Check the Facebook page for members for more details.

www.allprodc.org

FACEBOOK: www.facebook.com/AllProDC / TWITTER: www.twitter.com/AllProDC

JOBS

APPLY FOR YOUR DREAM JOB NOW Join the Meerkat Team An exciting place to work! Meerkat are looking for:

Frontline Sales Agents to join our energetic team.

This is a great opportunity to become part of a fast-paced, high growth and professional debt counselling environment. We offer a consistent hot lead flow as well as an aggressive remuneration model. If you are looking for a company with an entrepreneurial spirit at its heart, and are keen to join a dynamic, hardworking but fun team contact us. We would love to hear from you! Mail us on info@meerkat.co.za www.meerkat.co.za/careers/

MyMeerkat (PTY) Ltd. Meerkat is an authorised financial services provider (FSP 46535)

WOW CV

How to Make Employers Trust You Your CV needs to build trust... So, of course, it needs to communicate clearly. It needs to tell the reader what you do. How you can benefit them. What your background of work is. Where you’ve been trained and in what. But the reader needs to trust you. In a world of distrust, overblown claims, flat-out lies, misrepresentation… how can you make them trust you? The CV must look ‘together’, well organised, well structured. (Some very qualified people have very messy, out of alignment formatting, leaving their CV looking like that of a school-leaver). ‘Together’ builds trust. Gaps in work history, fill them - you don’t want question marks hanging out in the reader’s mind. Throughout your career, make it a habit to collect ‘evidence’ of your good work by asking for references, by keeping letters of commendation (even a casual email is okay). Include excerpts in your CV. Include referees on your CV - but get the CEO, or the GM, or a Director - you want people with the top job titles, the most respected positions within a company. Not just a colleague. Or your ‘mom’. (true story.)

What about including excerpts of good performance appraisals? It’s ‘evidence’ in your favour. Explain how you took a bad situation and made it better. When all you do is list your ‘responsibilities’ in 30 bullet points, the question still remains: “are you any good at actually doing the job?!” Don’t make vague statements. Give facts. Provide statistics. Show the metrics of how well you did. Make a statement. In describing yourself, lay your reputation on the line, be clear about what you do. Like “I save the business money. In fact if I don’t save at least R1m in the first 3 months, you can fire me.” Show some intent. Make a These things build trust. Build them into your CV.

People hire people. And people hire people they like and TRUST. Looking for Job Hunting Advice? Need help with a CV? Check out http://www.wowcv.net/

DEBT COUNSELLING COMMUNITY SUPPORT

DCCS Thank DC Partner DCCS have a number of consumers which Counsellors have helped us identify as needing DEBT Debt COUNSELLING COMMUNITY a lot of help this year. AS is often the case we haveSUPPORT many consumers we would like to help but recently faced the situation where we had some families in debt review going through a really tough time and in need of serious help and we did not have the funds to assist yet. Thus it was really wonderful when DC Partner made a surprise announcement at their recent seminar that they were donating the entrance fees from all attending to DCCS to help these families. That way all attending would be able to help these needy families. More than that DC Partner themselves also decided to add even more funds, matching the amount from the entrance fees for the 100 guest.

DCCS want to say a big

THANK YOU

to DC Partner who have made this generous donation. We are now able to assist these families straight away and throughout the rest of the year. Remember to contact admin@dccsupport.co.za to arrange payment or to offer support for our upcoming projects.

Check out our website for pictures, stories and more and as always if you would like to get involved in one of our projects (like our back to school project for Jan) then we ask that you simply email admin@dccsupport.co.za

DC Partner Seminar

Motivational speeches and technological advances were the focus of the DC Partner Seminar this month as around 100 Debt Counsellors (and some credit providers) got together on a wine farm in Stellenbosch. Guests arrived to a slippery and wet Stellenbosch farm road and warm welcome from DC Partner staff who immediately handed you chocolate and goodies. Combined with a cup of coffee and the day was off to a good start. The venue was soon packed and the seminar was opened by DC Partnerâ&#x20AC;&#x2122;s General Manager, Herman Joubert. He spoke passionately about the industry with minimal focus on the +-60% fee cut which the NCA amendments

brought about recently. PDAs have distributed around 40 Billion rand on behalf of consumers since opening their doors. The monthly figure is now somewhere around 951 Million rand a month. Compared to month one of PDA distribution where only R11 million was distributed this is a massive increase and shows the vital role that PDAs play in the industry. Indeed the entire tone of his presentation was optimistic and positive and focused on how DC partner are planning for the future and ongoing improvements.

