Debtfree Issue 202404 - DB

SPECIAL
EDITION
SAY I N G
YES
TO LIFE
Issue 04 of 2024

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
/ Best customer support in the country – queries are resolved within 24 hours
/ Strong compliance and best-industry-practice implementation is at our centre
Call Saishen Krishnan
Head of Hyphen PDA | 071 884 7300
Or call our friendly support centre on 011 303 0060 - Option 2
or visit our website www.hyphenpda.co.za

FROM THE EDITOR
In 2008, Jim Carry featured in a film called: Yes
Man. The movie was based on a book about a man
who decides to say yes to everything set before him
for the next 6 months. And so the adventures begin.
From bungie jumping to run ins with the FBI, the
story is silly but funny. What a great concept.
But maybe it has been a while since you felt that you could say
yes to anything. Maybe life has knocked you down so many
times and tried to keep you down that you have had to say not
to a lot of things.
Have you had enough of saying: No?
No to your kids?
No to your friends?
No to opportunities and fun?
No to life?
If you are tired of all the Nos in your life then its time for Yes.
This issue we delve into how debt review can help you adopt
a yes mentality. How it can change your financial situation so
much that you are finally able to say yes.

Of course, saying yes should also come with its limits. Jim Carry
broke 3 ribs during filming because he started saying yes to
doing his own stunts (best left to Jackie Chan perhaps?).
We take a look at how debt review changes lives for the best.
We also catch up on local and international finance news, get
some advice on what to do if you need a little extra cash each
month (inflation is a thing after all) and whether debt review
means no more problems ever (Hint: it doesn’t).
So, if you have been feeling a bit overwhelmed we hope this
issue helps you think about your situation in a more positive
way, we hope it keeps you motivated, we hope it equips you for
when things get a bit tricky.
Ultimately, we hope it helps you get debt free.

FROM THE
DESK
MORE CONSUMERS SEEK HELP
TO COUNTER HIGH INFLATION,
INTEREST RATES, STAGNANT
INCOME
Demand for debt counselling
increases by 22%
Subscriptions for online debtmanagement
services up by 30%
Persistently high interest rates and inflation
– especially food inflation - continue to
erode consumers’ disposable income, while
a lack of any meaningful economic growth is
constraining salaries.

Despite this, debt-to-annual-income ratio has remained stable for the
past three quarters at 107%. While lower than 2023 levels, this is still
high.
These are some of the findings from DebtBusters’ Q1 2024 Debt
Index. The quarterly analysis of data from debt-counselling applicants
also found that demand for debt management increased, with
debt-counselling enquiries rising by 22% and the use of online debt
management services up by 30% compared to the same period last
year.
Benay Sager, executive head of DebtBusters, says although the
improvement in overall debt levels combined with consistent monthly
debt repayment trends are positive, the impact of increased interest
rates on asset-linked debt is particularly evident in the 40+ age
category.
The average interest rate for a bond has increased from 8.3% per
annum in Q4 2020 to 12.3% in Q1 2024. For a R1.5million bond this
adds an extra R4 000 per month to the repayment amount.
“What also continues to be apparent is how
higher-income earners are using credit to offset
the dual impact of inflation and interest rates
- now 475 basis points higher than in 2020.
These consumers typically have more shortterm
loans than those in other income bands
and devote a greater proportion of their income
to repaying debt.”

Compared to the same period in 2016, when DebtBusters first began
analysing the data, the Q1 2024 Debt Index found:
• Purchasing power has diminished by 47%. Nominal incomes are
1% lower than in 2016 while the cumulative impact of inflation
over the eight years is 48%. While some income groups saw
real increase in incomes, on average the trend was slightly
downwards.
• The debt-service burden is high, with the average debtcounselling
applicant using 62% of net income to repay debt.
The situation is worse amongst higher income earners. The
debt-to-income ratio for people taking home more than R20
000 per month is 127%, while it is 172% for those earning R35
000 or more. These ratios are at or close to the highest ever.
• Top earners have unsustainably high levels of unsecured debt.
While average unsecured debt levels are up 14% compared to
2016, this is lower than recent quarters and is a welcome trend.
What is concerning is that for people earning R35 000 and more,
unsecured debt levels are 41% higher. This is in line with inflation
and indicates that without meaningful salary increases these
consumers are using debt to supplement their income. The
average interest rate for unsecured debt is now at an eight-year
high of 25.7% per annum.
Sager says that the growth in debt counselling enquiries and use
of online debt management tools is positive as it indicates more
consumers are trying to become financially sustainable.
Last year the free subscriber base for online debt management tools
on www.debtbusters.co.za grew by 82% compared to 2022. These

