DF Issue 201811 FINAL IDM (002)
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SOUTH AFRICA’S DEBT COUNSELLING MAGAZINE<br />
HOW<br />
COMMITTED<br />
ARE YOU TO<br />
THE PROCESS?<br />
November 2018<br />
www.debtfreedigi.co.za
5
FROM THE<br />
<strong>IDM</strong> DESK<br />
MAKE SURE YOUR FINANCES SUR<br />
The silly season has officially<br />
started where consumers are<br />
bombarded by the frenzy of Festive<br />
Season offers “special deals”<br />
and “discounts” – unwelcome<br />
temptations after a not so great<br />
year as far as the average South<br />
African’s personal finances are<br />
concerned.<br />
Since we’ve started assisting overindebted<br />
clients – 11 years now –<br />
we’ve seen the same trend. Our<br />
busiest time of the year is usually<br />
January to April as consumers are<br />
finally forced to face the reality of<br />
their compulsive buys and financial<br />
situation in the new year.<br />
But this year could be even worse<br />
as South Africans have been dealt<br />
a rough set of cards with news of<br />
South Africa’s recessional economic<br />
state breaking, as well as the VAT<br />
increase and various fuel price<br />
hikes.<br />
Our two debt counselling entities<br />
that form part of the <strong>IDM</strong> Group,<br />
DebtBusters and Consumer Debt<br />
Help, have already seen an earlier<br />
spike in debt management enquiries<br />
– since September this year, and it’s<br />
not predicting a great 2019 at all.
VIVE THE SILLY SEASON<br />
We cannot emphasise it enough<br />
that consumers should avoid being<br />
sucked into the commercial Festive<br />
Season hype. Make wise purchasing<br />
decisions in these tough financial<br />
times.<br />
Buying items on credit can be<br />
dangerous because if you can’t<br />
afford to pay the minimum instalment<br />
each month, the deficit will continue<br />
to grow and the consumer will end<br />
up owing more and more.<br />
It is particularly tempting to buy<br />
on credit this time of year, with<br />
consumers being met with festive<br />
advertising campaigns in just about<br />
every direction they turn and a<br />
general spirit of consumerism in the<br />
air.<br />
Instead of splurging on items simply<br />
because they are on sale, be strategic<br />
about purchasing decisions and only<br />
buy items that you really need, can<br />
realistically afford, and have been<br />
saving up for.<br />
With all of that said, we would like<br />
to wish all our clients a joyful Festive<br />
Season. Thank you for allowing us to<br />
assist you in your journey to financial<br />
freedom. We are looking forward to<br />
doing so again in the coming year.
How many times have you told<br />
yourself that when summer<br />
arrives this year you are not<br />
going to make the same winter<br />
mistakes you did last time. You<br />
tell yourself that this time you<br />
are going to be in beach ready<br />
shape by the time summer rolls<br />
around.<br />
Does that sound familiar? It is<br />
always a betrayal then when this<br />
time of year comes around and<br />
the bathroom scale seems to say<br />
that your good intentions may have<br />
been in vain.<br />
If you do want to get in shape then<br />
you may consider a diet of some<br />
sort. Now, diets are admittedly<br />
more interesting to research, plan<br />
and discuss than actually do. They<br />
require a lot of self-restraint (and<br />
you miss out on all the yummy,<br />
naughty stuff your friends insist on<br />
eating in front of you) . You have to<br />
really commit if you really want to<br />
lose weight.<br />
In a similar way debt review too takes<br />
a very high level of commitment to<br />
make it through the process. The<br />
question then is: Have you really<br />
committed to the process? Check<br />
out the article on the topic in this<br />
issue and be sure to look out for<br />
warning signs that you may not be<br />
as committed as you think.<br />
We also have lots of recent news<br />
from the industry and reviews you<br />
will want to check out. Suddenly<br />
the end of the year beckons and<br />
brings with it dangers which we<br />
discuss in this issue in some detail.<br />
Will you make any classic debt<br />
review blunders this December or<br />
will you be able to make it through<br />
the end of year successfully? Be<br />
on the lookout for some simple<br />
tips on how to avoid the dangers.<br />
If you are looking forward to not<br />
only the end of year break but<br />
also getting out of debt then you<br />
have just a few more days to plan<br />
how you will deal with December.<br />
So, break out those costumes and try<br />
them on in the privacy of your own<br />
home. See if your winter routine has<br />
let you down or not but whatever<br />
the result make sure that your debt
eview routine doesn’t waiver. Make<br />
those payments.<br />
Soon you will be ready to rest and<br />
relax and perhaps even sooner than<br />
you think you may be debt free.<br />
FROM<br />
THE<br />
E<br />
D<br />
IT<br />
O<br />
R
HOW COMMITTED ARE<br />
YOU TO DEBT REVIEW?<br />
C<br />
WIN AN<br />
ONLINE<br />
COURSE<br />
THE DREADED<br />
DECEMBER<br />
O<br />
NTENTS<br />
NEWS<br />
SERVICE<br />
DIRECTORY<br />
DISCLAIMER<br />
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and verifies as much information as possible.<br />
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content available with the understanding that<br />
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Magazine, authors and contributors reserve their<br />
rights with regards to copyright of their work.
