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www.debtfreedigi.co.za
South Africa’s debt counselling magazine
April 2013
Debt Review Software by
Bitech is recognised as the leading Debt Counsellor software system supplier.
Simplicity is rich in functionality and caters for all Debt Counsellor requirements e�ortlessly.
Simplicity is leading edge technology and Bitech stay at the forefront of development - we continue to lead the way!
The Simplicity system is fully integrated with Hyphen PDA, which provides you, the Debt Counsellor, with an uninterrupted and e�cient service with no manual intervention and in total control.
Some features of the Simplicity system are completely unique unique, amongst others is the ability to create customised legal documentation instantaneously.
Bitech prides itself on its after sales service and the support it provides to Debt Counsellors - this is as important as the excellence of the Simplicity product!
p d a
Hyphen Technology (Pty) Limited is a member of the FirstRand Group
Hyphen PDA is a division of Hyphen Technology (Pty) Limited, which is wholly-owned by the FirstRand Group - �nancial soundness is important when considering a PDA!
Hyphen PDA is at the top of its game and is unrivalled in the collections and payment space.
Hyphen PDA essentially operates with the use of banking systems (iSeries mainframe computers) and the PDA and Payments Engine are fully integrated - as a result you will seldom, if ever, query the status of your collections or payments.
The reports generated are everything a Debt Counsellor will need to manage the business - reporting is immediate, current and always available.
27(0)16 987 5004/27(0)16 987 5006/27(0)16 987 2369
Contact Bitech
www.bitechsystems.hypermart.net
27(0)11 303 0060 extension 2
Contact Hyphen
www.hyphen.co.za
Debt Review Software by
Bitech is recognised as the leading Debt Counsellor software system supplier.
Simplicity is rich in functionality and caters for all Debt Counsellor requirements e�ortlessly.
Simplicity is leading edge technology and Bitech stay at the forefront of development - we continue to lead the way!
The Simplicity system is fully integrated with Hyphen PDA, which provides you, the Debt Counsellor, with an uninterrupted and e�cient service with no manual intervention and in total control.
Some features of the Simplicity system are completely unique unique, amongst others is the ability to create customised legal documentation instantaneously.
Bitech prides itself on its after sales service and the support it provides to Debt Counsellors - this is as important as the excellence of the Simplicity product!
p d a
Hyphen Technology (Pty) Limited is a member of the FirstRand Group
Hyphen PDA is a division of Hyphen Technology (Pty) Limited, which is wholly-owned by the FirstRand Group - �nancial soundness is important when considering a PDA!
Hyphen PDA is at the top of its game and is unrivalled in the collections and payment space.
Hyphen PDA essentially operates with the use of banking systems (iSeries mainframe computers) and the PDA and Payments Engine are fully integrated - as a result you will seldom, if ever, query the status of your collections or payments.
The reports generated are everything a Debt Counsellor will need to manage the business - reporting is immediate, current and always available.
27(0)16 987 5004/27(0)16 987 5006/27(0)16 987 2369
Contact Bitech
www.bitechsystems.hypermart.net
27(0)11 303 0060 extension 2
Contact Hyphen
www.hyphen.co.za
Simplici ty
DEBT COUNSELLING EXPLAINED
Debt review is a negotiation process between a credit provider and an over-indebted consumer to pay a decreased monthly instalment over a longer period of time. The guideline for extended payment terms is 60 months for unsecured debt, 84 months for vehicles and 320 months for Home Loans. In many cases, and by means of the DCRS rules system, the interest rate is negotiated. The Debt Counsellor is the “voice” of the client and facilitates this process in accordance with the National Credit Act.
To start the process, once a client has applied, a Form 17.1 will be sent to the credit providers informing them that the client has applied for debt review. The creditors will then provide the DC with a COB (Certificate of balance). The DC will assess the information, and the client will either be found to be over indebted or not. A Form 17.2 will then be sent, informing the credit providers that the client was found to be over indebted and that the application
for debt review was successful. Proposals are then formulated by the DC. Either a non DCRS or a DCRS proposal is sent to the creditors (they prefer DCRS proposals). The Debt Counsellor will then receive the acceptances after the negotiation process is completed and proceed to have it made an order of the Magistrates Court or the National Consumer Tribunal.
Debt Review is a noble trade and the success rate is far better than that of a consumer under administration or sequestration. It offers a debt stressed consumer a facility to safely settle debt while not losing assets or going through a costly litigation process. With the DCRS rules implemented both the credit provider and consumers are at an advantage. Debt review is not a process that is never ending. Which means credit providers will receive the money due to them and consumer will eventually become an active member in the economy once again, which in turn promotes the future economic growth of our country.
Debtfree DIGI asked Debt Counsellor Jacqueline Coetzee of Debt Inc to help explain the debt review or debt counselling process.
Debt review and distribution software.Proud Software provider to DC Partner, Payment Distribution Agency.
https://debtwisesolutions.co.za
Debt Wise Solutions
Administrators of the Debt Counselling Application Process
www.adcap.co.za
C O N T E N T S
07 Editors notes Our Editor Zak King Speak his mind about the benefits of debt review
09 News All the latests events making headlines
14 Life after debt
17 Letter from a reader
18 Living on Less Look before you leap
24 Debt counsellor profile Jacqueline Coetzee
26 Announcement board
27 Cyprus - What happened?
30 Service Directory
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Sam HaasbroekPortfolio Manager, Western, Eastern Cape & Northern Cape
Mobile 082 550 7294 Email [email protected]
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Marijke Wessels Portfolio Manager, Gauteng, KZN & Free State
Mobile 082 729 3833 Email [email protected]
How grateful we are that SA lawmakers decided to add Debt Review to the administration and sequestration processes that were already in place for consumers to deal with debt. The process has, and continues to help hundreds of thousands of consumers deal with their once overwhelming debt. The process is also helping thousands of creditors recover their funds via the most affordable collection process in the country.
This month Debtfree looks at the positive side of the process: from lovely letters from consumers to their Debt Counsellors, to articles about consumers who got themselves debt free. You will no doubt feel motivated when you read these encouraging articles. Everyday debt review is saving lives (as well as homes & cars) and making a difference.
Though no debt review ever runs smoothly, the process is still successful and this is sometimes something that gets overlooked in the face of the everyday squabbles that happen between Debt Counsellor, consumer and creditor.
