October 2021 IDM Special Edition

NEVER
ENOUGH
TIME?
TOP TIPS FOR
MAKING MORE TIME
Issue 10 of 2021

EXCELLENCE IS DOING
ORDINARY THINGS
EXTRAORDINARILY
WELL
– John W. Gardner

WHAT MAKES US
EXCELLENT?
/ Unimpaired and automated PDA systems
/ Integration with top-ranked Debt Counsellor systems
/ Enhancing Debt Counsellor efficiency and sustainability
/ Best customer support in the country – queries are resolved within 24 hours
/ Strong compliance and best-industry-practice implementation is at our centre
Call Chris van der Straaten
Head of Hyphen PDA | 082 557 0437
Or call our friendly support centre on 011 303 0060 - Option 2
or visit our website www.hyphenpda.co.za

FROM THE EDITOR
James Bond may have ‘no time to die’ but you may
simply have no time at all. Time is so valuable that we
say time is money. But what if you have no money and
no time? That’s how most people feel these days. Are
you just trying to make it through the week to enjoy a
few moments of respite on the weekend?
In this issue, we look at top tips and advice from time management
experts on how you can make the best use of your time. You may find
some tips that can help you get more done, tips that might take some
of the stress out of your day, and maybe even tips to help you get
around to doing some of the things you have been meaning to do,
but never get around to.
We also catch up on local and international news, like the breaking
story about the world’s biggest tax fraud case ever. Now there have
been some spectacular cases of fraud in the recent past, so for this
one to take the highest slot ever, it is a pretty big deal. They suspect
that nearly 1 Trillion Rand has been defrauded from the European
version of SARS. That’s a number so big it nearly breaks your brain. It’s
like watching a video on the increasing size of different suns in the
universe or how tall Shaquille O’Neal is, compared to various other
people.

Every year retailers try to convince us that Black Friday is our one
and only chance to get a great deal. Will you fall for the advertising
campaigns this year? Be sure to check out our Black Friday article,
which will force you to ask yourself some hard questions.
We also tackle some debt review specific topics, like a look at
the form that is used when a consumer has a big change of
circumstances. If you work in the industry, you may even want to
check out the Jobs section in this issue.
If you are looking to get in touch with a credit provider, Debt
Counsellor or attorney then head over to the Service Directory
Section for their latest contact details.
We hope that you are able to find the time to read this issue, and find
the tips that work for you. By staying in touch with what is happening
locally, internationally and with debt review specifically, you are
arming yourself with a tool more useful than James Bond’s tiny
Walther PPK pistol: knowledge!
Well done on making it this far into the year. It may be one of the
hardest years of your life, but it is almost over, you are almost there,
it’s really not long to go. Summer is already here, so, keep up your
hard work, make those payments, get debt free.

FROM THE
IDM DESK
SOME NORMALITY
IS RETURNING,
BUT IT’S NOT
TIME TO TAKE
FINANCIAL RISK
With lockdown restrictions
eased, the vaccination
programme rolling out
and the country now off
restrictive travel ‘red lists’,
a glimmer of normality
may be returning after a
tumultuous 18 months.
But, as medical and scientific
experts have repeatedly warned,
now is not a time for complacency
as rapidly returning to business as
usual could undo all the progress
that has been made.

Benay Sager, head of DebtBusters, says the same is true for people who
have been lucky enough to keep their jobs, but at the cost of, sacrificing
bonuses and incentives and agreeing to salary cuts.
“Many consumers have had to tighten their belts as employers
implemented pay cuts to save on costs and stay in business. As the
economy slowly starts to recover, most salaries are re-instated and things
seem to be returning to normal, it may be tempting to return to old
spending habits, but that could land you in financial trouble.”
Besides the year-end summer holidays and festive season, there’s plenty
to tempt consumers during the last quarter of the year. Spring sales
abound, as retailers try to clear their shelves of last season’s lines and
winter clothing and make up some of the revenue lost during successive
lockdowns. Following hard on their heels are further inducements to
spend, including Black Friday and Tech Tuesday.
“Although it may feel that things are returning to normal, consumers need
to bear in mind that the payment holidays instituted in 2020, which may
have helped them at the height of the pandemic are now over and that
similar relief is unlikely in the immediate future.
“Consumers have also been shielded by low inflation and interest
rates. There is upward pressure on inflation. In addition, the Reserve
Bank is likely to increase interest rates at some point in the near future .
Consumers who have recently taken advantage of low interest rates to
get a bond or finance a car at most at risk as interest rate increases will
impact them immediately, increasing their monthly payments”
The data in DebtBusters’ last Debt Index bear this out. Between Q2 2016
and Q2 2021 nominal incomes were on average 3% higher, but when
cumulative inflation growth of 24% is factored in, real income has shrunk
by 21%.
“The bottom line is that if you have debt obligations, now is a risky time
to be spending money unnecessarily.”