THE DREADE
D DECEMBER
DREADED<br />
DECEMBER
For many people December is simply the best month of the year. They<br />
look forward to the end of year break and all the holidays. Kids will<br />
be able to rest and have lots of time with their friends and family<br />
and adults will get at least a few days off to do the same. A select<br />
few even receive the ever elusive 13th cheque or end of year bonus at<br />
the end of the work year.<br />
Malls will fill up as people head out to the shops, movies and baskets<br />
will be filled with gifts for friends and relatives as consumers head out to<br />
consume. Families may even pack their bags and head to the mountains<br />
or the coast for a well deserved getaway. The economy will get a boost<br />
and people will stretch those credit cards to the max as they try to live it up<br />
and have some fun.<br />
For those under debt review December is just another month to stick to<br />
their limited budget and make sure they pay their debt. In fact, the figures<br />
show that for those under debt review December is one of the toughest<br />
months of the year to stay in the process.<br />
For some who have been loyally paying their debts via debt review for<br />
many months or even years, December can be the straw that breaks the<br />
camel’s back and sees them bomb out of the process. This means that<br />
after all this time they will lose all the benefits they have been enjoying and<br />
will be thrown back to the collections wolves.
DREADED DECEMBER<br />
WHY IS DECEMBER<br />
SO TOUGH?<br />
Over the past decades marketing people have built up a false hype<br />
around December as they have tried to drive consumers to hit the<br />
shops and clear the shelves. Over time many have come to feel a<br />
sense of entitlement and expectation of going on a trip in December<br />
or getting gifts at the end of the year.<br />
This social pressure that often comes from the greed of others (even<br />
members of our own families and circle of friends) can drive those who are<br />
financially responsible throughout the rest of the year to crack in December.<br />
Rather than spending time with family and friends many of the end of year<br />
holidays have become almost exclusively about getting gifts. Many who<br />
travel back home during the end of year break from their jobs in the big<br />
city are expected to come either with cash in hand or many expensive gifts<br />
(or even better, both).<br />
Over spending in December leaves many consumers exposed when<br />
January rolls around and they are faced with a lot of extra annual costs<br />
such as new school clothes or stationery items for their kids. For those<br />
under debt review such reckless financial behavior is no longer an option.
DREADED DECEMBER<br />
DON’T LET<br />
DECEMBER<br />
TRIP YOU UP<br />
Where possible those who are under debt review should be wise and<br />
stick well within their budget. They should avoid any sudden increase<br />
in spending<br />
However those who have planned ahead and have been able to stick<br />
within their monthly budget over time may have been able to set aside<br />
a few extra rand during the preceding months to make use of during<br />
December. This may allow them to still travel to visit family.<br />
Rather than give large lavish gifts try to share thoughtful smaller low cost<br />
items or consider clever re-gifting ideas. Many smaller gifts and cards can<br />
be made at home in order to save money.
Let your family and friends be the ones who give to you this year. Don’t try<br />
and compete.<br />
Don’t let others greedy expectations destroy your entire financial future.<br />
Kids enjoy time with family and friends so make an effort to organize some<br />
fun for them.<br />
Cheap beach days and mountain adventure walks can be just as fun as<br />
expensive movies and hanging at the mall.