The world is in a financial mess (check out our article on Cyprus and what happened there) and many consumers face the same reality. Half the credit active consumers in SA are months behind on their repayments. Debt counselling is a great solution for these consumers. So if you are a consumer who has benefited from the process, then tell others about it. If you are experiencing some hiccups a long the way, stick with the process, it works. One day soon you’ll be debt free.
EDITOR’S NOTE
INDUSTRY CONSUMER
NEWS FLASHFor daily debt counselling news in 3 minutes or less visit www.debtfreedigi.co.za
WORLD CREDIT AND COLLECTIONS CONGRESS The World Credit and Collections Congress (WCCE) for 2013 will be held from the 14th to the 16 of May at the Indaba Hotel in Fourways (Johannesburg). The conference, which is held every 2 years, will host 21 speakers from around the world to discuss the credit and collections industry this year with an African spin.
The WCCE is held on a different continent each time and in the past few years it has been held in Mexico , Ireland and Australia. This year the WCCE has moved to Africa and delegates from across the globe are attending.
For the Program and Booking Form you can visit any of these sites: www.creditcongress.com or www.creditcongress.co.za or www.rebels.co.za
FRB fail to rescind consumer debt review court order
Attorneys Liddle & Associates report that they have another judgment granted in their (and thus the DC and consumer’s) favour regarding the variation and/or rescission of debt review orders in the Western Cape in Goodwood.
Recently counsel was appointed by Firstrand Bank to argue for the Bank to overturn an
existing debt review Court Order. Liddle & Associates appeared for the consumer and Debt Counsellor and report that they succeeded on each and every ground raised. They also argued and had COSTS granted in favour of the consumer. This means FRB have to pay for the legal fees of the consumer.
Summary of the case:
In terms of the NCA, it is only the Debt Counsellor that is entitled to prepare the proposal and consider the counter-proposals of credit providers. If such credit provider are not satisfied with the proposals, then they must come to court and oppose the application and the court will then adjudicate thereon. The Goodwood Court Magistrate was not impressed by FRB’s allegations that the “debt does not solve” over the period set out in the proposal and order. The Magistrate was well aware that the system used for these calculations is provided by the PDA, which is an independent party to the process.
It now seems that as long as the Debt Counsellors have performed their statutory duties and the court has adjudicated thereon in the granting of the order, any credit providers that have failed to appear in court or failed to oppose will have serious difficulty in successfully bringing applications to rescind such debt review orders in this court.
All professionals have professional indemnity if the unforeseen happens. Do you as a professional Debt Counselor have professional indemnity as stipulated by the ethical code?contact us today for more information0861 112 882
TELEPHONE 0861 112 882 FACSIMILE 086 605 9751 MOBILE 082 449 6856 EMAIL [email protected]
www.in2insurance.co.za
telephone +27 (0)21 462 7533email [email protected]
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NEWS CONT.
Referring to the banks new practice of trying to now rescind existing court orders, Robyn Zimmerman of Liddles says that this is “another big win against the Banks and another small step in putting an end to this madness“.
BDCF spread their wings
Friday 5th April saw the BDCF meet with various Debt Counsellors from the Cape Town area. Around 30 people attended and most were enthusiastic to see how the BDCF differ from the other existing associations for Debt Counsellors. The meeting began with a word from Randall Adams (Deputy Chairperson) who discussed some of the industry challenges all Debt Counsellors face. Thandi Nhlengetwa (Chairperson) told the audience how BDCF want to promote activism to enhance the industry. A discussion on why the association had chosen the word “Black” to represent marginalization and some interesting statistics came to the fore. At present about 2000 people are registered as Debt Counsellors in SA. Of them about 800 take on clients (some more than others). Out of those active in the industry “only 5% are Black” (or of colour)- The BDCF ask why so few? They want to see this number increase. Reginold Majokana discussed threats to the industry (from disingenuous creditors) and in particular the current proposed structure of Twin Peaks and the FSB. An impressive list of contacts and meetings that the BDCF have attended was mentioned including: The NCR, DTI, BASA, COSATU, NDMA, SACP, ANC and various individual banks. Octavia Hlatshwayo (General Secretary) next told the attendees
of the various benefits of joining the BDCF. Included in the list was the organisations policy of reporting on their lead generation each quarter so that all members could see who received leads. The BDCF also intend to offer training to each member to help “up skill” to ensure the highest level of service to consumers. It was determined that an interim committee was needed to help establish a footprint in the Western Cape and 3 attendees volunteered to assist in doing so. Next the BDCF report they will be hosting a similar meeting in KZN (on the 26th of April). They will once again be looking to establish a local presence.
Standard & Poor’s report on SA banking for 2013
Credit Agency Standard & Poor’s (S&P) have released their banking outlook report for South Africa for 2013. It is entitled: The South Africa Banking Outlook 2013: Uncertainties At Home, Opportunities Abroad.’
In the report Standard & Poor’s predict a few things in regard to the banking sector. Of interest are the following: Loan growth will be less than 10%; The majority of loan growth will be from unsecured lending; Later in the year there will be an increase in people not paying their loans; Property loans are expected to be worst hit and consumers will be defaulting on this in higher numbers later in the year; Property values should stay the same or drop as the year progresses.In summary, Standard & Poor’s feel that though there will be some growth in the credit market , there will be less loans granted from
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around mid year 2013 onward. There will be more defaults on existing loans as the year progresses which will put increased pressure on the banks and consumers alike.
The NCR give Capitec a hard time
It seems that after it’s recent action against African Bank (for breaking the NCA) the National Credit Regulator (NCR) have turned their eye on Capitec bank.
The NCR are not happy with the way Capitec handle initiation fees on their one month loan product. When a consumer takes out a loan with any creditor then, by law that creditor has to go through an evaluation and credit approval process. The Creditor can then charge an initiation fee, an administration fee and interest on the credit.
The problem that the NCR have identified is that with the Capitec product a consumer can tap into the monthly loan product again after repaying the full amount. Capitec see this as the same loan. However Capitec will at this point do an evaluation again, every time the consumer renews the loan…and they then charge a new “initiation fee”.
However, as stated, this is, in fact, not a new loan. Therefore no new initiation fee is allowable under the NCA. This would only be allowable if a new loan is issued.
Capitec has said that they recently received a notice from the NCR alleging that they have
contravened the National Credit Act but that they intend to fight the accusation. Mr Stassen of Capitec says the bank did not charge an administration fee, and its initiation fee and interest rate were well below the 5% interest ceiling allowed by the act.
