Debtfree Magazine June 2018

CONSUMER FRIEND
REVEAL CONSUMER
ACCESS TO DREX
CAPITEC & VICEROY
CONFLICT DISCUSSED
AT PARLIAMENT
Consumer Friend have a
huge computer data switch
which they have opened up to
Debt Counsellors so that they
can draw consumer account
information and documents.
This enables the Debt
Counsellors to get information
that is up to date and much
more accurate in a few minutes.
They are also able to submit
documents via the system.
This system which is called
DReX is very versatile and can
enable others to also access
specific types of documents
and figures. Recently, they
announced that consumers will
be able to go onto the system
and check on their own figures
without having to involve the
Debt Counsellor (which can be
time consuming).
The ongoing conflict and
accusations between Viceroy
and Capitec Bank eventually
made its way to the SA
parliament. Viceroy has
repeatedly released reports
and claims that Capitec are
lending irresponsibly and
recklessly (while shorting
Capitec Bank Stock and making
a profit off the market dips).
Representatives from Capitec
Bank were asked to report on
the matter and the accusations
made by Viceroy. Many parties
sprang to Capitec’s defense
including the SA Reserve
Bank who said that they feel
Viceroy’s accusations and
allegations are not accurate.
Capitec have stated that they
have actively tried to avoid a
press war with Viceroy despite
provocation.