Debtfree DIGI June 2016

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NEWS CONTINUED positive step most analysts are saying we should expect at least one of the 3 agencies to downgrade their rating to “junk” status by year end should things not turn around significantly. Reviews are typically done in December. African Bank Now To Restructure Upon Acceptance The good people at African Bank have recently made a number of system improvements which is allowing them to come into line with the procedures followed by most other major banks in regard to restructuring debt for those under debt review. One of these enhancements has to do with when they adjust their system to reflect a debt restructuring proposal from a Debt Counsellor. In the past African Bank has been happy to work with Debt Counsellors and to accept proposals they make (should it meet certain internal requirements). They seldom felt the need to go to court and fight about debt review matters even if they were not entirely happy with proposals. African Bank were prepared to wait on the court to use it’s discernment and then to act on instructions in the Court Order. However one issue that arose was when they did so many months would have gone by in waiting for the court order and during that time the consumers account would have accrued numerous fees and interest which would drive the account balance up and differ greatly from the proposal which the court had signed off on. In some cases (a long while back) some courts were notoriously slow and had delayed debt review matters for years before rendering judgment. This meant that the figures shown in the court order and on the PDA systems (who send statements to consumers of the payment plan and payments done) little resembled what African Bank would demand of consumers. With the current system enhancements African Bank will now be able to enact the debt review proposals the minute they are happy with it. Once they have received a proposal from a Debt Counsellor which is fair and equitable among all creditors (a big part of the process is to balance the needs of all creditors and not one over the other) and which shows a realistic budgeting change by the consumer in an effort to free up funds for debt repayments, they now can load the change onto the system. This means that from that point their calculation and those of the PDA systems will be much closer to one another. It means that the consumer will immediately begin to see the effects of the debt review and it means that years down the line there will be less fighting about adherence to court orders and end balance disputes. DTI Release Increased Registration Rates The DIT recently put out for comment an increase in the fee Debt Counsellors (and others) have to pay each year to the NCR in regard to their registrations. This annual renewal fee has been R100 for many years now. The recent draft document saw a proposal of pushing that cost up drastically to R500. Various concerned parties commented, including the Debt Counsellors Association of South Africa (DCASA) who suggested a more moderate increase. They were not alone in their suggestions as many in the industry felt that such a huge increase was not warranted. The DTI have now issued the new fee regulations in regard to renewals in the
Switch to easy • Individual, dedicated business bank account per Debt Counsellor • National Representation - regular office visits by skilled, trained agents • 24 hour access to system, including distributions data - from any PC, cell phone or tablet with internet access • Dedicated account managers for EACH Debt Counsellor Agent: Petro de Beer e-maill: petro@dcpartner.co.za Cell: 083 6139 826 www.dcpartner.co.za
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Page 5 and 6: CONTENTS NEWS CALL CENTRES MONEYWEB
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Page 13 and 14: NEWS CONTINUED government Gazette a
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Page 21 and 22: Moneyweb Vs The NCR For years vario
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Page 25: All professionals have professional
Page 28 and 29: NCR Warn Against Dealing With Call
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Page 32 and 33: UNDERSTANDING INDUSTRY JARGON Form
Page 34 and 35: 3 DEBT REVIEW AWARDS
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Page 43 and 44: DEBT COUNSELLING COMMUNITY SUPPORT
Page 45 and 46: JUNE NEWSLETTER Non Binding Guideli
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Page 49 and 50: Limpopo North West Eastern CapE Mpu
Page 51 and 52: Specialist Debt Management Centre B
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DC Query Process DC Query Process w
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Debtfree DIGI June 2016

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