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Friday, September 3, 2010

Advertising Campaign starting 8 Sept 2010

The Banking Association of South Africa (BASA) and the National Credit Regulator (NCR), together with the Debt Counselling Association of South Africa (DCASA), initiated a consumer education campaign that is to be launched on 8 September 2010.

The campaign is aimed at addressing certain adverse consumer behaviour trends and to promote better understanding of debt counselling

While the campaign will not advise people to apply for Debt Counselling but to rather look to options like the NDMA it will warn those who are under review to continue to make regular payments with adverts such as:

Debt Counselling - Make this lifeline work for you.

In debt counselling and making payments through a payment distribution agent?
Make sure you are protected!

When last did you visit your debt counsellor? It’s time for a check-up. Make sure that you have a debt repayment plan in place that will enable you to settle your debts within a reasonable period of time as required by the National Credit Act so that you can restore your credit worthiness.

Remember, you should continue to make your monthly debt review payments through your
payment distribution agent or you run the risk of facing termination of the debt counselling process and of legal action being taken against you.


and

In Debt Counselling and you’re not paying?

Not paying your scheduled payments will cost you for life and will result in termination of your debt counselling arrangement. You will lose the protection afforded by the National Credit Regulator and the National Credit Act. You will face legal action. You will lose your house, your car and every asset you value.


Debt Counsellors will no doubt feel "left out" of the Campaign as they are all looking for new clients and are not really looking to warn existing clients about things they have already warned there clients of. However that being said the BASA are probably going to foot most of the bill for the campaign so they may as well get the biggest benefit by driving people to the NDMA rather than to Debt Counsellors.

2 comments:

  1. What happens if you apply for debt counselling but before it goes to court you are retrenched??

    many thanks

    ReplyDelete
  2. If one thinks before spending money on items not needed in your life one might never need any debt counselling.

    Prevention is better than cure.

    :-)

    ReplyDelete