DEBT REVIEW
LESSON #1
If a credit provider is calling you and
harassing you even though you are in debt
review then contact your Debt Counsellor
for help.
They will help you complain to the right
people.

FREE BOOKLET
FOR DEBT COUNSELLORS TO SHARE
How do you leave Debt Review?
How do you have the Credit Bureau remove
the Debt Review listing on your credit report?
Leaving Debt Review Is Not As Simple As To Simply Stop Paying.
Consumers can only leave the debt review process at certain times
and in certain ways.
This free e book will help you navigate this process and avoid many
of the common mistakes people make when wanting to leave debt
review.
If you are curious about how you can leave debt review properly and
with no risk to your assets then be sure to download and read this
free booklet
DOWNLOAD AND SHARE

We are the champion
in your corner!
DebtBusters provides a remedy for financially stressed
consumers through effective debt relief solutions.
Over 1 million South Africans who are facing tight
budgets and are struggling with debt, have come to
DebtBusters looking for a financial solution.
086 999 0606
info@debtbusters.co.za
www.debtbusters.co.za

CONTENTS
DO YOU NEVER HAVE
ENOUGH TIME?
THE BIGGEST
TAX FRAUD
SCHEME EVER
WHY A DEBT
COUNSELLOR
CAN GET
DEREGISTERED
BEWARE
BLACK FRIDAY
HYSTERIA
NEWS
DISCLAIMER
Debtfree Magazine considers its sources reliable and verifies as
much information as possible. However, reporting inaccuracies
can occur, consequently readers using this information do so
at their own risk. Debtfree Magazine makes content available
with the understanding that the publisher is not rendering legal
services or financial advice. Although persons and companies
mentioned herein are believed to be reputable, neither
Debtfree Magazine nor any of its employees, sales executives
or contributors accept any responsibility whatsoever for their
activities. Debtfree Magazine contains material supplied to
us by advertisers which does not necessarily reflect the views
and opinions of the Debtfree Magazine team. No person,
organization or party can copy or re-produce the content
on this site and/or magazine or any part of this publication
without a written consent from the editors’ panel and the
author of the content, as applicable. Debtfree Magazine,
authors and contributors reserve their rights with regards to
copyright of their work.

CONSUMER FRIEND
USES
SOFTWARE TO ENSURE
POPIA COMPLIANCE!
- Secure system-to-system data transfer (no human contact)
- Elimination of data exposure from the use of email
- Data specification is fit for purpose
POPIA COMPLIANCE IS
CRUCIAL THIS YEAR!

BREAKING
NEWS

REPO RATE MIRACULOUSLY
UNCHANGED
The SA Reserve Bank’s Monetary Policy Committee (MPC)
has recently decided to leave the repo rate unchanged at the
record low of 3.5%. This will continue to provide credit users
with some much needed relief in the face of the pandemic
and subsequent lockdown.
The Reserve Bank Governor has however warned, that over
the next 24 months consumers are likely to have to face
slowly increasing interest rates.
This is due to slightly higher than desirable inflation rates
(have you noticed how petrol prices and food prices are
up?) and pressure from international economic and political
developments that impact the value of the Rand.

DEBT REVIEW
LESSON #2
If you miss a debt review payment then your
credit providers have the legal right to stop
helping you through debt review and to start
new legal action.
Never miss a debt repayment.