It seems that Capitec may now need to review this product and make some changes.
Sticky details – NCR circular about Debt Counsellors decals
In their REGISTRATIONS CIRCULAR 1 of 2013 the NCR have reminded Debt Counsellors that they might need to replace their Window decals, many of which expire in March 2013. For any queries please contact Vuyokazi Ngxamngxa on telephone 011 554 2840, or alternatively send an e mail to [email protected].
Get daily news in 3 min or less. www.debtfreedigi.co.za/news
PAGE 18LIVING ON LESSLOOK BEFORE YOU LEAP
NEXT PAGE 14LIFE
AFTER DEBT
Life after DebtThis magazine is called Debtfree. It is the goal of many who have been bitten by over reliance on credit to finally get to be debt free and to stay that way. No doubt you have noticed that the magazine often has beautiful covers featuring exotic holiday destinations. You might see them and think ‘Well, that’s pretty but I could never afford to go there with all my debt’. The good news is that, if you stick to your plan to repay your debt, then one day soon that could be exactly where you are headed.
The debt review process not only helps consumers repay their debts over time, but
also helps teach us how to budget and spend responsibly. That does not end the day the debt review ends. These are excellent habits that can last a life-time. This means that soon, when your debts are paid off, you will be saving toward things you now not only need but also want. Like a holiday to somewhere exotic or something else lush. To get to that point, the debt has to be paid first. Imagine that day. Your last debt repayment through debt review. It’s the goal, the finishing line, the light at the end of the tunnel. If you keep focused on that ultimate goal you will find it easier to stick with the process when times are tough.
CONSUMER
As the industry matures more and more consumers are doing just that: finishing of the debt repayments through the debt review process. When that happens the Debt Counsellor issues a certificate which confirms this fact. This ‘clearance certificate’ shows that your debts are now fully paid. What some consumers have found is that getting that certificate is not a straight forward process, why?
One factor to be considered is: do your creditors agree that your debt is paid up? It might sound like a silly question since each month you will be watching the balances owed to your various creditors slowly decreasing. This statement (of your payments and the balance due) will be provided to you by your Payment Distribution Agency (PDA). The PDA works with the figures that were provided to your Debt Counsellor when you first entered the process. It is important to note that the PDA figure and the Credit provider’s figures don’t always match. Often, the difference is only a few Rands and maybe you don’t mind paying in that small amount to settle things but from time to time the difference can be large.
This may be because the creditor originally gave the Debt Counsellor the wrong information, or because they refused to give the Debt Counsellor any information and the Debt Counsellor had to use information from a credit bureau report or one of your current statements.
Another reason is that sometimes the creditor does not capture the debt review process on their system and does not adjust interest rates and payment amounts fast enough. This
means the calculations on interest will be very different over time from that of your PDA.
One way to see if that is happening is to make sure your creditors send you monthly statements (or maybe every 2nd or 3rd month). If you see a difference between the figure shown and that provided by the PDA speak to your Debt Counsellor. Something that has become obvious to Debt Counsellors over time, is that the earlier these differences are noticed, the easier it is to sort out.
Sometimes creditors add on all sorts of bogus fees and costs which are not covered in the debt restructuring court order. If that is the case, these extra fees will also throw off their calculations and this will lead to big differences down the line. Once again, consumers should keep an eye out for these charges and query them with the creditor. Their Debt Counsellor might also be able to assist them in doing this.
Normally what happens at the end of the process is that the DC will confirm that the payments were made as per the court order and where possible help sort out any differences. It is sad to see creditors fighting over a few Rand when they allow collection attorneys to write off huge chunks of debt to collect debts. This behaviour seems to be part of the sadly persistent abuse of consumers and unreasonable resistance to this excellent debt recovery process.
The great news is that once all these little fights are done (often without the consumer even knowing or appreciating how much work this involves) the clearance certificate is issued. Credit Bureaus are notified and the debts
removed from their systems. The Consumer is now “debt free”. Daily, dozens of consumers are coming out of the debt review process happy that they have been able to pay off their debts responsibly and relieved to be financially free.
Take the example of Mr. Lethu Zulu from the Outeniqua area near George. He says he got into debt because of the ever increasing cost of living, as well as family responsibilities. Mr Zulu explains:” I was raised by a single parent so since I
began to work there has always been a lot of expectations from me since I am the eldest and the only one in the family who was working”. He also mentioned that he had a child which then dramatically increased his monthly payment obligations.
When his payments began to fall behind he says:” My debt left me feeling frustrated and depressed.” He had several cash loans at the same time. “The ones where you can re-apply when only a certain percentage of the loan is paid” he explains. In addition, he had a car he was paying off, credit card accounts and of course, clothing accounts. The pressure was mounting and he felt stuck.
Fortunately he was able to make the decision to get some help. “I read some newspaper articles about debt counselling and then checked the NCR [National Credit Regulator] website for the database of debt counsellors in my area, then contacted them” he relates. “At first I wasn’t sure of how the process worked,
but the counsellor explained everything and I was willing to start the journey”.
Mr Zulu says that he had quarterly meetings with the counsellor to discuss progress and soon began to settle his debts. Sooner than he thought possible his debts were all paid up.
How does he feel now that his debt is settled? “I now feel very happy and positive about life”. Looking back he says: “I did not plan well before, but I have learnt a lot about financial behaviour and attitude during the process...I now budget well and plan and save for things”.
If you have just begun the debt review process, good for you! If you are far along in the process, keep up the good work. Make sure you don’t miss any payments and keep true through the rough times and keep your goal in mind. If you are now at the end of the process, remember to give your Debt Counsellor time to assist you in getting your clearance certificate. Don’t be frustrated if there are some differences of opinion about what the balances on your accounts are. That almost always happens. Rather thank your Debt Counsellor for going on this incredibly rewarding journey with you and for all the hours they have put into assisting you. Don’t forget to give yourself a pat on the back too. Well done on getting debt free! Now you can start saving for that holiday. You deserve it.
PAGE 18LIVING ON LESSLOOK BEFORE YOU LEAP
Letter from a readerINDUSTRY CONSUMER
How my DC helped me to get debt free
I made a few bad decisions when I was younger and ended up getting so deep
into debt that I could not pay my instalments each month. At nights I would lie
awake worrying about nasty attorney’s letters and the phone calls I would get about
payments and when they would be made. I was totally depressed and did not see
any way out.
