Debtfree DIGI September 2016

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Who are the NCR? The National Credit Regulator is a part of government which was created when SA received the National Credit Act in 2007. The National Credit Regulator or NCR for short, register credit providers, payment distribution agencies, Debt Counsellors and Alternative Dispute Resolution Agents and they monitor everyone in the credit industry to make sure they stick to the National Credit Act.
INDUSTRY CONSUMER NEWS FLASH For daily debt counselling news in 3 minutes or less visit www.debtfreedigi.co.za Repo Rate Remains Constant The SA Reserve Bank have announced that there will be no change in the Repo Rate (to which your bond and credit rate are linked) in <strong>September</strong>. The rate thus remains stable at 7% with Prime sitting at 10.5%. The strong Rand as well as other positive economic factors have staved off an increase for the moment but economists predict that another rise will follow before year end. NCT Rules Against Lewis After some press articles about Lewis Stores insurance practices, the NCR conducted an investigation into whether Lewis was actually selling insurance, against losing your job, to pensioners. The investigation revealed that this practice had been going on for many years along with selling the same type of insurance people to self employed people who could also never claim. The NCR referred the matter to the National Credit Tribunal (NCT). The NCT recently ruled against Lewis for these breaches of the National Credit Act and ordered a full independent audit and that Lewis pay these consumers back. The NCR now intend to ask the NCT to fine Lewis several million rand in punishment. Lewis Stores now arguably carries the distinction of being the first big credit provider which the NCR has really successfully taken to the NCT. VBS Mutual Bank in Whistle Blower Scandal Established in 1982 and operating with a banking licence since 2000 the Venda Building Society Mutual Bank -which is part owned by the legally disputed vhaVenda King, who SA President Zuma was previously planning to coronate- have been hit by scandal as an inside source has leaked concerning information. The whistleblower has supplied the press and SARB with documentation showing that the bank has supposedly lent R136 Million to a firm which two high ranking bank officials (Chairman and COO) have secret undeclared interests in. The loan was to buy shares in a big oil company. VBS Mutual Bank recently received a lot of press attention when they loaned 74 year old President Zuma R7.8 Million over 20 years. NCT Training Certain types of debt review applications can be heard by the National Consumer tribunal (NCT) rather than a magistrates court. The process of completing and filing such applications is slightly different from the normal court process. Some Debt Counsellors have been asking for training from the NCT and the NCT have now arranged two training workshops in JHB and CT during October. The training in JHB will take place on the 17th and in Cape Town on the 21st. Those wanting to attend are asked to email rsvp@thenct.org.za
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Page 5 and 6: CONTENTS STRESS! HOW TO DEAL WITH S
Page 7: Professional Debt Counselling Attor
Page 11 and 12: We are very proud of the achievemen
Page 13 and 14: Stress can actually benefit us, aft
Page 15 and 16: Things That Cause Us Stress Many pe
Page 17 and 18: Credit ProteCtion - debt review SuR
Page 19 and 20: The good news is that there are var
Page 21 and 22: Tips For Reducing Stress If you are
Page 23 and 24: Be more assertive. Don’t take a b
Page 25 and 26: Switch to easy • Individual, dedi
Page 27 and 28: There can be many hold ups along th
Page 29 and 30: All professionals have professional
Page 31 and 32: Some debt collectors cunningly ask
Page 33 and 34: a consumers right to appear at cour
Page 35 and 36: Maximus, the leading debt counselli
Page 37 and 38: South Africa’s leading Debt Couns
Page 39 and 40: It is one thing to reminisce about
Page 42 and 43: Debt Counsellors Associations Annou
Page 44 and 45: DCASA Explain Why The NCR Task Team
Page 46 and 47: click the c Service D Debt Counsell
Page 48 and 49: Debt CounsellORS Gauteng KwaZulu- N
Page 50 and 51: National Debt Advisors Fighting For
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National Debt Advisors Fighting For
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WEBSITE | www.debt-therapy.co.za de
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Tel: 0861 123 644 Email: info@debtr
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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 September 2016

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