include Debt Radar, which assists subscribers to manage their debt.
A new tool, the Debt Sustainability Indicator shows subscribers the
percentage of their income required for debt repayments and how to
make the ratio more sustainable.
For those consumers who successfully apply for debt counselling,
unsecured interest rates can be reduced by over 90%, from an
average of 25.7% to ~2.6% per annum. This allows expensive debt to
be paid back faster.
Vehicle debt and balloon payments can be serviced over a meaningful
period, with the average financed vehicle interest rate of 15.4% per
annum negotiated down to a more manageable level.
Sager says the number of people successfully completing debt
counselling has increased tenfold since 2016. Those who obtained
clearance certificates during the first quarter of 2024 paid back over
R600 million worth of debt to creditors while they were in debt
counselling.

My advice to toddlers
is to start saving
your money
now...
~ SHAFEEQ

No more debt-stress.
Let’s get it sorted.
We’ll get your interest rates right down. You’ll
make one consolidated payment a month. You’ll
have more cash to live on. Your assets will be
legally protected. Sorted.
0861 365 910
www.debtbusters.co.za
info@debtbusters.co.za
NCRDC2484

DEBT REVIEW
DON’T TAKE ON DEBT FOR
OTHER PEOPLE
If a family member or friend asks you to
take on debt for them or to loan them
money that you need to pay your existing
debt, you may want to help them.
However, there are many credit providers
in South Africa.
Another option is to introduce them to
your Debt Counsellor.

CONTENTS
SAYING YES TO LIFE
WHEN THINGS
DON’T GO
EXACTLY TO PLAN
SIMPLE SIDE
HUSTLES TO
HELP MAKE
ENDS MEET
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.

SAY I N G
YES
TO LIFE

SAYING YES TO LIFE
DEBT REVIEW MEANS SAYING
YES TO LIFE
Have you ever found yourself in a
situation where you had to say "no"
to things you really want or need?
Maybe it’s skipping out on dinner plans
with friends because you just can’t afford
it, or telling your kids they can’t join their
classmates on a fun outing because the
budget is just too tight.
It’s tough having to turn down opportunities
and experiences because of financial
constraints.
Your life can be all about saying: “no”. It can
leave you feeling frustrated and depressed.
So, how can you change a No into a Yes?

SAYING YES TO LIFE
DEBT REVIEW CAN TURN
NO’S INTO YES
Debt review is a way for financially
stressed consumers to make an
arrangement through the courts
to adjust their debt repayments
to something they can actually,
realistically afford each month.
With the help of a NCR registered Debt
Counsellor consumers can adjust both their
spending on monthly needs as well as their
debts.
Debt review has the power to change your life
from saying “no” to saying “yes”.
How?

SAYING YES TO LIFE
SAY
YES TO LIFE
With debt review, you get a clear realistic plan for your
money.
It helps you (1) pay your debts, (2) cover what you need each month
and (3) still have a little left over for some fun. In the past, you may
have had no idea where your money was going. You may have had a
lot more ‘month than your money’. Maybe making up a budget was
scary because you knew the figures would not add up and that would
just make you even more stressed.
Debt review changes that. Once you enter debt review you will now
have a detailed budget to work with. You will sit with a trained expert
who can help you think about all the things you need and even the
things you have forgotten about or given up on long ago.
Perhaps you have been driving around in your car without insurance.
Maybe you never saved anything towards changing tyres or servicing
your vehicle. When you enter debt review, that changes.
Part of the budget your Debt Counsellor helps you create will be for
upcoming expenses for the kids, the car, doctors’ visits and yes, even
saving something each month. Debt review is not just about paying
off debt; it’s about reclaiming control over your finances and having
the flexibility to enjoy life without

SAYING YES TO LIFE
SAY YES TO
OPPORTUNITIES
Debt review has the power to open up new possibilities
that you previously had to say no to.
When you have to use every available cent to buy food, pay for
electricity, get data and then decide which of your creditors gets
money this month, there is little left over to even try improve your
situation.
This changes once you enter debt review.
Because you are now not focused solely on trying to juggle all your
credit providers (and avoiding those who you owe money to), you will
now have greater freedom and mental bandwidth.
This means that you can start to do things like starting a small side
hustle or furthering your education. You have the ability to begin to
say yes to opportunities that come your way.