1.3 MILLION PEOPLE
UNDER 24 YEARS OLD
ARE UNEMPLOYED
Young people leaving school face the daunting challenge of
finding work. Almost half of them will struggle to find work.
Recent stats discussed at Parliament revealed that there
are currently 1.3 million unemployed youth in SA and over
1 Million young people have been sitting without work for
over a year or more.
Stats recently released showed that certain sectors of the
economy have been hard hit by job losses including:
Construction:
Trade:
Private Households:
Transport:
Agriculture:
87 000 jobs lost
84 000 jobs lost
70 000 jobs lost
40 000 jobs lost
18 000 jobs lost
Other sectors were not as badly hit, some even saw small
gains, but this means that 299 000 people lost work in
the last few months. Most of these job losses are directly
attributed to the economic impact of the pandemic.
There are currently over 7 million unemployed South
Africans who are looking for work.

98 CENT PETROL PRICE
INCREASE COMING
The price of fuel looks set to shoot up by nearly R1 per litre
in November. Two things are happening at the same time
that will see the local petrol price increase dramatically in
November, and then sadly probably again in December.
First, the Rand has not been performing well in relation to
the US Dollar since June 2021. Though this figure always
goes up and down a little, this is a vulnerable area for a
country that has to buy fuel in Dollars. Other international
currencies which are often linked and compared to the
Rand by investors, have been doing poorly (looking at you
Turkish Lira).
Secondly, a big international energy crisis is building, and
the cost of barrels of oil is going up. In fact, it is at some of
the highest rates it has been in years. Oil barons are happy,
commuters are not.
When you put those two factors together, it means we are
now in for a big petrol price jump in November, and diesel
users have not escaped unscathed either, with the diesel
price set to go up by a whopping R1.40/litre.
Petrol, which started the year (inland) at around R14.86, now
looks set to finish the year at over R19.30 or more. That is
more than a 30% increase in one year, ouch!

DO YOU NEVER HAVE
ENOUGH TIME?

DO YOU NEVER HAVE ENOUGH TIME?
DEMANDS ON
YOUR TIME
Life is hectic. We have so many obligations to take care
of every single day that it can feel like we don’t have a
single moment for ourselves.
No doubt your family requires the majority your attention, but your
boss also demands your time, as do your friends and others who ask
for help, this can use up what little time you do have.
And that’s before the car breaks down, or the train is out of order or
some other unplanned time consuming disaster comes your way.
So, with so many different demands on our time and attention, how
do we find time to take care of everything?

DO YOU NEVER HAVE ENOUGH TIME?
CHASING NORMAL
You may feel that you have been running for months
on end with little or no rest or respite. If you feel this
way, you are not alone and statistics show that most
South Africans have been working longer and harder
during lockdown.
You may be telling yourself that you are going to regain some balance
any day now, maybe next week. You convince yourself that you
just need to push through this week, and then you can get back to
normal.
But what if ‘normal’ never comes, and by the time the end of the year
rolls around, you are totally burnt out and exhausted?
Let’s consider some tried and tested advice from time management
experts that really work. These tips can help you make the most of
the time you do have, and even find more time to do the things you
want.

DO YOU NEVER HAVE ENOUGH TIME?
A DAILY “TO DO”
LIST
You may be in the habit of getting up and going to
work and then coming home exhausted. Somewhere
in the back of your mind there is a list of things that
you know you should do, but you never find the time.
The first step to figuring out how to make the best use of your time
each day is to make a list of what you need to get done.
Most experts recommend a daily to do list. Taking 2 minutes each
morning to make a to-do list forces you to itemize what result is
needed, and what action you must take to get it done.
And if your list gets too long and intimidating, then you can always
move some items to tomorrow. The idea is to prepare the list again
each day. Looking over the items from the previous day you will see
what you didn’t finish, and can add it to the new to do list for the day.
Having the list in front of you will enable you to clearly see what items
are most important, and need to be done immediately, and which
items can wait till later in the day or tomorrow.