Don’t let debt be your legacy.<br />
Debt leaves a mark on all of us. And if we don’t manage it, it can pass from us to our children.<br />
But if you call us today we can help you. We have already helped 50 000 South Africans just like you.<br />
We can significantly reduce the monthly payments on the money you owe, so you can pay off your debt<br />
and live your daily life stress free. What is your financial freedom worth to you and your family?<br />
Call 087 237 7874 today and together we can take control of your debt.<br />
DebtBusters voted SA’s BEST National Debt Counsellor<br />
at the SA Debt Review Awards 2014, 2016, 2017 & 2018<br />
DebtBusters employs NCR registered debt counsellors | www.debtbusters.co.za
DREADED DECEMBER<br />
YOU DESERVE A<br />
BREAK FROM DEBT<br />
After a long hard year you may be focused on simply not being<br />
at work and the humdrum routine which wears you down. You do<br />
deserve a break. You do deserve some fun. Absolutely!<br />
With a little forethought and restraint you can ensure that you do this without<br />
running up big bills and running into trouble making your debt review<br />
payment this December.<br />
It’s rare these days to get a 13th cheque or bonus but it does sometimes<br />
happen. If you are fortunate enough to get one, what should you do with it?<br />
• Hit the shops, buy that flat screen tv?<br />
• Treat yourself?<br />
• Speak to your DC for advice?<br />
• Use to cover needed jan/annual costs and settle smaller debts?<br />
• Or distribute it to all debts evenly?<br />
Remember that you are trying to give yourself and your family the best<br />
financial gift of all - getting out of debt. If you do get a bonus why not talk<br />
to your Debt Counsellor about how best to use it?
HOW<br />
COMMITTED<br />
ARE YOU TO<br />
DEBT REVIEW
HOW<br />
COMMITTED<br />
ARE YOU?<br />
commitment<br />
- noun -<br />
“a willingness to give your time and energy to something that you<br />
believe in, or a promise or firm decision to do something”<br />
~ Cambridge Dictionary<br />
In life we often are asked to commit to doing things. A commitment requires<br />
that we mentally and emotionally decide to see something through from<br />
start to finish.<br />
For example, a couple may decide to make a commitment to stick together<br />
and get married or they may commit to having a child together.<br />
A child may ask a parent for a puppy. The parent asks the child if they will<br />
care for, feed and walk the pet on an ongoing basis and not only at first<br />
when the puppy is still fuzzy and new.
These are not short term, impulsive matters but require many years of<br />
energy through thick and thin to truly succeed.<br />
It is important to realize that debt review also requires commitment to<br />
be successful. Those who start the process must be prepared to see it<br />
through despite obstacles and even their own past bad financial habits<br />
and impulses.<br />
Those who start the process only to drop out after a short time actually<br />
often make their financial situation even more complicated than before<br />
and so a lack of commitment can really hurt those who lack staying power.<br />
Many who enter the debt review process find that there are certain<br />
challenges that they need to overcome to be successful. Debt Counsellors<br />
will be quick to tell you that their clients struggle to stick to the process at<br />
certain times of the year, like December or Easter.<br />
Consumers also have to force themselves to avoid old bad habits and<br />
mistakes. The urge to splurge, to treat yourself and to dress and eat at<br />
places that impress others can be hard to overcome.<br />
Hanging out with friends or family members who overspend can also be<br />
a trap for some. They may find it hard to stick to a new budget when the<br />
people they choose to spend time with are not wise with their spending.
HOW COMMITTED ARE YOU?<br />
DIET<br />
EXERCISE<br />
DEBT REVIEW
In many ways the challenge of sticking to debt review and seeing it<br />
through is similar to that of starting a new diet or exercise routine.<br />
At first, it is all fun and new but over time, as it becomes routine, you<br />
need real commitment to see things through.<br />
Starting a new Diet<br />
All your research<br />
tells you this is the<br />
right diet for you.<br />
You picture yourself<br />
shedding those extra<br />
Kgs.<br />
What at first was fun<br />
is now becoming<br />
routine and boring.<br />
All the people around<br />
you are eating<br />
delicious naughty<br />
stuff making it hard<br />
for you to stick to<br />
your diet. Those kgs<br />
are stubbornly still<br />
hanging around.<br />
Joining a Gym<br />
They offer you a<br />
month for free and<br />
a personal trainer<br />
shows you the<br />
exercises that will help<br />
you get in shape.<br />
After the initial<br />
excitement you<br />
struggle to get to gym<br />
regularly. Work and<br />
social commitments<br />
start to get in the way.<br />
You see little progress<br />
and get disheartened.<br />
It has been a few<br />
weeks. Why don’t you<br />
look ripped yet?<br />
Entering Debt Review<br />
The benefits are<br />
many. No more<br />
collection calls,<br />
reduced monthly debt<br />
repayments. What’s<br />
not to like?<br />
After the initial<br />
honeymoon period<br />
all you do is pay and<br />
pay. You seem to<br />
make little progress.<br />
Unexpected bills<br />
come along placing<br />
pressure on your<br />
reduced monthly<br />
budget. You feel like<br />
you are not making<br />
any progress.