SAYING YES TO LIFE
SAY YES TO A MORE
SECURE FUTURE
It is easy to get trapped into a cycle of using credit to
pay off existing credit.
As the debt spiral gets worse and worse, some consumers are left
taking out monthly pay day loans just to keep their head above water.
There is no room to think far ahead at what lies ahead.
But we all realise that thinking about our long term financial health is
something we should be doing. But it’s hard to think about building
wealth or retirement when you are struggling to put food on the table.
This changes with debt review.
Debt review is a stepping stone to a better future. Step one is to gain
control of your debt situation. Step two is to pay off your existing debt
and then step 3 is about building for the future.
With careful planning, you can set and achieve long term goals, like
buying a home or saving for retirement.

SAYING YES TO LIFE
SAYING “YES”
RESPONSIBLY
While debt review gives you more
freedom, it is important to spend
wisely. You can’t just fall into a
pattern of over spending and being
reckless.
While in debt review one of the best things you
learn to do is to stick to your budget and think
carefully before buying things you don’t need.
In the past you may have had a habit of
spending now and worrying about the paying
part in the future. Using credit can be fun, its
true. But debt review can teach you to be more
responsible and really think about your needs
and wants more clearly.
With debt review, you can learn to control
your impulses and spend wisely. It’s about
saying “yes” to the right things and “no” to
unnecessary expenses.

SAYING YES TO LIFE
YES YES
YES
If you are tired of saying “no” then
debt review can change your life to a
world of “yes”.
Yes to the kids when they ask to go to that after
school activity. Yes, to friends when they invite
you out. Yes, to future opportunities.
Debt review offers more than just a way to
make ends meet, it’s a pathway to a life filled
with possibilities.
By making responsible choices, seizing the
right opportunities, and building towards
a brighter future, you can transform your
financial outlook and say "yes" to the life you
deserve.

WHEN THINGS
DON’T GO
EXACTLY TO
PLAN

WHEN THINGS DON’T GO EXACTLY TO PLAN
IT WON’T ALWAYS BE
SMOOTH
SAILING
Entering debt review is a BIG step in
taking control of your money and
getting a handle on your debt.
But just because you have made this big step in
the right direction, it does not guarantee that it
will now be smooth sailing and no challenges
will come your way.
Most people are in debt review for 3 to 5 years.
That’s plenty of time for challenges to crop up,
even if you are working hard to keep things on
track.
The good news is that when something
unexpected does come along, you now have
an amazing additional resource that you didn’t
have in the past: Your Debt Counsellor.
Your Debt Counsellor is there to help you (and
your creditors) deal with any bumps in the road.

WHEN THINGS DON’T GO EXACTLY TO PLAN
WHEN PROBLEMS
COME UP
Even if you are in debt review and no longer have credit
providers hounding you all day for payments, you can
still face tough times.
Unexpected bills, changes in your income, or weird demands from
your creditors can happen and will cause you stress. When these
problems come up, it might be tempting to return to familiar habits,
like just ignoring the problem or trying to hide the problem from your
family.
eg. Imagine you’re hit with a big medical bill that you didn’t
see coming. It can throw off your entire well planned budget,
and leave you feeling overwhelmed. So, what do you do? Stop
answering the phone in case it is the doctor’s office calling, or
maybe just refuse to open any bills from the hospital?

WHEN THINGS DON’T GO EXACTLY TO PLAN
YOU CAN’T JUST STICK
YOUR HEAD
IN THE SAND
Before you began debt review,
ignoring money problems might have
seemed like the easiest thing to do.
But if you fall back into that bad habit while
in debt review, it will make things worse.
Missing debt repayments or ignoring weird
correspondence from creditors can derail
your entire debt review, if you don’t deal with
problems quickly.
eg. Let’s say you ignore a letter from
one of your creditors asking for a
different payment. If you don’t respond
because you think that while you are in
debt review they can’t touch you, they
might still take legal action against you,
which could make your debt situation
super complicated.

WHEN THINGS DON’T GO EXACTLY TO PLAN
TALK TO YOUR
DEBT COUNSELLOR
Before you began debt review, you probably tried to
sort out all your debt problems on your own, that was
no doubt stressful.
But now that you have begun the process, the good news is that you
finally have a debt expert on speed dial.
Talking things through is often the key to making debt review work.
Your Debt Counsellor isn’t just there to pass messages along – they’re
on your side and want to help you make your debt review work.
All Debt Counsellors, and even the credit providers, know that
sometimes the unexpected happens, and they’re here to help you
navigate through them. Being honest and talking about your challenges
can get you the help and guidance you need.
eg. If you or a family member have lost their job or you have
had a big drop in income, don’t keep it to yourself. Your Debt
Counsellor can work with you and your credit providers to
temporarily adjust your debt repayment plan until you’re back
on your feet.

