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Thursday, January 21, 2010

Summons' and Judgments increased during end of 2009

Stats SA have released some scary figures for November of last year (2009)
According to them more than 100 000 people were summoned for debt in November.

Also increasing are then number of Debt judgments which in November swelled by 19% (over 2008 November) to 64 254

People are really struggling to handle their debt repayments each month. At present according to Stats SA debt repayments represent 79% of disposable income (79c of every rand of disposable income goes to pay off debt) which is very high. Leaving very little for people to save or spend on other non-essentials.

It seems that the end of last year was a bad time for many consumers, who will now have Debt judgements looming over their heads for 30 years
(that's how long the judgements last...crazy hey?)

Thursday, January 7, 2010

Std Bank getting confused (DC Article)

Many times a client (or in the case of a joint application both parties involved) may have several accounts with one creditor. Normally then a debt counsellor might create a different proposal document for each of these account.

In the past Standard Bank were getting confused when debt counsellors would send them these different proposal documents for a customer and might have several people working on different accounts independently of each other. This made it difficult to see the situation holistically.

As a result in January 2010 Standard Bank have asked all Debt Counsellors to send them only one global proposal in regard to the customer/joint costomers accounts.