Take Back Control<br />
Of Your Finances<br />
We provide a remedy specifically for<br />
over-indebted consumers which<br />
involves restructuring of debt<br />
payments, lowering interest rates and<br />
fees and lengthening payment terms.<br />
Debt Counselling could be the best<br />
gift you give yourself.<br />
Call 087 237 7874 today!<br />
2018<br />
Debt Review<br />
Awards<br />
WINNER<br />
2018<br />
Debt Review<br />
Awards<br />
WINNER<br />
DebtBusters voted SA’s BEST ‘National Debt Councellor’at the<br />
2018: Debt Review Awards - for the 3rd consecutive year!<br />
Consumer Debt Help voted SA’s BEST ‘Large Debt Councellor’<br />
at the 2018: Debt Review Awards - for the 5th consecutive year!<br />
Follow us on Facebook<br />
DebtBusters employs NCR<br />
registered debt counsellors<br />
| www.debtbusters.co.za<br />
Proudly part of the Intelligent Debt<br />
Management (<strong>IDM</strong>) Group
HOW COMMITTED ARE YOU?<br />
UNDERSTAND<br />
YOUR DEBT<br />
REVIEW GOAL<br />
Different people enter debt review for different reasons. This can then<br />
have an impact on how much they intend to see the process through.<br />
For example, some may join debt review simply to get the banks’ collection<br />
agents off their backs. They may not really care about a long term solution<br />
to their debt but may be more focused on no longer being harassed. They<br />
may actually enjoy spending money they don’t have and are not really<br />
concerned about getting out of debt.<br />
Others may really want to pay off all their debt but cannot manage to do<br />
that and still cover their monthly needs at home. So, they are forced to<br />
pick and choose between debt repayments to some creditors and basic<br />
necessities for their family. For them debt review offers a new way to try<br />
balance the two.
Others would really like to get rid of their smaller debts so that they can<br />
regain financial control over their situation and stop being forced to pay<br />
heavy penalties and interest fees for making use of short term credit. Debt<br />
review could help them do this.<br />
Finally, some just want to get out of debt. They want to clear the slate and<br />
not owe anyone anything. They want to settle their small and large debts<br />
no matter what it takes. Debt review gives them a plan and way to do this<br />
within a reasonable period of time.<br />
Debt Counsellors often assume that their clients want to get the full benefit<br />
of debt review and would like to settle all their debts entirely. This is, after<br />
all, the basic idea of debt review. The challenge they then face is to help<br />
those who start debt review with some other goals to then adopt this<br />
ultimate goal: to get out of debt.<br />
That said, their client may simply want to use the process to regain control<br />
and gain the time and breathing space they need to turn things around<br />
financially in their lives. In such a case the Debt Counsellor will also be<br />
able to assist the consumer to leave the process earlier but it takes good<br />
communication between Counsellor and client to ensure they are both on<br />
the same page.
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HOW COMMITTED ARE YOU<br />
WHAT IS YOUR<br />
DEBT REVIEW GOAL?<br />
Have enough to<br />
cover basic costs<br />
each month...<br />
Pay off your<br />
smaller debts...<br />
Get debt collectors<br />
off your back...<br />
Pay off all<br />
your debts...<br />
While you may start the debt review process with only one goal in mind,<br />
you may find that you learn that all these goals are all important steps<br />
along the way to becoming debt free. They are, in fact, a way for you to<br />
measure your success in the process.
HOW COMMITTED ARE YOU?<br />
WAYS TO MEASURE<br />
YOUR PROGRESS<br />
Here are some milestones which you should keep in mind while under<br />
debt review. If you reach these milestones then you know that you<br />
are making progress and debt review is working for you.<br />
1<br />
You make your Second Debt Review Payment<br />
By month two you have now paid half of all the fees you will<br />
probably ever pay while under debt review.<br />
2<br />
You get your granted Court Order<br />
This legally binding court order makes it harder for your credit<br />
providers to step out of line and go back on any promises they<br />
have made.<br />
3<br />
You get through your first December and January<br />
This is a time of year when many fall out of the process due to
poor planning during the months leading up to December and<br />
over spending. If you make it through this means you have really<br />
embraced the process.<br />
4<br />
Get through a whole month without thinking about how<br />
your debt is stressing you out.<br />
If debt review has now become part of your monthly life then this<br />
is an important day. You are finally in the swing of things. This is<br />
actually a milestone showing that you are on the way to success.<br />
You are now in financial control.<br />
5<br />
You reach the Half Way Mark<br />
Your court order will tell you approximately how many months it<br />
will take to pay off your debt according to the new restructured<br />
repayment plan. Once you reach the half way point you will finally<br />
start to notice the balances on your debts beginning to shrink in<br />
a more obvious way.<br />
6<br />
A Smaller Debt Gets Paid Off<br />
One of your debts being finally paid off is a big deal. With<br />
debt review it is often true that even smaller debts are repaid<br />
over longer time periods. This can make it seem like things are<br />
dragging on. So, a debt paid up, even a smaller one, is a big<br />
deal and should be celebrated.<br />
7<br />
One Debt Left<br />
You can finally see the light at the end of the tunnel and even if it<br />
has taken you many months or even years you can start to focus<br />
on where to next. Now you can begin to plan to build financial<br />
wealth rather than just be stuck with debt.
