Debtfree DIGI October 2015

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NEWS CONTINUED NEW HEAD OF NEDBANK DEBT REVIEW CENTRE When, long time debt review head, Anton Thomas announced that he would be moving on internally at Nedbank, the industry wondered who would be brought in to fill the post. Nedbank recently announced that a familiar face, Denise Hartley has taken over the post. Denise has been a familiar name (and signature) for a number of years in the debt review space with regard to legal matters. She has attended and spoken at various debt counselling association meetings and Nedbank workshops and is well respected throughout the industry. MAYIBUYE CASH LOANS – NO MORE This month the National Consumer Tribunal (NCT) cancelled the registration of credit provider, Mayibuye Cash Loans which used to operate in Barberton in Mpumalanga. Mayibuye recently made the news when several men were found to be drawing money from an ATM with a total of 499 Sassa social grant cards. When they were arrested they had around R80 000 in cash on them. They were then linked to the credit provider. The cancellation of Mayibuye’s registration with the National Credit Regulator (NCR) came after an investigation that followed this event, by the NCR into their credit lending practices. The NCR found there to be a number of serious contraventions of the National Credit Act (NCA) and as a result referred the matter to the NCT to rule on. Among other things the NCR say they found that Mayibuye were not performing any sort of proper affordability assessments. This is when a creditor checks that a consumer can afford to repay a loan based on their monthly running costs and their other debt obligations. Mayibuye also never gave consumers a copy of a pre-agreement or quotations. Credit Providers have to inform you of all the costs of the loan, up front, and make sure you understand the obligations of taking credit. Mayibuye were also charging the incorrect and illegal amount of interest on loans and higher than allowed fees. The matter went to the NCT recently and they have ruled against Mayibule and have declared them to be in repeated contravention of the NCA. As a result they have cancelled their registration and ordered that all the consumers who were over charged must be repaid. This is great news for these consumers. The NCT have also ordered a fine against the company to the tune of R500 000. DEBT COUNSELLING FEE STRUCTURE REVIEW POSTPONED The National Credit Regulator (NCR) recently announced, at the Debt Counsellors Association of South Africa annual conference, that they were busy with a review of the fees Debt Counsellors charge for debt review. The NCR have issued guidelines about the fees that they want Debt Counsellors to charge in the past. The fees have been adjusted once since the process began back in 2007 and Debt Counsellors are pushing for the NCR to once again adjust the fees in line with how the industry has changed. Most Debt Counsellors now make 1/3rd less than they did back in 2009, as the industry has become more and more labour intensive and complicated. The NCR announcement at the DCASA conference
All professionals have professional indemnity if the unforeseen happens. Do you as a professional Debt Counselor have professional indemnity as stipulated by the ethical code? contact us today for more information 011 622 9460 TELEPHONE 0861 112 882 FACSIMILE 086 605 9751 MOBILE 082 449 6856 EMAIL andre@in2insurance.co.za www.in2insurance.co.za ACCOUNTING | TAX | AUDIT | CONSULTING telephone 079 888 7200 email info@bkfaccountants.co.za www.bkfaccountants.co.za
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