When I found out I was pregnant I did not know what to do. If I couldn’t even pay
my accounts, how would I provide for a baby? Then I heard about debt counselling
and through my family I made contact with Phillip (a local Debt Counsellor). After
my first meeting with the Debt Counsellor it felt as if a world of worries was lifted off
my shoulders and I could finally start to look forward to my baby’s arrival.
The Debt Counsellor helped me get the correct balances on all my accounts and
we went through my budget to see what I could survive on each month. I was very
happy to start the debt review process.
Last year my DC came to me and encouraged me to pay slightly more than originally
planned, if possible. He explained that if I could pay just an extra R150.00 each month
it would help me even more. I decided to make a plan and was able to do so. To my
surprise come January 2013 my debt was all paid off, a whole 6 months before my
original clearance date.
Just the feeling of knowing that my name is cleared and I don’t have to make any
debt repayments anymore is something I can’t describe.
I would recommend debt review to anyone who feels that they can’t live with all
their debt and the horrible collections phone calls each month. My DC was there to
answer all my questions (even during his holidays ) and he was always just a phone
call or email away. I really got great service!
Kind regards,
Anneke
CONSUMER
Times are tough and we all need to make our money stretch these days. As the cost of living increases it seems that, come the end of the month, there is always a little less cash left to enjoy life with.
The Living on Less is a section of Debtfree DIGI which looks at ways wise consumers can keep their living expenses down and save funds. We also consider ways to still have some fun for less.
Living on Less is about spotting a great deal and letting others know. It’s about changing our mind set to reflect the reality that times are tough and we need to get savvy.
Sure times are tough but you can still have fun while Living on Less.
LIVING ON LESS
I recently started running my own business. The term; “running” seems quiet appropriate, as that’s what it seems I am doing most of the time. In the past few months, I have learnt valuable lessons with regard to what to do...and what not to do. If you are able to run your own sustainable business, there are certain things that you have to take into consideration before
making the leap. I was fortunate in the sense that I am a qualified Chartered Accountant. I know that the skills that I have learnt and developed are needed by business and that I would be able to sustain myself by being self-employed. However, the principles in starting up a business remain the same, regardless of which field you specialize in.
LOOK BEFORE YOU
LEAP!Changing your line of work or source of income can be scary at the best of times. What about when you are living on less? You might feel that the salary you get at the end of each month is not worth the stress! Your current position may even move you to tears, and you have to drag yourself out of bed each morning. Maybe a change is just what you need. Whether you are in the debt review process or just dealing with the pressures of everyday expenses, this might seem impossible. We turn to Chartered Accountant Wayne Coetzee to hear how he managed to make just such a change at a time when others might cringe at the thought.
Principle 1: Do your homework.
Before any new business venture reaches fruition, there is a lot of Investigation needed. Ask yourself and have a clear picture of the answers to the following questions:
1. Is there a gap in the market?
2. Who will my customers be? (Who are they? Write it down)
3. How will I be able to gain a competitive advantage over my competitors?
4. What will I sell? (how much will this product or service cost me to offer?)
5. How much will I need to spend to set up my business?
6. Will I have income immediately, or will my first income be only a few months later?
7. If it’s a few months later, how will I finance myself for the first few months? ( A man must eat and pay the bills after all)
So this was how I approached the questions above:1. I identified that there was a gap for a small chartered accountant business that focused on owner managed entities with a few employees. I saw that most of these types of entities do not enjoy paying the enormous fee’s to the bigger firms, and sometimes getting sub-standard work. Therefore, the time was right to make
a move, as the smaller CA firms have started dwindling. Dwindling in the sense that they didn’t go bankrupt, they just got bigger and lost the personal touch.
2. I knew right from the start who I would be focusing my energy on. I wanted owner managed. That was all. I still have not deviated from this focus, and it is paying off.
3. The competitive advantage that I believed I had over my competition was that I knew I would be able to provide speedy quality service to my clients that the bigger firms cannot do that much anymore due to their vast volumes of work.
4. As a Chartered Accountant, I have been taught, and have developed a wide range of skills. I am able to take on high end valuations, reorganization of companies, full business analysis etc. However, instead of focusing on this sort of work, even though it is lucrative when you get it, I decided to focus on work which is more sustainable in the long term, as the lucrative work only happens periodically. Therefore my approach was to offer my clients the full monthly accounting function. Do the books, do the VAT, work out the payroll, submit the PAYE. I knew if I focused on this, the bigger, more lucrative projects would arrive eventually, such as business valuations and audits, which they now have. But I still have my set list of monthly clients which pays the bills.
5. It was difficult to determine how much a Business setup cost is. In my line of business, I essentially needed a quick processing computer, a fast internet line, and a printer. You have to think about the initial capital outlay,
because even though I thought my setup costs would be minimal, my final setup cost is still approaching the R40,000 mark. I had to buy computers, software licenses, printers, setup internet lines etc. Then there were the smaller expenses that I didn’t think of at first such as buying paper, getting business cards printed, buying files, setting up an actual desk and office chair, setting up a website etc. It adds up.
6. I was fortunate that I started earning income from my business while I was still employed full time. I used every spare cent I had to setup the business, and as soon as I could, I started working on it. Therefore, I felt fairly confident that when I decided to take the leap that I would be able to sustain myself immediately. However, it is a major consideration before you jump into your own business.
Principle 2: Be prepared for hard work
Starting your own business is not the finish line. It’s the starting point. Once your business is off the ground, be prepared to work at it. Your business may start operating while you are employed full time, and this will mean, from that point forward, you will be maintaining two jobs. This was the case in my situation. I was still working full time while tackling the needs of my clients. I worked many weekends, and lots of late nights. Be prepared for it.
Once I left my full time job, I suddenly freed up a lot of time, but then I took on more work for my business, and I quickly became busy again. Carefully consider whether you want to be
able to go home at 5pm everyday, or whether knock off time doesn’t matter anymore. Trust me, when you work for yourself, the time does not matter anymore you work and work till it’s done.