HOW COMMITTED ARE YOU?<br />
WARNING SIGNS THAT<br />
YOUR COMMITMENT<br />
MIGHT BE WANING<br />
Do you have a desire for new things you cannot afford? Are you<br />
always shopping online or talking about things you want to buy?<br />
Are you frustrated with how long it is taking to pay off your debts through<br />
debt review? Even though you have a court order that tells you how many<br />
months it is going to take do you feel that you are not getting anywhere?<br />
Do you feel that your situation would be much better if you could just get<br />
another loan again like in the past?<br />
Are you nitpicking about the process rather than discussing any possible<br />
issues with your Debt Counsellor? Have you forgotten how much debt<br />
review is helping you every single month?
THE END OF THE<br />
YEAR IS COMING<br />
SOME DEBT REVIEW PARENTS MAY NOT BE ABLE TO REWARD<br />
THEIR KIDS WITH SOMETHING NICE BECAUSE THEIR BUDGETS<br />
ARE STRETCHED TO THE LIMIT.<br />
Debt Counselling Community Support are putting together a few End of Year<br />
gift hampers for families under debt review who are having a tough time at the<br />
moment making ends meet. The hampers have a little something nice for all in<br />
the family and might help bring a little joy to the close of a long and hard year. It<br />
may be just the boost to help them keep on going in the months ahead.<br />
If you would like to be part of the End of Year Hamper drive then please email us<br />
and offer a little financial support.<br />
admin@dccsupport.co.za<br />
DEBT COUNSELLING<br />
COMMUNITY SUPPORT
DEBT REVIEW<br />
SCHOOL<br />
Know your abbreviations:<br />
NCR = National Credit Regulator<br />
NCA = National Credit Act<br />
NCT = National Consumer Tribunal
HOW COMMITTED ARE YOU?<br />
HOW LIKELY IS<br />
THIS PERSON<br />
TO SUCCEED?
10% commitment to paying off Debt<br />
Just tired of getting collection calls. Willing to<br />
try anything for a while, including debt review,<br />
to get those calls to stop. Still wants to live their<br />
old life style.<br />
WILL<br />
FAIL<br />
33% Commitment to paying off Debt<br />
Debt Review sounds great. They plan to<br />
temporarily use the process to turn things<br />
around and once things are better will go back<br />
to how things were before. Misses shopping<br />
at their old expensive shops and still hangs<br />
around with friends who overspend.<br />
WILL<br />
FAIL<br />
66% Commitment to paying off Debt<br />
Researched Debt Review and knows it is a great<br />
way to settle debt. Happy to get all the benefits<br />
but still likes to live the good life if possible.<br />
Tries to hide some facts and figures even from<br />
the Debt Counsellor who is helping them so<br />
that they can still have some little luxuries.<br />
WILL<br />
FAIL<br />
if they hit a<br />
rough patch<br />
along the way<br />
100% commitment to paying off Debt<br />
Prepared to do whatever it takes to get rid of<br />
debt and then stay out of debt. Understands<br />
Debt Review and how it works. Tracks their<br />
progress.<br />
LIKELY TO<br />
SUCCEED
HOW COMMITTED ARE YOU?<br />
COMMIT TO<br />
SUCCEED<br />
To make use of debt review to get out of debt takes commitment. For<br />
most people it is a process that they will be in for a number of years<br />
(as is true of paying back most debts anyway).<br />
It requires that you adjust your way of spending. It requires that you learn<br />
to be patient. It requires that you see the big picture and not only be<br />
focused on instant gratification. That’s hard for many people.<br />
For those who embrace the debt review process and commit to it 100% it<br />
is a financial lifeline that turns their entire lives around from debt slavery<br />
to financial freedom. By knowing what your debt review goals really are<br />
and being aware of important milestones along the way, you can remain<br />
motivated even when the process becomes routine.<br />
Soon, like those who stick to their diet and exercise routine you will be<br />
looking finically fit and sexy. You will have shed the debt that was weighing<br />
you down and be ready to begin to build true financial wealth without the<br />
burden of debt.
DON’T WORK WITH AN OUT<br />
DATED VERSION OF THE ACT<br />
UPDATED<br />
2017<br />
We are happy to announce that the Amended National Credit Act booklet<br />
is now available via our shop.<br />
Get the latest version for only R250.00<br />
ORDER NOW<br />
http://debtfreedigi.co.za/product/pocket-sized-national-credit-act-booklet/
DEBT REVIEW<br />
SCHOOL<br />
The National Credit<br />
Regulator is in charge<br />
of registering and<br />
monitoring credit<br />
providers and Debt<br />
Counsellors.
NEWS NCR CONSUMER<br />
EDUCATION<br />
NCR HIRE<br />
RESEARCH FIRM<br />
The National Credit Regulator<br />
has acquired the services of<br />
consultants RedFlank to conduct<br />
an impact assessment of debt<br />
counselling as a debt relief<br />
measure since its inception in<br />
2007.<br />
The National Credit Regulator<br />
are tasked with regulating<br />
all those who participate in<br />
the credit industry including,<br />
credit providers, credit bureau,<br />
Alternative Dispute Resolution<br />
Agents, Payment Distribution<br />
Agents and Debt Counsellors.<br />
The National Credit Act also<br />
lays the heavy burden of<br />
educating South Africans about<br />
their credit rights and about<br />
the NCA. This month the NCR<br />
hosted a workshop with the<br />
public in Katlehong to help<br />
educate consumers.
DTI RESEARCH<br />
FORUM<br />
DCASA LAUNCH<br />
INVESTIGATION INTO<br />
NCA SECTION 71<br />
Though you may not have<br />
heard about it yet the<br />
Department of Trade & Industry<br />
are holding a research forum<br />
during December into current<br />
trends and the impact of the<br />
debt counselling industry<br />
in South Africa. The Market<br />
Research and Trend Analysis<br />
Chief Directorate of the<br />
Consumer and Corporate<br />
Regulations Division of the<br />
DTI will be holding a forum<br />
on the 6th of December in<br />
Gauteng (Sunnyside Pretoria).<br />
The forum will focus in on<br />
the current trends, challenges<br />
and the overall impact of<br />
debt counselling since it<br />
was introduced in 2007.<br />
Those wanting to attend<br />
have been asked to RSVP to<br />
LMorwamohube@thedti.gov.za<br />
The National Credit Act allows<br />
consumers who are under debt<br />
review, who pay off all their<br />
smaller credit agreements, to<br />
leave debt review and continue<br />
paying off their large debt (such<br />
as a bond).<br />
This change was made after<br />
it was realised that previously<br />
the wording of the NCA meant<br />
that a consumer who had<br />
a bond should stay in debt<br />
review until all debts were<br />
settled. This would then mean<br />
that consumers with a bond<br />
would potentially be in debt<br />
review for many years, possibly<br />
decades. Since this was clearly<br />
not the intention of the Act an<br />
amendment was made.<br />
Now any consumer, who pays<br />
off their short term credit and<br />
perhaps a vehicle loan and is
only left with a bond, can leave<br />
debt review and continue with<br />
reasonable payments towards<br />
their bond. They can then have<br />
the debt review status removed<br />
at the credit bureaus and can<br />
access credit again (if they can<br />
afford to do so).<br />
The Debt Counsellors<br />
Association of South Africa<br />
(DCASA) is currently preparing<br />
a report on how effectively<br />
the various large banks are<br />
managing this process. There<br />
are some who say that the<br />
process is being inconsistently<br />
dealt with and some consumers<br />
are getting the short end of the<br />
stick.<br />
The purpose of the changes to<br />
the NCA was to make it easier<br />
and safer for consumers with<br />
bonds to make use of the debt<br />
review process to sort out their<br />
short term credit issues while<br />
keeping their assets safe. If<br />
some banks are now making<br />
requirements of consumers which<br />
threaten their assets this would<br />
be defeating the purpose of those<br />
amendments. DCASA hope that<br />
the report will help inform the<br />
NCR and industry and assist with<br />
future implementation of this<br />
Section of the NCA.<br />
Certain consumers who wish to<br />
make use of this provision are<br />
told to first leave debt review<br />
entirely and only then will<br />
the bank negotiate with them<br />
about the required monthly<br />
repayment amount. This<br />
poses a danger since once the<br />
consumer has left the safety<br />
of debt review then the bank<br />
could demand a much higher<br />
payment than the consumer<br />
can afford.