DO YOU NEVER HAVE ENOUGH TIME?
THE 80/20 RULE
The 80/20 rule is a way of saying that often, it only
takes a little bit of effort to get you 80% of the way to
complete. It can often take you 80% of the time and
effort, to get the last 20% done.
For example, you are expecting a visitor so, you decide to tidy up your
room. You start by neatening up your bed covers, putting away a few
items of clothes that were lying around and maybe you sweep the
floor quickly. It takes you only a few minutes. You get 80% results for
only 20% time and effort. But the room may not be 100% clean.
You decide to reorganize your cupboards and drawers, move some
furniture around and vacuum behind all your cupboards. Surprisingly
these tasks take you a lot longer. Your visitor will hardly notice these
items at all. The last 20% of the job took most of the time and effort.
Consider if the extra effort on this particular occasion was worth it.
Could you have left the clean up at just the first few things, and then
moved on to preparing them something delicious to eat when they
came over (or other tasks).
Often a business will find that 20% of its clients are responsible for
80% of their profit. Or 20% of the stock is what moves the most, it has
many applications. Can you focus on the few tasks that will see you
get the most “bang for your buck”, the biggest return on your time
and effort?

DO YOU NEVER HAVE ENOUGH TIME?
DO THE MOST
IMPORTANT
THINGS FIRST
Once you know what things you need to do each
month, or each day then you need to prioritise. Some
items will have a deadline that is looming, these will
require attention first.
Some items on your list will be the most important for other reasons,
and you should allocate time and mental energy to handling those
things before you get distracted by other less important items.
If you get 20 small, unimportant things done in a day, you may have a
fleeting feeling of accomplishment, but if you forgot to do any work
that day, you may be heading for disaster (especially with your boss).
Make a point of allocating enough time for the most important things
first, the see if you can squeeze in a few of the other ‘nice to haves’.
Once again you can see the value of making a list and prioritising. It
is also very important to realize that you will not get everything done.
You need to make your peace with that, and try to ensure the most
important and time sensitive things are handled first.

DO YOU NEVER HAVE ENOUGH TIME?
SCHEDULE LESS
If you have ever made yourself a delicious wrap or
burrito then undoubtedly you have fallen into the trap
of putting too many fillings inside and making a big
mess when you try to eat it. Everything begins to slide
out and mess all over you or your plate.
A daily to do list or monthly schedule can be the same. If you do not
schedule enough time to handle matters properly, then you are never
going to get through your list.
It is better to be realistic and even generous in planning your day.
Will it take 20 mins? Rather schedule 30 or 40 minutes to allow for
distractions and delays.
Rather schedule fewer items, and then find you have a few minutes left
over to handle bonus items than the other way around.

DO YOU NEVER HAVE ENOUGH TIME?
THE STUFF YOU SHOULD
DO BUT DON’T FEEL
LIKE DOING
It is not uncommon for to find a dozen excuses to
avoid doing something unpleasant, but important.
Maybe it is something that will put us in a confrontational
situation with someone else, or maybe it is just plain
nasty (like cleaning out those garbage bins).
If these are small things, then often we can shift them down the list
and focus on more important things for today, but if they have a big
impact on your day or life, then you should address them.
An excellent tip is to deal with these items when you are at your most
energetic and enthusiastic each day.
For some people this will be at the start of the day. For others it will
be once the kids are at school and all the morning items have been
attended to. You know your routine the best.
Find the time when you have the best mental and emotional energy,
and then tackle that challenging item on your list. Get it done even if
it is nasty, that way you can free yourself from the background stress
it is causing you.

DO YOU NEVER HAVE ENOUGH TIME?
IF YOU WORK FOR
YOURSELF
Working for yourself has many advantages (like
actually generating income in an economy where so
many people are unemployed) but it does come with
its own challenges.
One of the biggest challenges is effective time management.
Sometimes you cut yourself too much slack, and don’t do what you
should because your boss (you) is too lenient on you.
So, be professional. Set regular work times for yourself and don’t only
work when you feel like it.
One of the world’s most famous writers, Stephen King, is well known
for working 9 to 5 each day of the week. He said that he does not
wait to feel inspired to write. He sits at a desk and writes even when
he doesn’t feel like it, because it was his job, resulting in a lot of best
sellers.
So, if you find you do not have enough time, then look at when and
how you are working each day, week and month.

DO YOU NEVER HAVE ENOUGH TIME?
NOBODY EXPECTS THE
SPANISH INQUISITION
While nobody expects the Spanish Inquisition (you may
need to be a Monty Python fan to get that reference)
you can expect, that the unexpected will come along,
and derail even the best laid plans.
Ever noticed how your printer only gets a paper jam when you are in a
hurry? It is like it can sense your desperation.
This goes hand in hand with scheduling fewer items each day. It is wise
to allow enough time to get things done when making a daily to-do
list. You should always allow a little ‘play’ or extra time when making a
schedule.
Your Zoom meeting may be scheduled for 12 but Bob may run a few
minutes late on his side, delaying you even though you were ready
5 minutes early. Thembi may arrive on time but not be able to get
her camera to work or mic to unmute. Eskom may give you a nice
loadshedding surprise right in the middle of your otherwise productive
day.
Scheduling less items each day and allowing for things to take longer
than planned, is always wise. Plan for the unexpected.

DO YOU NEVER HAVE ENOUGH TIME?
REDUCE
INTERRUPTIONS
These days we have many ways for people to get in
touch. They can text, whatsapp, email or call you.
We have other things that can distract us. Background music, news
updates, tv screens, app notifications and people of course.
There are a million things that can distract us while we are trying to
get things done.
If you can reduce the likelihood of being distracted at important
times, then you will get more done.
Can you shut off those screens, find a quiet place, ask not to be
disturbed and even put your mobile device on airplane mode for a
few minutes while you attend to critical matters?
Find ways to reduce distractions.

DO YOU NEVER HAVE ENOUGH TIME?
BURNING THE
CANDLE AT BOTH
ENDS JUST LEADS
TO BURN OUT
It is a common mistake to think that you can power
through and get everything done by just working
longer. As a kid, you may have tried marathon study
cram sessions before exams.
Sadly, this is not very effective. Your brain tends to punish you for trying
to push it beyond what it can realistically handle.
Companies that work their staff on endless overtime, often find that
productivity just drops further. So, they push the staff harder still resulting
in declining work quality and delays due to avoidable mistakes.
By trying to do more when you are exhausted, you can make things a lot
worse! So, be sure to try and work fresh and energetic. This may mean
working for less time (counter intuitive we know) but you may find, that
you get more done and do it better when you have physical and mental
energy.

This may mean getting enough sleep each night and not burning the
midnight oil trying to squeeze things in after dark. Skipping lunch to push
through might actually end up making you less productive. A small micro
nap or a walk in the park at lunch time might be just what your brain
needs to charge up those batteries.
Work fresh and energetic, not exhausted and drained.

DO YOU NEVER HAVE ENOUGH TIME?
CAN YOU MAKE
MORE TIME?
There are only 24 hours in a day. So no, you cannot
literally ‘make more time’ but you might be able to find
time in your day that you are not using effectively and
make better use of it.
Many of us have hidden free time each day. For example, if you drive
to work, you can use the time to listen to an audio book. If you take
the train or taxi to work, take that book along.
You may be able to do a quick catch up on the news while shaving or
something similar.
Japanese families, who often get stuck in bad traffic, are known to
have a catch up chat, and then let the kids begin their homework on
the way home. By the time they fight their way through traffic and
get home, the kids have had 30 minutes to do a significant portion of
their assignments.
Do you find you and your partner are not getting enough time
together? Why not spend time preparing a meal together each
evening? While chopping, dicing and slicing those veggies you will be

able to chat and catch up, as well as cut down on the time it take to
get everything ready. Many hands make light work.
If you are running short on time each day but spend 3 or 4 hours an
evening watching TV or browsing Instagram, then you may be able to
repurpose some of that time to do the necessary things.
Find the hidden time in your day and see how you can use it better.