Principle 3: Have a (temporary) plan B
You may have to explore other ways to draw an income while your business is growing. For example, I knew that while my business and my client base were growing to the point where it could sustain me full time, I would have to work at something else. I signed on to be a Lecturer at UNISA a well recognised institution where I now lecture Auditing. This allows me the freedom of receiving a regular income for a secondary but related source, and it still allows me the time needed to grow my business. I know the lecturing will not be a full time endeavour, but for right now, it is filling the gap.As part of the “homework” stage, explore different options that you can do while you grow your business. It will be a temporary measure, but it may be difference to building a sustainable enterprise or folding within a few months.
These are a few of the things I have found in my line of work. I hope that you find it useful, and truly: look before you leap.
Wayne Coetzee CA(SA) – Owner of WC Coetzee & Associates.
Debt Wise New FeatureDebtWise is constantly looking for ways to help make our Debt Counsellors lives simpler.
AUTOMATED E-MAILS To make use of this function, please follow the following Easy steps on Debtwise: 1. Open the applicant 2. Other options – “email creditors”
3. The following screen will appear where you will have the following options to choose from:· Select all creditors to mail to.· Select only one specific creditor to mail to· An additional field where you can type a message to your requirements.
Debt review and distribution software.Proud Software provider to DC Partner, Payment Distribution Agency.
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Debt Wise Solutions
4. Also is the below list of documents available to add to your mail(please note only one at a time): • Form 17.1• Form 19• Form 17.1 - Follow up• Form 17.1 - Transferred• Form 17.2 - Accepted• Form 17.2 - Rejected• Form 17.3• Form 17.4 - No co-operation• Form 17.4 - No payment• Form 17.4 - No payment with Court Order• Form 17.4 - Voluntary withdrawal• Form 17.4 - Voluntary withdrawal Debt Counsellor• Form 17.4 - Voluntary withdrawal Dissatisfaction
• Form 17.4 - Consumer deceased• Form 17.4 - Termination• Form 17.4 - Voluntary Transfer• Form 17.4 - Paid Up Form• Form 17.7 - Transfer of DC documents• Standard Proposal• Standard Proposal - Follow up• Payment Notice
How long have you been a DC? I have worked with Debt Inc for the last 3 years, and for 2 of those years as a Debt Counsellor.
Why did you become a DC?
After a year with Debt Inc I came to love the process and wanted to learn more about the NCA and Debt Inc gave me the opportunity to do the Debt Counsellor course. Today, debt counselling for me is not only a job but a passion, and being able to do this every day and enjoy it doesn’t make it work, thanks to Debt Inc.
What area (of SA) do you practice in?
Our Head office is in the beautiful West Coast of Vredenburg. We have offices in Pretoria, Malmesbury, Mosslbay & Worcester. Our client base is nationwide and although we don’t have offices in every town, our business model if of such a calibre that we can service clients all over the country and successfully place clients under debt review and assist them in getting rehabilitated.
What makes your business a success?
We have well trained, passionate staff that do not only see the applicant as a file, but as a real person and attend to these applications with professionalism, integrity with the client’s best interest at heart. Our success is also based on the fact that we have built great relationships with the credit providers and learned not to see them as the “enemy” but as a partner in this process. As a member of DCASA we actively participate in meetings and keep up to
date with all relevant changes and progress in the industry which in turn makes us capable to inform our clients and assist them accordingly.
Where do you find new business?
Via word of mouth, Debt Inc website, referrals from clients /credit providers /Other Debt Counselling firms and contracts with employer groups.
Who are your most co-operative and least co-operative credit provider at the moment?
Most co-operative are Consumer Friend, Nedbank and FNB. Least co-operative credit providers are Absa and Standard Bank
What is the biggest challenge facing Debt Counsellors at the moment?
Demands for review of already granted court orders from creditors. In many cases, due to the increase in living costs consumers do not enough money to increase the monthly rehabilitation amount. Legally creditors cannot proceed with legal action, but clients are harassed and threaten and clients expect the DC to sort the problem out.
What advice do you have for consumers under debt review?
Keep the faith, pay your monthly rehabilitation amount diligently and when you have extra money available, settle smaller accounts. Always remember debt review is an awesome and noble trade, but consumers have to take the matter serious and push through this process, even when it gets rough.
17 April: Gauteng Meeting12H00 to 15H00 - Venue t.b.c.
25 April: Eastern Cape Meeting.15H00 to 16H30 - Venue t.b.c.
26 April: Kwa-Zulu Natal Meeting10H00. Westville Country Club
Join us on our online forum: http://www.dcasa.co.za/forum/index.php
DEBT COUNSELLORS ASSOCIATIONS ANNOUNCEMENT BOARD
www.dcasa.co.za
NewERA will be holding our Annual General Meeting in Midrand, Johanneburg on Satur-day April 27th.
All DCU members are welcome.
The AGM will start at 3pm and run till 5pm. The Venue is Shining Stars pre-primary school at Waterford Estate.
For more information contact: [email protected]
www.newera.org.za
Thanks to all those who joined us at our meeting in Cape Town this month. We look forward to working along with all our new members. We are proud to announce the names of our Western Cape Interim Committee : Ste-ven de Kock, Rudwyn Abrahams, Graham Kelroe-cooke BDCF will be in KZN on the 26 April - Details on our Facebook Page
www.bdcf.co.za
We will be hosting a workshop about How to start or maintain a sustainable debt counselling business on the 10th of May 2013.
Some of the main attractions and topics cover at the workshop will be: One of SA’s top 10 Entrepreneurs; PDA’ presentations; Leads generation; Branding experts; Busi-ness coaches;Attorneys; Generating other income from debt counselling “spin offs”
Contact [email protected] to book.www.allprodc.org
It has been said that normally it’s the people that rob the banks not the banks that rob the people. Well, recent events have turned the world financial perceptions and norms on it’s head. At the heart of it all is the small Mediterranean island country of Cyprus.
So what happened and why should we care?It is said that the economic crisis in Cyprus has been brewing for years. Cyprus attracted investors and banking clients by having what is called double taxation treaties with a number of countries (including the Soviet Union). That means that if profits are booked and earned and taxed in Cyprus, they are not taxed again by the other country where other branches of a company are. This resulted in lots of Russian
businesses, for example, banking in Cyprus because Cyprus had a very low corporate tax rate. The 2 largest banks were tested by the European Banking Authority (EBA) in July 2011 and found to be in reasonable condition. However they required that these 2 banks get a capital injection of around 2 Billion Euros to meet their standards. The government said that if the banks could not do that on their own they would assist.
Factors contributing to the crisis: An explosion in 2011 of the power station producing half the countries electricity, Global recession and knock-on effect from the financial crisis in Greece. As things grew worse and time passed it became evident that these banks probably
Cyprus - What happened?
needed a capital injection of €10 Billion. Soon ratings agencies began to downgrade Cyprus’s status and investors began to back off. This made getting capital even more difficult. Something drastic would have to happen. Unlike some other counties (Greece and Ireland) the EBA decided that Cyprus would not get the “breaks” and “get out of jail free cards”. They demanded that Cyprus come up with the capital or face bankruptcy and being booted out of the Eurozone.
Since they could not come up with the money required to meet the EBA’s standards and qualify for another giant loan the government announced that they were looking at possibly taking funds out of consumers bank accounts to cover the needed capital. Understandably consumers panicked and fears of all depositors trying to withdraw and move their money became reality. The Government quickly took steps to prevent this, and after some hasty law making, consumers were unable to draw more than €100 a day, all the while the government was busy eyeing their savings and investments.
The Cypriot government then decided that if they took 40% of some consumers savings they would have all the capital they needed to meet the EBA’s requirements. They decided that to be fair to poorer people they would only take money from those accounts with a balance of more than €100 000.
Thus at the last minute, Cyprus secured a €10 billion package of rescue loans which it is hoped will save the country from a total banking system collapse and bankruptcy that could have destabilized the entire euro area.
Euro saved by the bellIn return for the bailout, Cyprus must drastically shrink its outsized banking sector, cut its budget, implement structural reforms and privatize state assets. Without a bailout deal by today the tiny nation of about 800,000 would have faced the prospect of bankruptcy, which could have forced it to become the first country to abandon the euro currency. That would have upset markets further and spurred
turmoil across the entire eurozone.
While the bulk of that money is now being raised by forcing losses on large deposit holders, the remainder will come from tax increases and privatization or government assets. The International Monetary Fund have said that the country’s business model of attracting foreign investors, with low taxes and lax financial regulation had backfired and now needed to be upended.
Banks will fall and heads will rollDespite the loan and these steps the country’s second-largest bank will be shut down immediately. Savers’ deposits with all Cypriot banks of up to €100,000 are guaranteed by the state in accordance with the EU’s deposit insurance guarantee and will be moved to the countries largest bank in the near future as the countries second largest bank is dismantled and restructured.
“It’s not that we won a battle, but we really have avoided a disastrous exit from the eurozone,”
said Cyprus’ Finance Minister Michalis Sarris. “A long period of uncertainty and insecurity surrounding the Cyprus economy has ended.”
The measures are likely to deepen the recession in Cyprus and lead to more job losses. Analysts say that Cyprus will now reach a debt level of about 100% of their GDP by 2020.
What do we learn?Don’t fool yourself banks can and do go out of business. Sometimes massive steps need to be taken to save the day. Remember Saamfou (Saambou)? Consumers should not delude themselves into thinking that their money is “safe” simply because it is sitting in a bank account. Things can change dramatically and very quickly.
We also learn that countries (and banks), like unrestrained consumers who constantly rely on new loans to help them cover costs, are headed for disaster and need serious debt counselling themselves.
Consumers were unable to draw more than €100 a day, all the while the government was busy eyeing their savings and investments.
SERVICE DIRECTORYBORDER REGION:
DRS BEACON BAYJohan PretoriusCell: 082 324 4038Office: 043 748 1139
DRS BUFFALO CITYHerman MariasCell: 082 378 3743Office: 043 7210652
DRS KING WILLIAMS TOWNHerman MaraisCell: 082 378 3743Email: [email protected]
DRS CRADOCKOffice: 043 721 0652
DRS QUEENSTOWNHerman Marais Cell: 082 378 3743 Email: [email protected]
DRS MTHATHAHerman Marais Cell: 082 378 3743 Email: [email protected]
EASTERN CAPE:
DRS ALBANYOffice: 041 373 9693Email: [email protected]
DRS ALGOAMarius WeyersCell: 083 497 3219Email: [email protected]
DRS BOND CHOICEAndrea AtkinsonOffice: 041 393 7000Email: [email protected]
DRS CENTRAL EXPRESSDerryn FishOffice: 041 373 9693586 2020Email: [email protected]
DRS DESPATCHIsabe LandmanCell: 072 337 3328Office: 041 933 1189Email: [email protected] HUMANSDORPMorne SteynCell: 083 298 8182Office: 042 291 0135Email: [email protected]
DRS NKONKOBE (Fort Beaufort)Bernadine von der DeckenCell: 083 2859289Office: 046 645 1898Email: [email protected]
DRS KIRKWOODKeith Le RouxCell: 073 207 1675Office: 041 451 0474Email: [email protected]
DRS PORT ELIZABETHDerryn FishCell: 084 515 6135Office: 041 453 8961Email: [email protected]
DRS SIDWELL EXPRESSKeith Le RouxCell: 073 207 1675Office: 041 451 0474Email: [email protected]
DRS SOMMERSET EASTLuther De BruynCell: 082 568 2970Office: 042 243 1107Email: [email protected]
DRS UTENHAGELynn LindoorCell: 083 7174 183Email: [email protected]
FREESTATE:
DRS GOLDFIELDS (Welkom)Irvin Billy (Derryn Fish)Cell: 072 114 4427Office: 081 319 0083Email: [email protected]
DRS MANGAUNGAmanda JohnsonOffice: 041 373 9693Email: [email protected]
DRS FOREISTATA EXPRESS (Bloemfontein)Derryn FishOffice: 041 373 9693Email: [email protected]
SERVICE DIRECTORYDRS SOUTH FREESTATENelmarie De langeCell: 079 236 3615Office: 053 591 0734Email: [email protected]
GARDEN ROUTE:
DRS DE AARVeronique Louw (Derryn Fish)Cell: 076 382 2020Office: 053 631 1189Email: [email protected]
DRS GEORGEFrancois Van ZylCell: 079 522 1930Office: 044 874 2820Email: [email protected]
DRS EDEN (Hartenbos)Bruno MertschTel: 042 291 1083/4Email: [email protected]
GAUTENG:
DRS CENTURION EXPRESSAmanda JohnonOffice: 041 373 9693Email: [email protected]
DRS LYNNWOODJunique JuliusOffice: 012 807 4339Email: [email protected]
DRS PRETORIA EXPRESSBen VermeulenCell: 082 442 8654Office: 012 331 2145Email: [email protected]
DRS PRETORIA NOORDOffice: 041 373 9693Email: [email protected]
DRS ROODEPOORT EXPRESSDerryn FishOffice: 041 373 9693Email: [email protected]
DRS RUSTENBURG Amanda JohnsonOffice: 041 373 9693Email: [email protected]
KWA ZULU NATAL:
DRS GREYVILLEVyas JuggernathCell: 083 206 0300Office: 031 309 8716Email: [email protected]
DRS KOKSTAD Melanie LouwrensCell: 083 269 0424Office: 039 727 1430Email: [email protected]
DRS MORNINGSIDE DURBANErica Mtshali (Amanda Johnson)Cell: 076 578 8660 Office: 031 301 5990email [email protected]
DRS PHOENIXVyas JuggernathCell: 083 206 0300Office: 031 309 8716Email: [email protected]
DRS PIETERMARITZBURGSanele ZuluCell: 083 543 3487Office: 033 394 8319Email: [email protected]
WESTERN CAPE:
DRS BELLVILLEPatricia BekkerOffice: 021 948 8523 / 4Email: [email protected]
DRS DIAMONDClive PalmerOffice: 021 421 8563Email: [email protected]
DRS TYGERBERGCraig LakeyCell: 082 627 0957Office: 021 945 4062Email: [email protected]
DRS WEST COASTMarius CoetzeeCell: 082 978 4407Office: 022 713 3766Email [email protected]
DRS SALDANHAMarius CoetzeeOffice: 022 713 3766Email: [email protected]
DRS SOLUTIONSChristelle de VilliersCell: 084 586 5600Email: [email protected]
DEBT COUNSELLING
AA Debt Counselling CentreAnthea JohannesNCRDC531Tel: +27 (0) 21 982 0522Cell: +27 (0) 84 402 7032
Alan Watts NCRDC 962NCR registered Debt Counsellor Tel: 084 4448439 Fax: 086 6501954alan@active-debt-counselling.co.zawww.active-debt-counselling.co.za
Central SA Debt Counsellors082 950 7806Fax: 086 563 1621
Consumer AssistJohann VermeulenTel: 0861 628 628
Credit Matters021 431 [email protected]
CS Debt CounsellingBernidene Smith NCRDC 764057 352 4115/352 5000Welkom - Free state
Darran [email protected]
Debtbusters0861 663 328 (NO DEBT)
Debt BudgetTel: 021 824 8885
Debt Solve Debt CounsellorsOffice: 033 397 0945
Debt ConsortiumChanging your life for the betterSibusiso MabeTel: 012 323 9033Mobile: 071 724 7943Mobile 074 992 5194 [email protected]
DEBTINCNCRDC’s 1071, 1188, 1189.Tel: (022) 713-2021Fax: (022) 713-2028Share Call: 0861 20 21 20E-mail: [email protected]: www.debtinclusive.co.zaSMS: HELP to 35075
DebtSafe0861 100 999
Debt SeriousWe are serious about debtVida Scheepers NCRDC1792Po box 394, Garsfontein, Pretoria 0042Fax no: 086 553 [email protected]
Debt RehabColleen Van Wyk(BCom, LLB)Debt Counsellor NCRDC2619Tel: 083 290 0848Tel: 011 740 7374Fax: 086 716 9694Website: http://debtrehab.co.za
Debt eezyYour Debt Solution made EasyAshley Carstens NCRDC858 Tel: 021 839 2809 Fax: 083 512 4160 / 086 665 9125 Email: [email protected]: www.thedci.co.za
Debt RescueNeil RoetsNCR DC 474Cell: 083 644 7406Tel: 0861 800 009Fax: 086 523 0617E-mail: [email protected]
Debt Counselling South AfricaCape Town BranchTel: 021 919 66 94Rod De WittNCRDC831Visit: www.debtcounsellingsa.co.za
SERVICE DIRECTORY
Debt Management & Counseling Services“The greatest glory in livinglies not in never falling,but in rising every time we fall.” - Nelson MandelaDerry Burge NCRDC108140 Irene Avenue, La Concorde,Somerset West, 7130 Tel: 021 855 5997 Cell: 074 177 5375 Fax: 021 855 1195 or 0865413200E-mail: [email protected]
Durban Debt Counselling ServicesSuite 112, 1st floor Union Club Building353 Sm ith StreetDurban, 4001Tel: 031 301-7893Fax: 031 [email protected]
Fair Finance SolutionsYour debt is our priorityAmanda FairRegistered Debt Counsellor NCR946553 Jacqueline DriveGarsfontein PretoriaTel: 0861 26 26 32Fax: 082 921 7093Cell: 086 564 3674amanda@fairdebtcounselling.co.zawww.fairdebtcounselling.co.za
Fincorp debt Counsellors ccCecilia Zwarts [email protected]
Holistic Debt [email protected]
Helpdesk Debt CounsellorsAllan HoffmanTel: 0861 000 754
Help-U-Debt (Vaal Triangle) WanineTel: 082 445 3967
Help-U-Debt (Potchefstroom)Madra083 390 3275
Help-U-Debt (Parys)Marilouise082 920 6249
Help-U-Debt (Vanderbijlpark)Herma083 320 8303
Incentive Debt Counselling“Paving the way to a Debt Free Tommorrow”Darran Manikam NCRDC704Tel: (031) 409 9379Fax: (031) 409 1327Cell: 0845898286Branches: Phoenix and Shallcross
Indigo debt counsellors CCTel: 087 808 9734 Fax: 086 580 8675 [email protected]
The best angle to approach debt is the Triangle
Caledon - Western CapeContact Person: Yolande8 Hoop Street, 7230 [email protected]: 028 212 2537
