Debtfree Magazine Sept 2017

NEWS CONTINUED
by the Debt Counsellor. These are called
Consent Orders. They are then able to
issue an Order which has the same force
as a High Court Order restructuring the
debt.
Every quarter the NCT receive around
6000 (or more) of these applications,
with roughly half originating in the
Western Cape, while the remaining 50%
come from other provinces. Though the
NCT are based in Gauteng, they travel
the country holding what are called
“motion courts” in order to make access
to themselves easier to Debt Counsellors
making these debt review applications.
Dates:
Durban - 11-13 October 2017
Centurion - 19-20 October 2017
Cape Town - 23-25 October 2017
Time: 08:00-16:00
REPO RATE DISAPPOINTMENT
This month saw the latest announcement
from the SARB Monetary Policy
Committee as to whether the Repo Rate
would stay the same or possibly even
drop (as many people hoped).Sadly the
Monetary Policy Committee decided to
err on the side of caution, citing reasons
like political instability and the danger of
sovereign debt ratings dropping (from
agencies like Moodeys) and a possible
huge hike in electricity costs coming.
The Committee itself had to debate the
decision for some time as the 6 members
were split 3 in favour of a drop and 3 in
favour of it remaining the same. In the
end, caution won out. The rate remains
unchanged at 6.75%, as do all the other
rates which are based on this rate (like
the one you pay on your credit card or
homeloan).
CONSUMER FRIEND
SWITCH TO DREX
In recent correspondence with Debt
Counsellors, Consumer Friend (who
represent a number of credit providers
with regard to debt review) announced
that they are switching over to the much
anticipated DReX system at the end of
September 2017. The system will allow
Debt Counsellors to draw consumer
info direct and live from Consumer
Friend reducing the need for hours on
the phone or emails back and forth.
They have however warned that this
would result in some delays in providing
statements and CoBs for a short time.
They announced that their system
freeze begins on Friday 29 September
2017 and that Debt Counsellors should
expect the following disruptions: