Debtfree DIGI July 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 July Petrol Hike Got you Down? Hang on For August Consumers and businesses were hard hit by yet another petrol price hike in July. Though petrol only went up by about 11 Cents, this was added to the April, May and June increases making Petrol in July cost about R1.60 more than in March 2016. The good news is that there is talk of a decent drop in petrol prices in August 2016 of as much as 83 Cents/litre dependant on how the Rand is doing at the time. NCR Warn Not To Add Extra R10 Service Fee The NCR have issued a circular saying that they are aware that some credit providers have been adding an extra R10 to consumers monthly credit account fees (after the new DTI published R60/month rate came into effect). They have pointed out that the new rate applies to new accounts after May 6, 2016 only. This would also apply to consumers under debt review before that time. Where creditors have started incorrectly adding this fee the NCR warn they will take action. NCR Stats Show Less People Qualify For Credit The Recent credit report from the NCR has shown that though a few less people are in very, very serious default (haven’t paid for 3 months or more) a large number of consumers are still desperate to use credit. Of the 11.85 million applications for credit during the 3 months reported on over half of the applications were turned down by the banks and other creditors because they viewed the consumers as too risky or that they could not actually afford to repay the credit. This stat may have a lot to do with the new more stringent regulation requirements for assessing a consumers financial situation. If a consumer finds themselves turned down for credit for these reasons, rather than running out and trying to get more credit elsewhere, they should turn to a professional Debt Counsellor to help them get rid of all their debt altogether. Changes at Consumer Friend & Their Clients Consumer Friend has been making some adjustments in an effort to provide improved service to the industry. One of the big changes has been adjustments and an overhaul of their telephone system (which has been somewhat …temperamental in the past). This and other upcoming innovations are being put into place by new team members. Things have also been changing with some of the companies that Consumer Friend represent: Capfin Loans are now going to be known as Century Capitol Loans, JDG Trading have become Pepkor Trading and JD Consumer Finance is now
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Debtfree DIGI July 2016

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