NCT DISTRIBUTE<br />
RULING ON DEBT<br />
REVIEW<br />
In a bit of an unusual move the<br />
National Consumer Tribunal<br />
sent out a ruling about a debt<br />
review matter to all Debt<br />
Counsellors across the country<br />
via blast email this month.<br />
Other organisations and<br />
associations were also asked<br />
to spread the word. The ruling<br />
had to do with consumers<br />
who had been in debt review<br />
once before and, among other<br />
things, what accounts could be<br />
included in debt review or not.<br />
The Debt Counsellors involved<br />
are one of the largest in the<br />
country and because the ruling<br />
went against them it appeared<br />
to be rather negative for them.<br />
The firm has now decided to<br />
take the matter back to the<br />
NCT for another hearing since<br />
they did not actually know<br />
about the case the first time it<br />
was held. They never even got<br />
to attend. Because they did not<br />
present information to the NCT<br />
about his case the ruling was<br />
made without all the relevant<br />
information. This is important<br />
since this will then significantly<br />
alter the ruling after the matter<br />
is heard again this time with all<br />
parties present. It seems that<br />
the very unusual decision to<br />
so quickly and publicly share<br />
the ruling may have been<br />
somewhat premature after all.
Die Republiek van<br />
SKYT AFRICA<br />
Hi Almal,<br />
Die jaar staan nou vinnig einde se kant toe, oral waar jy in die<br />
winkelsentrums kyk is die speelgoed, Kersversierings en dies meer so<br />
strategies geplaas dat jy dit kwalik kan mis kyk. Dit voel eintlik of die<br />
winkels nou minder loopspasie het en dat jy enige oomblik oor iets gaan<br />
voeter en n helse berg vrugtekoek op jou gaan neertrek. Sommige kinders<br />
is ook merkbaar soeter, seker maar die dreigement dat Kersvader nie<br />
geskenke vir stout kinders bring nie.<br />
Dit is elke persoon se keuse hoe hy of sy wil Kersfees vier en ek wil nou<br />
regtig nie n polemiek daaroor veroorsaak nie, leef en laat leef. Krismis<br />
is ook vir die gelukkiges n bonus of n 13de tjekkie, in baie gevalle nooit<br />
genoeg nie maar tog nooit te versmaai nie. Nog gelukkiger mense het<br />
ook in hierdie tyd n welkome breek, vakansie om die batterye te herlaai vir<br />
volgende jaar. Volgende jaar met hopelik meer vreugde en minder vrese.<br />
Maar terug na die hede, elke koerant is gepak met brosjures gevul met<br />
die spesiale aanbiedinge, die “Krismis specials” so vol belofte van iets wat<br />
n mens graag wil hê. Erge uitlokking!
Jou krediteure is ook bewus van hierdie kooplus wat kliënte hierdie tyd<br />
van die jaar oorval. Hulle weet vir n feit dat paaiemente oorgeslaan<br />
gaan word en dat mense dit doelbewus doen. Hulle weet ook dat kliënte<br />
ongeskik gaan wees wanneer hul verskonings van onvoorsiene uitgawes<br />
nie aanvaar word nie. Snaaks hoe mense kan kwaad word as hul willens<br />
en wetens iets doen wat verkeerd is en dit dan probeer regverdig. As jy<br />
onder skuldberading is het jou skuldberader al seker vir jou gesê moenie<br />
vir jouself n gat grou waaruit jy nie kan kom nie en dan almal na die tyd<br />
probeer blameer nie.<br />
My boodskap is dus eenvoudig, betaal eers jou skuld voordat jy in die<br />
versoeking val om hierdie feesseisoen te spandeer wat jy nie kan bekostig<br />
nie. Moenie dat jou nuwe jaar op n negatiewe noot begin wat die hele jaar<br />
finansieel kan bederf nie. Hou matigheid voor oë wees verantwoordelik, is<br />
dit nie tog wat ons by die kinders tuisbring nie, n sin vir verantwoordelikheid?<br />
Moenie soos n stoutkind optree nie, die gevolge kan onsmaaklik en<br />
verreikend wees.<br />
En pasop vir BLACK FRIDAY! Onoordeelkundig koop met n ander se geld<br />
kan n donker toekoms skep, pikgitswart met nie eens n lig in die einde van<br />
die tonnel nie. Desember wat voorlê is soos enige ander maand wanneer<br />
dit by jou finansies kom, doen n begroting en hou daarby, moenie op die<br />
ingewing van die oomblik vasgevang word nie, moenie verantwoordelik<br />
wees vir jou eie staatskaping nie!<br />
Groete,<br />
Christo<br />
Christo Hattingh<br />
Kyk gerus my LinkedIn profile:<br />
https://www.linkedin.com/in/christo-hattingh-351a52130/<br />
* Seriously please do let us know if you found this article to be<br />
funny/offensive/amusing/interesting feedback@debtfreedigi.co.za
WIN<br />
FREE ONLINE TRAINING<br />
WORTH R1050<br />
All Debt Counsellors need to write business memos, letters and emails to credit<br />
