Debtfree Magazine January 2020
The January issue of SA's free debt counselling and debt review magazine. We look at the recent R1 million fine handed to a Debt Counsellor and ask if this can be a good thing somehow for the industry. We also have news, tips, advice and more.
The January issue of SA's free debt counselling and debt review magazine. We look at the recent R1 million fine handed to a Debt Counsellor and ask if this can be a good thing somehow for the industry. We also have news, tips, advice and more.
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of the Consumer Protection Act. It would be unwise to place the consumers
name on the NCR database prior to receiving the signed form (even if all
other pertinent information and verbal consent has been given). At the
same time, don’t leave it too long after getting that official application or
you could get into trouble for that too.
Consumers must get a receipt for their application for debt review. Make
sure you are doing this even if the consumer doesn’t actually pay anything
to apply.
Beware of telling consumers what their final repayment amount will be
before doing a deep dive into the consumer’s actual financial situation.
You may share what a ‘typical’ consumer (who had shared only the
information you have received at the time) would repay but beware of
saying that is the final igure this consumer will pay. Besides, the Debt
Counsellor only makes suggestions to the court and it is the court that sets
the actual repayment figure.
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