Debtfree Magazine March 2017

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NEWS CONTINUED process”. It also keeps consumers from exercising their other rights under the National Credit Act. The NCR remind consumers that when they default on their vehicle payments they should consider the suggestion made in the Section 129 demand letter. Mz Peters says: “The consumer also has the right to apply for debt review” and that consumers should be aware that “a credit provider can only repossess a motor vehicle from the consumer if there is a court order authorising the credit provider to do so”. Consumers should not believe just anyone who comes along, claiming to be from a credit provider, saying they “have” to give their car back because they have some mysterious papers showing the consumer is in arrears even if they look like legal documents. Consumers in this situation should feel free to take video on their phone of these so called collections agents and send them away, if they wish. They should then be swift to contact their creditor to make payment arrangements or contact their local Debt Counsellor. NCT Hand out R180 00 fines to Two Debt Counselling Firms Many years ago, when a credit provider took advantage of a paperwork mixup between two Debt Counsellors, the consumer involved came under a lot of pressure and made some decisions which later left them unhappy. This lead to the consumer eventually complaining to the National Credit Regulator (NCR). The cause of many of the problems in the matter began with how Debt Counsellors used to try transfer consumers from one Debt Counsellor to another Debt Counsellor, back in the day, using the 17.4 form. This was the norm many years ago when debt review was in it’s infancy. The entire transfer process only recently became more defined with some additional industry-created forms now being commonly used (a 17.4 is no longer one of them) but admittedly the transfer process still remains somewhat problematic. Seeing a gap, caused by how the paperwork was handled, the credit provider decided to go after the consumer rather than continue to help through debt review. After looking over the complaint, the NCR took the matter to the NCT asking for fines and that the Debt Counsellors be deregistered. The NCT did not feel that deregistration was an option but did hand down fines to three individuals. The fines totaled R180 000 between the three individuals involved - two of whom are Debt Counsellors. Two issues came to light in the case. Firstly, that it is important for a consumer to
NEWS CONTINUED know exactly who their registered Debt Counsellor is even when they deal with multiple Debt Counsellors at the same firm. They should also not be confused about the status of anyone just assisting Debt Counsellors. The second issue raised, is that Debt Counsellors must be careful not to allow others to act on their behalf and should ensure they only sign forms they are fully aware of. DC Partner Announce Exciting Event Payment Distribution Agency DC Partner will be hosting a full day seminar for Debt Counsellors and related industry members on the 11th of May <strong>2017</strong>, in the Western Cape. The seminar will feature several speakers and presentations on industry related matters during the full day event which will be hosted at the Stellenrust Wine Estate in Stellenbosch, Cape Town. For more info, head over to their website. year, had handed in retrenchment letters as supporting documents along with their request. Consumers in this situation can also often claim fromt heir credit insurance which will cover minimum monthly repayments for several months while they search for new work. It has been a hard year for most consumers in the country and many businesses have suffered. Capitec however, took on an amazing 1.3 million new clients this past financial year and opened another 76 new stores. Consumer Friend Announce Roadshow Consumer Friend represents multiple credit providers in the debt review space. They work closely with Debt Counsellors each day to facilitate debt restructuring for consumers. Consumer Friend have been active in the industry for a long time and have taken a number of awards over the years at the Annual Debt Review Awards. Recently, Capitec Clients Feeling the Pinch A depressed economy is hitting clients of Capitec hard as the bank reports that the number of their clients applying for debt review during the past financial year increased by 20%. Capitec report that 15% more clients than the previous For daily debt counselling news in 3 minutes or less visit www.debtfreedigi.co.za
Page 1 and 2: South Africa’s debt counselling m
Page 3 and 4: Don’t expect to hear an endless a
Page 5 and 6: EDITOR’S NOTE All work and no pla
Page 7 and 8: CONTENTS NO MORE FUN? THE BIG LIE D
Page 9 and 10: Credit ProteCtion - debt review SuR
Page 11 and 12: South Africa’s leading Debt Couns
Page 13 and 14: HAVE SOME FUN Is Debt Review the En
Page 15 and 16: HAVE SOME FUN Free Stuff Many store
Page 17 and 18: MELIORLEAF WON’T LOAD YOUR PREMIU
Page 19 and 20: HAVE SOME FUN Nature There is a wid
Page 21 and 22: The Aquarium Some cities, like Cape
Page 23 and 24: CALL FOR SOUTH AFRICANS TO CONTROL
Page 25: INDUSTRY CONSUMER NEWS FLASH For da
Page 29 and 30: All professionals have professional
Page 32 and 33: SIGN UP TO BE CONSIDERED FOR THE 20
Page 34 and 35: IN A NUTSHELL Increasing Debt or Bu
Page 36 and 37: AND THE WINNER IS... Announcing the
Page 38 and 39: The cost of printing and paper The
Page 40 and 41: Die Republiek van SKYT AFRICA ‘N
Page 42 and 43: Debt Counsellors Associations Annou
Page 44 and 45: FINWISE - Innovative Debt Managemen
Page 46 and 47: JOBS apply for your dream job now J
Page 48 and 49: click the c Service D Debt Counsell
Page 50 and 51: Debt CounsellORS Gauteng KwaZulu- N
Page 52 and 53: Gauteng PENNY WISE Cathy Foster Deb
Page 54 and 55: Debt Review Specialists 23 Coronati
Page 56 and 57: National Debt Advisors Fighting For
Page 62 and 63: WEBSITE | www.debt-therapy.co.za de
Page 64 and 65: Tel: 0861 123 644 Email: info@debtr
Page 66 and 67: Support services Tel: 011 451 0041
Page 68 and 69: LEGAL Liddles & Associates “It al
Page 70 and 71: PAYMENT DISTRIBUTION AGENCIES DC Pa
Page 72 and 73: CAPITEC CONTACT DETAILS Form 17’s
Page 74 and 75: ABSA TASK SPECIFIC DEBT ABSA TASK S
Page 76 and 77:
DC Query Process DC Query Process w
Page 78:
Telephone: 031 251 4151 Fax: 031 25
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Debtfree Magazine March 2017

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