DO YOU NEVER HAVE ENOUGH TIME?
USING OUR TIME TO
REACH REALISTIC
GOALS
Having goals in life is vital. Identifying what you need
or want and working toward it can lead to success.
How do we set realistic and achievable goals that we can use our
valuable time towards reaching?
Some things you can control and others you cannot. You may not be
able to control when the next bus is coming to your bus stop. You may
not be able to control whether your boss will ask you to work overtime
or not, but there will always be things over which you do have direct
control.
As an example, let’s say that you may want to become the “boss” in your
department. Being the boss is cool and you could get paid more and get
more perks. But there are also aspects in that particular goal that you
cannot control.
The existing boss may not have plans to go anywhere. Management may
not have any plans to replace the current boss. If they do begin looking
for someone to fill the position then they (not you) will be the ones

making the decision about who is hired. So, what could you rather set as
a goal, over which you do have some control?
You could decide to gain new skills that will make you a more valuable
employee. This is something that you have more direct control over. You
could sign up for an online course or distance learning, or take some
time off to do a short course that will give you better skills. These new
abilities will make you a better employee. You will be better at your job
than those around you. When the time comes to look at who will be
promoted, you will stand out among your peers.
You may not be able to control whether the bus will come to fetch you
on time for work, but you can personally control when you get to the
bus stop. Could you get there a little sooner to catch the earlier bus?
Would getting there a few minutes earlier mean that you are less likely to
miss the bus if, by some miracle, it is running early?
By focusing on the things you can control, and lining these things up
with your life goals, you are more likely to accomplish them and make
good use of your time.
If one of your goals is to get out of debt, then you should allocate time
each month to make sure that your debts are being paid, that you are
sticking to your budget (and have a budget in the first place) and tracking
the payments and balances.
This way you are using your time in a way that lines up with your goals.

DO YOU NEVER HAVE ENOUGH TIME?
THERE IS NO TIME
LIKE THE PRESENT
If you have recently felt like you are always running out
of time, that you have no time for yourself or that you
cannot work on the important things in life because
you are just chasing your tail every day, then you may
need to look at how you are using your time.
Making a list of what you need to do and prioritizing it is a great
start. By setting realistic daily goals and allocating time to the most
important things first, you will find that you can make the best use of
your time.
Plan for the unexpected and align your time with what is important
to you. Don’t burn out chasing things that will not benefit you. By
looking at how you are using your time, you may even be able to find
some hidden time to get additional things done.
Time is our most precious resource. While you can always make more
money, you cannot make more time. So, use it wisely.

BEWARE
BLACK FRIDAY
HYSTERIA
We all love a good bargain. The people at the big brand
stores know you do, and are preparing to cash in on
your Black Friday hysteria FOMO (fear of missing out).

There is a saying: "What the eyes see, the heart wants".
Yes, marketers know they need to get you looking at specials and
discounts. So, they flood your inbox and social media with adverts for
nice things. Things that you probably would like to own but may not
really need right.
If they show it to you over and over again with flashing pop-ups that
says things like: ‘Sale!’ ‘Never To Be Repeated’, Prices Slashed’ you
may just be persuaded to part with your hard earned cash.
At this time of year, retailers are desperate to make some sales, they
may indeed begin to lower their profit margins. So, there may indeed
be some good deals. The challenge for those who are sticking to a
monthly budget is to see if they have already set aside the funds to
make such a purchases.
It would be foolish to miss or short pay on a debt review repayment,
for example, to splash out on a new TV only to end up having their
entire debt review fall apart. This could result in losing more than the
fancy new TV.
Often, at this time of year, one retailer may claim to offer an amazing
special with a huge discount, whereas, the same item is offered by
another retailer for the same price, and sometimes even cheaper. So,
be cautious, shop around, shop with your head and not your heart,
and stick within your budget (or what you have already saved toward
such a purchase).
Remember there will be another Black Friday next year, and the
next, and the next. Beware of being swept along in the Black Friday
Hysteria!