WHEN THINGS DON’T GO EXACTLY TO PLAN
WHAT YOU NEED TO DO WHEN
PROBLEMS COME UP
When problems come up during debt review, it’s
important to take action.
You may need to make some big changes to keep things on track and you
need to be willing to try meet the credit providers’ half-way, if possible.
First, talk to your Debt Counsellor as soon as you notice a problem.
They have the know-how and resources to help you through tough
times to keep your plan on track. They may have great budgeting
suggestions to help cut costs temporarily.
They can send a special form (called a Form 17.3) with information
about your situation to all your creditors. You may need to give them
copies of invoices or quotes for repairs or ‘whatever’ to add to the
form so they understand clearly. Once that is sent, then hopefully a
temporary plan can be made.
Next, consider ways to adjust your current situation (even if just for a
short while) to try keep your debt repayment plan in place.
Don’t panic and make bad decisions, get advice.

WHEN THINGS DON’T GO EXACTLY TO PLAN
LIFE
HAPPENS
Facing challenges during debt review is totally normal.
Life happens, but it’s how you deal with the problems
that counts.
By being open and working together with your Debt Counsellor
and credit providers, you can overcome obstacles and keep moving
towards a debt free future.
Remember, your Debt Counsellor is on your side, and wants to see you
succeed, even when things get tough. Credit providers also know that
life can be tricky. They just like to have time to think about any possible
change to the repayment plan.
So, pick up that phone the moment you see troubles coming.

DEBT REVIEW
DO YOU KNOW YOUR DEBT
COUNSELLORS NAME?
It sounds like a simple thing but actually many
people who are in debt review are not familiar
with their actual Debt Counsellors name. They are
perhaps more familiar with the debt counselling
practice name or the name of their PDA who they
use to make payments each month.
It is important to be able to pick up the phone
and ask to speak to your Debt Counsellor if things
get tricky.
Be sure to know your Debt Counsellors name.

YOU CAN
DO IT!
Debt review is not easy but it is also not impossible.
Hundreds of thousands of people have used the
process to get out of debt and you can to.
If you would like to hear from some of the people who have
successfully completed the process then you can check out this
podcast which is all about debt review success:
www.debtreviewwithdummies.co.za
There are interviews with all sorts of people like:
• A Hard Working Single Mom
• A High Profile Businessman
• A Radio DJ
• Someone who fell for the “get out of debt review scams”
• Someone who took a really long time in debt review
• Someone who started a new job and things didn’t work out
Their success stories show that anyone can complete debt review
if they just stick with the process and work closely with their Debt
Counsellor.
Why not give the podcast a listen and see how they did it?

SIMPLE SIDE
HUSTLES TO
HELP MAKE
ENDS MEET

SIMPLE SIDE HUSTLES TO HELP MAKE ENDS MEET
THE PINCH IS
REAL
In today’s tough times, many South
Africans are feeling the pinch of
rising prices and bills.
As a result, many have entered debt review to
help make things more manageable and still
pay off what they owe.
But if your pay check isn’t stretching as far as
it used to, you might want to consider ways
to bring in some extra cash, to keep up with
rising costs.
That’s where side hustles come in.

SIMPLE SIDE HUSTLES TO HELP MAKE ENDS MEET
KEEP IT
SIMPLE
A side hustle is a great way to supplement your
income, and help you cover any new expenses or save
towards future expenses. It can also be a great way to
speed up your debt repayment plan. Why not get out
of debt sooner?
You might be thinking, I don’t have a lot of free time or money to start
something new. You might immediately picture yourself driving all
weekend for Uber or dropping of meals at midnight for Mr D.
While those are options, the good news is that a side hustle does
not need to be something that uses all your free time, and keeps you
from your family, these days many options require hardly any seed
money.
A side hustle does not need to be complicated, clever or ground
breaking. You can do what a lot of other people are already doing,
and still make extra cash each month.
Let’s look at 3 examples of easy side hustle ideas that won’t break the
bank or keep you out all night.