This positive tone was then reinforced by Prof Piet Naude who is a Director at the Stellenbosch University Business School and Vodacom Journalist of the Year award winner. He spoke about the minds inability to see both positive and negative at exactly the same time. He showed that the mind has to decide to focus on one or the other (even if this is done very rapidly). The then proceeded to unpack local and international politics and economics and show how one can either have a positive or negative view of where things are headed. By the time he was done the audience were far more determined to reflect a positive view of the industry and progress made. After a coffee break, Vaugh Hechter of Altech Nepay discussed how authenticated collections is progressing and revealed that the trial runs they are helping with have had mixed results. With lower success from consumers side than hoped. Still after years and years of delays it seems things are finally making progress. Clair Hayworth of Eighty20 presented the audience with charts, facts and figures to help break down the basis for the NCRsâ&#x20AC;&#x2122; Credit Market Report they periodically release. Here once again a clearer understanding of where things are and where they are likely to go

was presented. Some figures are just downright scary and others somewhat more positive. Either way debt continues to be a growing problem for consumers who are not able to invest in future wealth and dealing increasingly with more immediate consumption and spending. Then it was time to hear from IDocs. IDocs offer software and services that most Debt Counsellors have dreamed of for years but never been able to develop themselves. Need a courier to go fetch court documents from a consumer? IDocs can arrange that. Need those documents commissioned at the same time? No problem. IDOcs can do that. IDocs have also integrated with DC Partner so that information from the one system talks to the other and pre-populates a lot of fields on the DC Partner side making life easier for the DC. Their system also allows for consumers with smart phones to sign documents, scan needed info and lots, lots more. For those Debt Counsellors who had not yet been exposed to IDocs you could see their eyes light up. After a tasty lunch (thank you sponsors) the audience got to know the Meerkat a little bit better with the help of speaker Estienne de Beer. He helped those attending to identify different types of

people who work with (or for) them and understand their role in the company (or the need to get them out of your company). The tiny meerkat was the inspiration for a discussion on topics like team work, hard work, courage and rigorous personal development. Not only did the audience get to â&#x20AC;&#x153;oh and ahâ&#x20AC;? at all the cute photos of the meerkat but also marvel at how they continue to get by day by day in such a harsh environment. Marc Ashton of Moneyweb spoke passionately about the face of those under debt review and how these every day people are benefitting. He also spoke about some recent financial scandals and issues as covered by Moneyweb. He reminded all attending of various resources they can use to help themselves and consumers and was very positive about the debt review process. DC Partner then impressed the audience with their generosity by pledging to not only give the entrance fee which each guest contributed but to also match that amount and give funds to support DCCS and vulnerable families under debt review. The DCCS program is designed at

helping consumers who are under debt review but having a hard time month to month to stay in the process. DC Partner are providing many thousands of rand to help fund the project in the months ahead and the announcement was received with applause as each attendee realized it meant they too had now been able to assist the project.

After a prize giving to various members of the audience there was a chance for everyone to either network or just sit back and enjoy some wine tasting and the pending sunset. All in all, the day was a successful showing of the way ahead for not only DC Partner and clients but also SA politics, economics and the technology which will drive the debt review industry forward.

FINWISE - INNOVATIVE DEBT MANAGEMENT PROGRAM

No monthly program fees! Accessible on PC or Desktop

• • • • •

Excellent audit trail Workflow management Easy to navigate functions Quick data capturing DCRS and standard proposals accommodated.

‘’ I was pleasantly surprised by our experience and changeover to Finwise. The new system is intuitive and easy to understand.‘’ Debt Counsellor Eastern Cape ‘’ I’ve found the Finwise system to be very useful. I’m new in the debt counselling field, I managed to find my way around the system as it is very user-friendly. The training manuals provided are also helpful and informative.’’ Debt Counsellor Gauteng

Head Office 59 Victoria Street, George Telephone 044 873 4530 Fax 086 246 2450

www.dcpartner.co.za

A Capital Choice When you need specialised assistance

Recovering debt owed to you should not have to be a lengthy and costly endeavour. Capital Data is the specialised collections unit within the Legal Collections Department of Transaction Capital Recoveries. Operating in association with Munnik Basson Dagama Incorporated (a registered member of the Law Society of South Africa and member of the Association of Debt Recovery Agents of South Africa), we have managed at least a 100 000 accounts on behalf of our clients since 2007. With a substantial portfolio in excess of R200 million currently under management, we donâ&#x20AC;&#x2122;t leave room for human error as our workflows are automated and all our systems pro-active and specifically designed to cater for this specialised type of debt collection. We are continually designing innovative strategies to extend our footprint in the market by providing efficient and professional services to clients, enhancing their revenue stream. With a professional and highly trained team we offer integrated services consisting of centralised Debt Review, Administration Order and Business Rescue management. Our relationships with debt counsellor, payment distribution agents, attorneys and administrators countrywide ensure a high degree of success and speedy turnaround times, back by our specially designed systems and cutting edge technology which provides real time feedback. Our clients include: ABSA Standard Bank Truworths Woolworths Foschini

Virgin Mobile Capitec Virgin Active Vodacom Cell C

Direct Axis Telkom Edcon and more.

www.capitaldata.co.za

Our Ratings and Accreditations As part of Transaction Capital Risk Services, we are proud to carry the following ratings and memberships: Global Credit Ratings ISO Data Security Certification Investors in People Accreditation BBBEE Rating â&#x20AC;&#x201C; Level 4 Council of Debt Collectors (CDC) â&#x20AC;&#x201C; Nr: 0030960/08 Association of Debt Recovery Agents (ADRA) ICM (Institute of Credit Management) CPA (Consumer Payments Association) BPeSA (Business Process enabling South Africa) For more information visit www.capitaldata.co.za or contact infocd@capitaldata.co.za Alternatively queries can be sent to: Peter Mokoena peterm@capitaldata.co.za Tel (011) 560-6495 Anila Jai Jai Pillaye anilap@capitaldata.co.za Tel (011) 560-6014

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