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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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Attorney Kim Armfield of Legal Alliance Worlwide, known as LAW, says

this is one of the reasons they are making good use of an excellent stokvel

product to help consumers save. More than that, she says that “LAW is able

to offer extra services such as funeral cover and legal advice to consumers

to help plan for the unexpected”. Once consumers are in debt review it does

not mean that their matters are guaranteed to run smoothly without any

legal issues. What can a consumer do if half way through the process they

are hit with a scary and unfair summons? Where do they fund money and

advice to defend their assets? Kim says: “this is where a product such as

that offered by LAW can help consumers cover these unexpected expenses,

protect their assets and still stay in debt review”.

As Debt Counsellors it is not enough to tell consumers: “Hey, don’t forget

to save some of that money each month”. It is important to actually help

consumers plan ahead. This is a change in the way they have probably

been thinking for many years as they have been living in a constant state

of just reacting to financial problems. Planning ahead may actually be a

foreign concept at this point. Consumers need to be helped to make the

change to a savings mindset.

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