SIMPLE SIDE HUSTLES TO HELP MAKE ENDS MEET
PET
SITTING
More people in South Africa are
getting pets, which means there’s a
growing need for pet sitters.
Taking care of pets while their owners are
away can be a fun and flexible way to earn
money. Whether it’s walking dogs, feeding
cats, or staying overnight with pets, there are
plenty of opportunities to help out that won’t
interfere with your normal work obligations.
To start pet sitting, all you need is a love of
animals and a reliable reputation. You can
spread the word through friends and family, or
use online platforms that connect pet owners
with sitters. You will be surprised at the
demand once you start. With minimal costs
upfront other than your time, pet sitting is a
low-risk way to make some extra cash.

SIMPLE SIDE HUSTLES TO HELP MAKE ENDS MEET
SELLING
ONLINE
The internet has made it easier than ever to sell things
online, and there are lots of platforms to choose
from; Takealot, Facebook Marketplace or YAGA, you
can reach a wide audience without ever leaving your
home.
Getting set up takes a few minutes and these platforms have made it
easier than ever to use their services.
From homemade crafts to second hand items, there’s a market for
just about anything online.
You can scratch around in those old boxes in your cupboard or
garage and start by listing items you already own, but don’t use or
making things to sell.
It’s a simple way to turn clutter into cash and boost your income with
little investment.

SIMPLE SIDE HUSTLES TO HELP MAKE ENDS MEET
LET THEM
EAT CAKE
If you love to bake, why not turn
your passion into a side hustle?
Homemade baked goods are always in
demand, and you can sell them from the
comfort of your own kitchen.
Starting a home-based baking business
doesn’t require much money upfront. With
basic ingredients and equipment, you can
whip up delicious treats to sell to friends,
family, and neighbours.
Once you get going, you can also try selling
at local markets or events for extra exposure.
Hand out a few fliers while you are there, and
people will soon be Whatsapping you with
requests.
A bonus is that you get to eat any left overs or
items people don’t buy.

SIMPLE SIDE HUSTLES TO HELP MAKE ENDS MEET
NO HASSLE
HUSTLES
Side hustles are a great way to
make some extra money and ease
financial stress. Whether you’re pet
sitting, selling online, or baking from
home, there are plenty of options to
choose from.
Ask yourself, what’s missing in your area?
What’s slightly inconvenient for most people?
What do people in your area not have time or
resources to do? Maybe you can fill that gap
and make a few bucks.
With a bit of creativity and determination, you
can boost your income and make ends meet
in no time, by starting a simple side hustle.

LIVING ON LESS:
CHANGING
YOUR
MINDSET

CHANGING YOUR MINDSET
WHEN YOUR
CIRCUMSTANCES
CHANGE
One of the reasons why people let
their financial situation spiral out of
control for so long before getting
help is often because it is hard to
adjust the way we think about debt
problems.
The truth is, if you are drowning in debt,you
need professional help. Don’t delay. Would
you turn down a space on a life raft if you
were in the middle of the ocean?
Of course not, that would be foolish. The
same applies to getting help with your debt.

CHANGING YOUR MINDSET
GETTING PROFESSIONAL
ASSISTANCE
Many people feel that asking for
help is a sign of weakness. They
would rather suffer and make
their situation worse than get a
professional to help them with their
financial situation. This is, of course,
different to how they deal with
other similar situations.
If they are ill or have a sudden change of
medical situation, the very same person will
not hesitate to go to a professional health care
worker for assistance.
If they have teeth pain they will not hesitate to
go to a dentist. If their problems or symptoms
lasted more than a day or two and after
googling their symptoms they will soon pick
up the phone and make a doctors or dentists
appointment.

Getting financial advice (from a Debt
Counsellor, for example) is also a sound
course of action when a situation cannot be
effectively handled yourself.
What would be a poor decision is getting such
advice or help from unregistered individuals
who could potentially make things worse.
Always deal with professional, properly
trained and registered Debt Counsellors. The
National Credit Regulator has a database of
contact details on their site of all registered
Debt Counsellors.
You can find similar info on
www.debtreviewawards.co.za or in the back
of each issue of Debtfree Magazine.