THE WORLD’S
BIGGEST
TAX FRAUD
SCHEME EVER

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
JUST A LITTLE OFF
THE TOP...
Over a thousand people around the world are
currently being investigated in what is being called the
biggest tax fraud case ever.
The fraud may have cost the European Revenue Service (who are like
SARS but for Europe) more than 55 Billion Euros between 2007 and
2012.
You may wonder what that looks like in Rands. Well, if your brain can
process such a big number, it is around R950 000 000 000. Yes, that is
950 thousand million…
The supposed fraud involves buying and selling shares rapidly to different
people who are part of the scheme. Then the members of the syndicate
would claim back a withholding tax on dividends, and here is where it
gets dodgy…they would claim twice because of a “loophole” that existed
at the time.

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
LOOPHOLES AND
BAD INTENTIONS
The supposed loophole existed because, at that time,
there was an interpretation of the tax code which
appeared to allow multiple people to claim ownership
of the very same shares. So, more than one person
could claim a refund on tax that was paid once.
Prosecutors say that those who were involved (doing these trades over
the years and these multiple claims) knew exactly what they were doing
was wrong, and were doing it with the specific objective of enriching
themselves.
Mr. Hanno Berger (who came up with the scheme, and seems to have
led the group involved in such double rebate claims) says his actions
were allowed by the loophole, and were within the law. He does not feel
he did anything wrong and merely used the system, as it existed at the
time, to benefit himself in a way that was allowed.
Now that the interpretation of the law has changed, he no longer does
any such double claims. Mr. Hanno Berger was finally extradited from
Switzerland in July this year and arrested.

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
VARIOUS BANKS
IMPLICATED
Leaked documents about the investigation, which
have since become public, feature allegations towards
employees at many international banks, including
Investec. The part of the overall Investec brand that
operates in the UK (and Ireland in particular) has been
in the German prosecutor’s target site for years, since
the supposed fraud was first discovered.
It seems that, according to reports on the matter, Investec gave lots of
short loans of between EUR100 000 000 and EUR340 000 000 for the
trades that resulted in the double rebate claims.
These loans and trades were happening again and again, and it has also
been said that sometimes Investec themselves would act as a broker,
and even carry out some of the trades involved.
Allegations exist that management at Investec plc, might have been
active in facilitating the fraud which took place. Investigations are
happening into who exactly at the brand was aware of what, and who
authorised these loans and trades.

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
HOLDING PEOPLE
ACCOUNTABLE
Authorities have now eventually begun the lengthy
process of charging those involved. Arrests and
prosecution will no doubt continue over the
foreseeable future since so many parties are involved
from all around the world.
Investec in SA have been quick to point out the distinction between the
arms of the overall Investec brand, saying that they were not involved.
They have also mentioned that Investec itself is investigating the
matter internally and are cooperating with the investigation by outside
authorities.

WHY A DEBT
COUNSELLOR
CAN GET
DEREGISTERED

WHY A DEBT COUNSELLOR CAN GET DEREGISTERED
PROFESSIONAL DUTY
A Debt Counsellor has a serious duty to their clients.
As professional counsellors they have to ensure their
client’s rights, under the National Credit Act, are
protected, and to ensure that they properly assist
people through the debt counselling process.
The National Credit Act (NCA) and regulations set out the duties a Debt
Counsellor has to fulfill. The NCA also makes provision for the National
Credit Regulator (NCR) to take a Debt Counsellor to the National
Consumer Tribunal, if they fail to do their job properly.
The National Consumer Tribunal (NCT) is able to issue large fines, or
even take away the registration of a Debt Counsellor, if they find that
the Debt Counsellor has not been doing their job or sticking to the
regulations. This means the Debt Counsellor can no longer practice, and
this often results in the NCR choosing a different Debt Counsellor for the
innocent clients.

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
MISTAKES AND
SLOPPY WORK
So, why might a Debt Counsellor find themselves in
trouble with the Regulator and dragged before the
Tribunal?
If a consumer complains to the NCR about a Debt Counsellor, then the
NCR is allowed to investigate that Debt Counsellor and see if there is a
real issue.
If the Debt Counsellor skipped steps or messed up the process, then
they could end up in a lot of trouble.
In the past, when the NCR has taken Debt Counsellors to the NCT
because of complaints, the points raised have often been technical,
like what specific day a form was sent, or how many days were there
between doing X and Y as required by the National Credit Act.
In some cases, the NCR has raised points that relate to guidelines that
they themselves have issued (not the Act or regulations).
Over the years, a small number of Debt Counsellors have been fined, and
some have even been removed from practicing. Although this is a small
number it can happen.

