Debtfree Magazine Issue 3 of 2022

INDUSTRY SPOTLIGHT
opportunity for some unscrupulous Debt Counsellors who promise
“get out of debt review quick” schemes. This has been a growing
concern that is shared by us as well as other role players in the
industry.
The second issue results in frustration all around, for DCs and
consumers. Over the years, we as an industry haven’t produced a
solution to the balance mismatch problem, so most of our members
have to commit specialised technology and more people simply
to do what is in the best interest of the consumers. This situation is
probably not sustainable and as an industry we really should look for
a workable solution.
The third issue is more of an existential threat for the entire industry.
Most of us in the industry have been worried about the impact debit
order reversals (disputes) and lower distribution charges have had on
the PDAs since 2016. PDAs need to be supported by all role players as
they are crucial to the success of the SA debt counselling industry.
How Do We Draw More People To The Process?
We need to share some of the fantastic feel good stories. Hundreds
of thousands of consumers have received their clearances certificates
over the past decade. Many of them have moved on to improving
their financial situations and owning assets. Not enough of this is
shared.