CHANGING YOUR MINDSET
THE IMPORTANCE OF
POSITIVITY
Another factor that holds people back from getting
the help and making the changes they need to is an
unfounded optimism that in some totally unrealistic,
undefined and unfounded way their situation will
somehow just “get better”.
While a positive attitude is helpful it does need to be balanced with
an experienced and realistic view of the likelihood of the situation
improving. Many times a more realistic option requires a mental
change.
The change to realizing that you are now earning less and need
to adjust your lifestyle. This is not an easy thing to do. Sadly, many
people who, through circumstance, find their income suddenly
reduced carry on living as if nothing has changed.
They often delay in making needed adjustments to spending for so
long that they make their situation so much more difficult to deal with.
Credit cards get maxed out, loans are used to try to maintain a
lifestyle they can no longer afford. If they were in a hole before they
have now dug down deeper into the hole and made things much
harder to get out of the situation.

CHANGING YOUR MINDSET
A CHANGED
MINDSET
A better, but often difficult,
course of action requires mentally
acknowledging that your situation
has changed and you need to adjust
to match the situation.
It is a simple truth that if your income has
adjusted you will have to adjust your spending
and habits to match how people with this new
level of income spend.
This may require some drastic changes if your
income has dropped drastically. The changes
in your spending need to match the change in
income. The bigger the drop the more you are
going to have to do to offset the change.

BREAKING
NEWS

CRYPTO FIRMS START
TO GET THEIR LICENSES
Due to changes in the law, firms who trade or help trade
in Crypto have had to apply for licenses with the FSCA.
Exchanges and platforms like Zignaly and Luno were
among the first to get licenses as they strive to keep things
above board and keep their clients feeling confident and
happy. Apparently, the organisations are getting Category 2
(Discretionary Financial Service Provider) licenses.
It is hoped these licenses will help regulate this portion of the
industry and better protect consumers using these services.
Over 60 (and the number keep climbing) institutions have
already received their licenses.

NIMBLE NEWS
There has been a slight organisational change at Nimble (who
handle many credit provider accounts what are under debt
review). A new operations manager has been appointed.
Sharonne Dirk (who has a strong background in the debt review
industry) has taken on the role as Operations Manager in the
Nimble Customer Care & Process Recoveries department.
Keep an eye out for a profile interview piece featured on
www.debtfreedigi.co.za in a few weeks time.
(Ps. We will be sure to share news about (former head) Denver
when the time is right.)
In the meantime, feel free to check the Service Directory
Section of the magazine (under credit providers) to find the
current contact and escalation process at Nimble.

NCR CIF TO GET A BOOST?
The National Credit Regulator (NCR) run a forum where
industry participants can give input on guidelines the NCR
issues (non binding but very popular) about various aspects
of the debt review industry.
Due to its nature, things at CIF can run a bit slowly. It seems
though that the NCR want to speed things up and the rumour
is that there may soon be a rather familiar person back at the
NCR helming the discussions more regularly in the months
ahead.
INCREASED COSTS AT NCT
Some debt review matters don’t go to the Magistrates Court,
they are sent to the National Consumer Tribunal (NCT).
Though cheaper for consumers (normally) there are still
costs involved. One such cost recently went up in it’s annual
7.5% increase and the NCT filing fee is now R577.81. This fee
will be explained in advance to consumers and will form part
of the fees agreed to in writing by consumers for their debt
review application.

MEET THE DC PARTNER TEAM
Debtfree spent some time with the folks over at DC Partner
PDA and got to ask them all about the last 15 years of their
operations and what it takes to win awards at the annual Debt
Review Awards.
The video series of interviews is now being progressively
released over the two months. If you are a consumer who
makes use of DC Partner as your PDA, why not get to know
some of the team who help distribute your funds each month.
Its always nice to put a face to the name.
You can check out one interview here:
https://debtfreedigi.co.za/debtflix-meet-the-dc-partner-team-mr-finwise/

4 NEW BANKS?
Recently, both Old Mutual Bank and YWBN took big steps
towards launching their banks. Also in the works is the
transition of Postbank to stand alone bank and the Department
of Women, Youth and Persons with Disabilities (DWYPD)
cooperative bank.
Fortunately, DWYPD are thinking of going with a more
catchy name and will be a bit more like a fancy stokvel than
competing directly with Capitec and FNB etc.
What this means is we could soon see 4 new local banks in
South Africa.

DEBT REVIEW
If someone calls offering
a lower repayment
Debt review is a very regulated process. It is based
on simple math. Once the credit providers have
been offered a repayment amount and have
checked the math it is hard to make changes.
Anyone who calls and says they can get you lower
repayments probably just wants you to change your
debt review payment into their own bank account.
And we all know how scams like that work. Once
you pay money to their account, will it ever reach
the credit providers? Unlikely.
So, beware of anyone who says they can reduce your
debt review payment if you change bank details.