WHY A DEBT COUNSELLOR CAN GET DEREGISTERED
SA CREDIT
SOLUTIONS
Recently, one Debt Counsellor, who had previously
been issued with a R250 000 fine, ended up in trouble
with the NCT again. This was because of 4 consumer
complaints from 2017 that the NCR investigated. The
NCR investigated and found that the Debt Counsellor
had been making mistakes and not sticking to their
guidelines and the Act.
In this case, the NCR found that the Debt Counsellor often sent
two forms (a 17.1 and 17.2) on the same day without waiting to get
information back from the clients’ credit providers. Instead, the Debt
Counsellor just relied on information from the credit bureaus.
The Tribunal also heard how some consumers, who asked for help had
been told they have 48 hours to consider entering the process but that
the Debt Counsellor had registered the consumer on the NCR’s database
as already applying for debt review.
The Debt Counsellor had also not sent the Regulator statistics every 3
months as they are required to do.

Other concerns related to accepting legal fees, as per the NCR’s fee
guideline for legal work that had not yet taken place, even though
sufficient time had passed.
In one consumer’s case, the bank had not received payments with the
accurate account number, and as a result, the bank used the opportunity
to take the consumers car away and sell it on auction.
All of these errors (and more) resulted in the NCT saying that the Debt
Counsellor must stop practicing. They also issued a big fine of R350 000,
and said that the Debt Counsellor had to bring in an auditor and report
on various matters and refund clients for many of the fees they had
received over the years.

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
CONSUMERS CAN
COMPLAIN, IF THERE
ARE PROBLEMS
Now you may not want your Debt Counsellor to lose
their business, home and livelihood because of your
complaint, but at the same time, you have the right to
receive good service and assistance.
If you have not been getting the level of service that you want, then you
are able to complain to your Debt Counsellor. You should let them know
that you are unhappy or worried.
Many people make the mistake of complaining to everyone except
the Debt Counsellor. That does not help. Often they will complain to
an administrative staff member at the Debt Counsellor’s practice. Or
they may go onto Hello Peter and complain, or even go directly to the
Regulator before even speaking to the Debt Counsellor.
If you have a concern, then first talk to your Debt Counsellor.
Some consumers are not very involved in their own debt review, and
embarrassingly don’t even know their Debt Counsellor’s name. Be sure

that you know who your Debt Counsellor is, and how to reach them
directly. Speak to them and discuss any challenges that come up.
For example, you may be getting harassed by a credit provider. This is
obviously not the Debt Counsellor’s fault, but they can help you lodge a
formal complaint at the credit provider or collection agent’s company or
association. If that is ignored they can help you lodge a complaint with
the NCR.
Your Debt Counsellor will be able to guide you through many difficult
situations, but only if you communicate regularly with them.

THE WORLD’S BIGGEST TAX FRAUD SCHEME EVER
WHEN YOUR DEBT
COUNSELLOR JUST
WON’T HELP
If you are not getting any help from your Debt
Counsellor, despite asking many times (and when
they are not doing what they should) then you can
complain to the association they belong to, or even
the NCR.
Hopefully this will see the situation sorted out promptly (and not taking
years and years). When it comes to dealing with debt, you are talking
about your financial future. So, it is important to get the full protection of
the National Credit Act and debt counselling.
Bad Debt Counsellors have no place in the industry, and are no better
than illegal debt mediators who are full of empty promises.
You deserve the best help and professional advice. So, make sure to
communicate with your Debt Counsellor regularly, and even complain if
they are making mistakes or refusing to help you.

DEBT REVIEW
LESSON #3
Debt review is a great time to make big
changes that are needed in your life. It is a
fresh start.
Take advantage of this time to make
changes and improve all parts of your life.