Debtfree DIGI Magazine - May 2016

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“ It always seems impossible until it is done” - Nelson Mandela Specialist Attorneys dealing with Debt Review matters Magistrates Court and High Court Matters TEL 021 913 2514 FAX 0866070940 EMAIL info@liddles.co.za PHYSICAL ADDRESS 7 Chenin Blanc Street, Oude Westhof POSTAL ADDRESS PO Box 3407, tygervalley, 7536
INDUSTRY CONSUMER NEWS FLASH For daily debt counselling news in 3 minutes or less visit www.debtfreedigi.co.za PDA REGISTRATIONS Over the last few years since the concept of Payment Distribution Agencies was first introduced with the backing of the National Credit Regulator 5 entities operated as PDAs. Two of these closed their doors (African Bank and CPE). The other 3 (DC Partner, NPDA and Hyphen PDA) operated under service level agreements with the NCR. This meant they had to stick to the requirements of the NCR and were regularly audited to make sure they met these standards. Some Debt Counsellors and consumers however pointed out that these firms found no place in the National Credit Act, only having been conceptualised after the launching of the debt review process. The NCR were strong in their advocating of PDAs and included requirements for most Debt Counsellors to make use of PDAs in accepting funds from consumers. Recently the NCA was amended and after many years PDAs got mentioned. They also had registration conditions laid out. Over the last year the 3 PDAs have been going through the registration process and as of <strong>May</strong> <strong>2016</strong> all 3 are now registered with the NCR. For those who had issues with PDAs before this will now set their mind at rest. They are now firmly part of the law and registered with the industry regulator. Consumers of course, have the option of handling their own distributions but should be aware that for most Debt Counsellors they are not allowed to accept funds directly from consumers and so even if not distributing the consumers funds, should be collecting the Debt Counsellors monthly after care fees and restructuring fee (as per the DCs T&Cs with the NCR) from consumers. DEBT AMNESTY BANDIED AROUND AT PARLIAMENT Recently the National Credit Regulator (NCR) appeared before the Parliamentary Committee for Trade and Industry to discuss the NCR’s role and a proposal in regard to how to get the poorest most vulnerable South African credit users out of debt.. The NCR has been under increasing pressure to be seen performing their function as their role in the Twin Peaks model is coming into focus. Recently Ms Nomsa Motshegare (NCR CEO) briefed parliament about possible remedies for the huge amount of debt consumers have taken on which they actually can’t afford to repay. After a look at some interesting projects that have been run in other parts of the world there was a review of the current remedies in South Africa for those struggling with debt. At this point the NCR called for additional responsibilities and powers saying this would help them be more effective. A Debt Forgiveness Programme was discussed (often around election time there has been the carrot dangling of some sort of amnesty held out to voters). In particular, this discussion looked at debts owed to African
Page 1 and 2: South Africa’s debt counselling m
Page 3 and 4: henpda.co.za Don’t expect to hear
Page 5 and 6: CONTENTS NEWS YOUR INSURANCE MIGHT
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Page 11 and 12: Switch to easy • Individual, dedi
Page 13 and 14: NEWS CONTINUED to the courts, since
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Page 18 and 19: Shockingly what many consumers don
Page 21 and 22: NEW LAWS TO PROTECT CONSUMERS There
Page 23 and 24: JURISDICTION The other issue of cou
Page 25 and 26: Though the proposal allowed for cre
Page 27 and 28: ACCOUNTING | TAX | AUDIT | CONSULTI
Page 29 and 30: With the help of SERI (Social-Econo
Page 31 and 32: UPDATE The Annual Debt Review Award
Page 33 and 34: DEBT COUNSELLING COMMUNITY SUPPORT
Page 35 and 36: According to the recent amendments
Page 38 and 39: CAPE LAW SOCIETY LEAD CHARGE AGAINS
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Page 42 and 43: DEBT COUNSELLORS ASSOCIATIONS ANNOU
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WEBSITE | www.debt-therapy.co.za de
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WESTERN CAPE Tel: 0861 123 644 Emai
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SUPPORT SERVICES Akani Solutions In
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LEGAL Liddles & Associates “It al
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PAYMENT DISTRIBUTION AGENCIES DC Pa
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CAPITEC CONTACT DETAILS Form 17’s
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ABSA TASK SPECIFIC DEBT ABSA TASK S
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AFRICAN BANK CONTACT DETAILS 011 25
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Debtfree DIGI Magazine - May 2016

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