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.