providers and clients, even reports to associations or the Regulator. This requires<br />
that you know how to write using the correct tone, wording and phrasing.<br />
Business writing may not be your strong point and there is a danger that you express<br />
yourself unprofessionally or incorrectly when dealing with others. Fortunately,<br />
Corporate Rebels have an online eLearning course which can help called Business<br />
Writing That Works.<br />
One of the very interesting and helpful features of this particular course is the<br />
sound clip bar at the top of each page. This means that you can simply click and<br />
listen to the course material being read. This is a great feature for those who don’t<br />
love to read but do love to learn. The course takes you through standard document<br />
and email layouts to common business etiquette and more. For those running an<br />
office who want to upskill their staff or those who would like to improve their own<br />
correspondence skills this is a great course.
WANT TO WIN AN ONLINE<br />
TRAINING COURSE?<br />
To Enter & Stand a Chance to Win*<br />
answer this COMPETITION QUESTION:<br />
In Business writing you need to learn how to write<br />
and proofread your work so that it is C______,<br />
C_________,C________and Correct.<br />
Let us know what the three missing words are via email and you will be<br />
entered into the draw to win a online course about business writing valued<br />
at R1050.<br />
In order to find the three missing words that start with the letter ‘c’ you must<br />
follow the following steps:<br />
1. Go to www.rebels.co.za<br />
2. Click on TRAINING and then go to eLearning<br />
3. On the eLearning page download the eLearning Brochure .<br />
4. On the eLearning Brochure find pg 49 and search there for a sentence<br />
that will give you the missing words.<br />
CLICK HERE TO EMAIL US YOUR ANSWER<br />
* T&Cs exist and the final winner will be notified by email. The winner will be chosen by<br />
Corporate Rebels and their decision is final. Debtfree does not control who wins or the T&Cs.<br />
For more info head over to Corporate Rebels website: http://www.rebels.co.za/eLearning/
CONSUMER FINANCIAL<br />
EDUCATION FOUNDATION<br />
The Consumer Financial Education Foundation (Confef) has been<br />
around for just over a year now and has been making a positive impact<br />
on consumers around the country.<br />
Confef’s objectives are to empower, protect and promote consumer rights<br />
to those previously unaware of them. In their various outreach programmes<br />
over the last 12 months, Confef say that they have realised that there is still<br />
a huge lack of knowledge and understanding among many communities<br />
of the available debt relief measures out there. This just goes to prove the<br />
need for more consumer financial education, particularly in regard to debt<br />
counselling.<br />
Confef say that they have seen how chronic levels of over-indebtedness<br />
is contributing negatively to the socio-economic ills and challenges faced<br />
by millions of people around the country. They believe that education and<br />
innovative programmes which bring about behavioral change will help<br />
drive positive change in the country.<br />
Confef have partnered with several organizations and firms in an effort to<br />
take financial education to local communities including: supporters XDS,<br />
FSCA & DCASA and sponsors Debtfree & DC Partner PDA.<br />
One of their many highlights this year has been participation in the<br />
Money Smart Week (8-12 October 2018) organized by the Financial<br />
Sector Conduct Authority.<br />
Confef is a registered NPO
Confef believe that through collaboration and financial support, a lot<br />
can be achieved in improving the financial well-being of consumers<br />
while growing and sustaining the debt counselling industry.<br />
Support Welcome<br />
Confef say that they are eager to do as much as they can given their limited<br />
budget to try increase awareness of the debt review process and what it<br />
involves. They are planning to get to as many people as they can in 2019.<br />
Founding member Octavia Hlatswayo says that they always welcome<br />
support and sponsors who want to work together towards this<br />
goal. People need to learn about debt review and make use of<br />
it. We always try to educate people about this option.<br />
If you would like to get in contact and offer support then you can<br />
visit their website www.confef.org.za<br />
or email Octavia@confef.org.za