Debtfree DIGI July 2016

INDUSTRY
CONSUMER
NEWS FLASH
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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