Ceres - Western CapeLeyll str 61, 683 [email protected]: 023 312 1292Fax: 023 312 2119
Worcester - Western Cape71 Porter Street 6850 Longitude: 19.44305Latitude: [email protected]: 0233420576Fax: 086656801
Bloemfontein - Free State94 Zastron, 9301 BloemfonteinContact Person: [email protected]: +27 51 448 2828Fax: +27 51 447 9481
Viljoenskroon - Free State35 Denyssen Street, 7230Contact Person: Johann [email protected]: +27 56 343 0352Fax: +27 56 343 035
Welkom – Free State329 Stateway, 9460 WelkomContact Person: Susan RouxEmail: [email protected]: +27 57 352 6117Fax: +27 57-352 2355
SERVICE DIRECTORY
SERVICE DIRECTORYMG Consulting Strand - Helderberg AreaTelkom : 021 853 4537 Mobile Phone: 082 450 7459Fax Number: 0866 220 690E-Mail: [email protected]
Mzansi Debt CounsellingOctavia HlatshwayoTel: 011 868 1185Fax: 0861 00 22 [email protected] www.mzansidc.co.za
NDA Debt CounsellorsYour Trusted Debt CounsellorsGary Williams (NCRDC 143)Tel: 034 315 3880 Fax: 086 612 [email protected] www.ndad.co.za
Penny Wise Debt CounsellingCathy Foster Debt Counsellor - NCRDC1977Tel: (011) 794 9912Fax: 086 719 3378Mobile: 083 298 4467Email: [email protected]
Rihanyo Debt Counselling(012) 804 50 57
SFA Debt Relief Consultants Adri de BruynNCRDC99811 Market Street / Markstraat 11, Paarl, 7646Tel: 021 872 1968Fax: 021 872 [email protected]
Think Green Debt CounsellingSandi [email protected] : 012 991 6638Cell : 082 460 7800Fax : 086 219 2615
U-Win Debt CounsellorsCoreli Roos - NCR DC 509Aliwal North, Burgersdorp, Bethulie, GariepDam, Smithfield, SpringfonteinCell:079 626 [email protected]
Zuné Coetzer Debt CounsellorsNCRDC 159924 van der Stel Street, Dan PienaarBloemfonteinTel: 051-4364515Fax: 086 5870 845Email: [email protected]
SUPPORT SERVICES
Staff Line Ndizani Executive RecruitmentCell no: 083 3028163Direct Line: (011) 468 - 2150E- Mail: [email protected]
Information resources & serviceswww.thedci.co.za
DesigntimesSouth Africa’s creative resourcewww.designtimes.co.za
TRAINING
Compuscan Academy 0861 51 41 31www.compuscanacademy.co.za
You & Your MoneyWestern Cape: NCR Debt Counsellor Training: For a Cutting Edge Course with practical input contact: You & Your MoneyDawn [email protected]: 072 1769789(021) 761 3287
FINANCIAL
ABSA Customer Debt Repair Line0861 005 901
Credit Ombudsman0861 662837
Experian011 799-3400 [email protected]
SERVICE DIRECTORYEric StresoFinancial PlannerB Juris LL B CFP MBATel: 0833273358Fax: 086 612 7912
Fair Debt0829019788 or [email protected]
PACFIN Financial Solutions Head OfficeTel: +27 11 9757445Fax: 086536878336 Van Riebeeck roadKempton Park [email protected] Carlo BuildingNo 8 VoortrekkerstreetKempton Park 1619
Kempton ParkContact: Reyno CoetzeeTel: +27 11 3945363Fax: 0866048002Cell: +27 73 [email protected] / GermistonContact: Armand PosthumusTel: +27 11 8921911Fax: 0865620378
NelspruitContact: Ann BakerTel: +27 13 7415559Fax: 0880 1374 15559Cell: +27 82 [email protected]: Wynand MclachlanTel: +27 11 8113728Fax: +27 11 8113728Cell: +27 83 2754014/[email protected]
Gooseberry Business AdvisoryTel: 012 644 0589
NedbankDebt Rehabilitation & Recoveries Services0860 109 279
STD BankDebt review HelplineTelephone: 0861 111 402
TransUnion0861 482 482
ThinkmoneyFinancial comparison websiteContact: Gareth MountainTel: 079 0996 798www.thinkmoney.co.za
WIZARD Vereeniging Making Mortgage MagicWanine SmitTel:+27 16 454 1132Fax:+27 86 686 3678 Cell:+27 82 445 3967 www.wizard.za.com
FINANCIAL PLANNING Eric StresoFinancial PlannerB Juris LL B CFP MBATel: 0833273358Fax: 086 612 7912
LEGAL
Karen van Staden Tel: 012 998 9117 / 012 993 2132Fax: 086 721 6467 / 086 662 1153Email: [email protected]@hauptearle.co.zawww.hauptearle.co.za
LUCID AttorneysTel: 011 880 1100Fax: 011 880 1101Email: [email protected]/attorney
O’Connell & AssociatesAttorneys at LawKeegan O’[email protected] 021 462 1663Fax 0866 504 550303 Millborough, 70A Upper Mill Street, Vreedehoek, Cape Town,8000
Prinsloo & AssociatesAttorneys and conveyancersNanika Prinsloo Farm Bergamot, Paarl 7620P O Box 6199, Paarl 762014 Laing Street, Barrydale 6750Cell: 072-8558-106Fax: [email protected]
Is it time to expand your Debt Counselling practice?
Do you need specialist Attorneys with a national footprint?
Do you need expert advice on how to protect your practice and your clients?
Are you informed about recent statutory and legal developments within the industry?
Attorneys servicing individual needs
Pretoria: +27(0)12 998 9117 www.hauptearle.co.za Nelspruit: +27 (0)13 752 7084
If you want to subscribe, advertise or be listed in our directory please contact us! [email protected]
Dont miss out on a single
issue!
RM Brown and Associates 601 Pier House, 13 -17 Heerengracht, Cape TownTel: 021 431 9127, f: 021 425 0875 Email: [email protected]
Scheepers AttorneysGerhard [email protected]
Steyn Coetzee Attorneys / ProkureursAdri de Bruyn11 Market Street / Markstraat 11, Paarl, 7646Tel: 021 872 1968Fax: 021 872 [email protected]
Agiliti CCColleen Van Wyk(BCom, LLB)Tel: 083 290 0848Tel: 011 740 7374Fax: 086 716 9694Website: http://agiliti.co.za
CREDIT BUREAUS
Compuscan 0861 514 131www.compuscan.co.za
Computer Profile Bureau0861 28 7328www.c-p-b.co.za
Experianwww.experian.co.zaBusiness- 0861 63 60 70 Consumer- 0861 10 5665
Micro Lenders Credit Bureau 0861 28 7328 www.mlcb.co.za
TransUnion 0861 886 466www.transunion.co.za
XDS 0860 937 000 www.xds.co.za
DIRECTORY
