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Debtfree DIGI is South Africa's Premier Resource for Debt Counselling information and news.

Debtfree Magazine is produced digitally each month and is distributed to Debt Counsellors, Credit Providers and subscribers country-wide. If you would like to stay current with developments in the world of Debt Counselling then this is the publication for you.

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Monday, November 28, 2011

Thursday, November 17, 2011

Head over to www.debtfreedigi.co.za for more news and info like this story about Std Bank



Standard Bank have recently appealed to DC’s and consumers corresponding with them to use the PDF format for correspondence. In an email they sent out re: Document Formats they stated:

Good day All,
Please be advised that we have picked up a trend where certain Debt Counselors have been sending requests to Standard Bank Debt Review Department with documentation in Excel and Password protected. In these cases we have been unable to view the content of the document and action the request/s accordingly.

Therefore, we would like to encourage Debt Counselors to convert documentation to a PDF format prior sending it to us.The latter is the most effective way of transmitting documents and ensures non-manipulation of the content of the document.

It seems that if you want prompt assistance from Standard Bank then it would be best to send them PDFs and not password protected documents in other formats.

Tuesday, November 15, 2011

New Debtfree DIGI November 2011 Issue

The new Issue of Debtfree DIGI is out this week. Keep your eyes open for the email link or visit www.debtfreedigi.co.za to read the magazine online.

Wednesday, November 9, 2011

Head on over to WWW.DEBTFREEDIGI.CO.ZA to read this article on our debtfreedigi home site. Or if you are scared of change then just carry on reading right here:

BEWARE the Festive Season.

The best gift you could hand yourself and your family this festive season is to be vigilant and cautious when coming across goods that could later see you unnecessarily falling into debt for months or years.

The NCR are also advising caution as it launches its spend wisely campaign themed “Ungalahli”. The Ungalahli – a Zulu word either meaning don’t be careless or don’t be wasteful – is a campaign aimed at convincing consumers to spend their money wisely instead of figuratively throwing it away on unnecessary items. The NCRs Rajeen Devpruth says the first step to ensuring that you spend wisely this festive season is to draw up a festive budget which will guide you to spend responsibly during the December / January period.

"Most people don't do a budget each month but now maybe the time to work on one", says Zak King editor of Debtfree DIGI magazine. Start by formulating the "festive" budget now and only concentrate your budget items on your income, debt and daily living expenses if you have not received your bonus. However, if you have already received your bonus, you need to include it in the budget. Over and above your daily living expenses and regular debt repayments, you need to state clearly what is available for gifts, travel and entertainment as well as extra debt repayments over the festive period. By budgeting, you will be setting yourself and your family goals to help you spend your money on needs rather than expensive wants that could ultimately leave you out of pocket and be tempted to approach financial institutions for loans, says Devpruth. He suggests that it also helps to include school uniform and stationery in your December / January budget, as most consumers will only receive their salaries at the end of January 2012.

Recent figures from the Credit Bureau Monitor - June 2011 quarter- show that credit bureaus held records of 18.84 million credit active consumers, a recent increase of 1.3% .  The Credit Bureau Monitor further indicates that out of the 18 million credit active consumers, only 53.3% consumers are in good standing and 46.7% have impaired records. Consumers with impaired records are consumers who are classified as three or more months in arrears, have an adverse listing, reflect a judgment or an administration order.
Devpruth advises that you must take some of your December salary and 13th cheque to pay off your debts -prioritizing your home loan. “It is wise to do this because interest rates are low and you can reduce your interest burden for the future. Another good plan is to be proactive and to double-up on your regular payments such as mortgage or rent, lights and water. That way you would have given yourself some breathing space after the holiday season for New Year costs such as school fees and uniform”, added Devpruth.
Try to continue leading your normal life during the festive season and do not radically change spending patterns because this could be expensive and unsustainable in the long-run. “If you do borrow money, make sure you borrow only for what is strictly necessary, and ensure that you can afford the repayments,” he says. Those already under debt review would avoid borrowing funds at all and focus on spending only what they have been setting aside during the year.

The NCR have given consumers some tips:
  • Borrow money only for what is strictly necessary. Remember to request for a pre-agreement statement and quotation when you borrow;
  • Look at cheaper means to make presents for friends and relatives, like baking biscuits, drawing pictures, writing poems;
  • Limit yourself to an amount for each person to help keep track of your spending;
  • Invest in items such as school stationery, uniforms or other educational related items such as saving for registrations, school camps etc;
  • It is better to throw a braai at home and ask guests to chip in with salads and beverages instead of entertaining them at an expensive eatery;
  • Every year setup a fund for  presents as well as holidays;
  • Use your bonus to reduce your debt burden by paying off existing loans.  By spending wisely this year, you can reap the benefits next year.  
  •  
  • Visit  WWW.DEBTFREEDIGI.CO.ZA for more news and stories about debt counselling in South Africa

Monday, November 7, 2011

Jhb Meeting of ALLPRODC

If you have not read this on our new website www.debtfreedigi.co.za then here is the latest news regarding AllProDC



AllProDC have announced the date of the next meeting in Alberton

The meeting will be aimed at introducing DC's to a new association for Debt Counsellors.

DATE: 17 NOVEMBER 2011 (THURSDAY)
TIME: 9H00 – 12H00
VENUE: ALBERTON CIVIC CENTRE, ALWYN TALJAARD STREET, ALBERTON
COSTS: ANY CONTRIBUTION TOWARDS TEA AND COFFEE

AllProDC have said: "You do not have to become a member to attend the meeting we would however like to encourage you to attend and see what we are about!!!  We look forward to meeting you."


If you wish to attend then please RSVP to them on or before 12h00, 9 November 2011 to secretary@allprodc.org.za

Debtfree DIGI

Why not visit our site at www.debtfreedigi.co.za ?

Friday, November 4, 2011

Housing market still in the doldrums

If you have not read this on www.debtfreedigi.co.za then here is that latest news article:



Housing market still in the doldrums

... “Many consumers are still battling with impaired credit records, negatively affecting their ability to take up credit,” said senior property analyst at Absa Jacques du Toit. He pointed out that mortgage finance remained under pressure in the third quarter and on a year-on-year basis. This contributed to the lacklustre performance of the residential property market. House prices have been declining in real terms and are scheduled to conclude the year in negative territory. ... "the affordability of housing remained relatively favourable up to mid-2011. However, many households’ ability to take advantage of these affordability trends is still hampered by a relatively high level of indebtedness, impaired credit record, the impact of the NCA and the banks’ resultant lending criteria,” said Du Toit.

According to ABSA:

Small house prices dropped by a nominal 3.2% in the third quarter (8.3% in real terms) and medium-sized house prices declined by a nominal 4.2%. Du Toit said although growth was still very low at 0.6% large houses remained in positive territory in the past quarters in nominal terms.

Affordable housing prices increased by a nominal 1.5% year-on-year to about R314000 in the third quarter of the year. This category still recorded price deflation of 3.9% in real terms.

The Absa review data states that the cost of having a new middle-segment house built was up by 4.5% year-on-year in the third quarter of 2011, after rising by 3.6% year-on-year in the preceding quarter. Factors impacting on building costs included material, equipment, transport, labour, developer and contractor profit margin costs including the cost of suitable vacant development land which was impacted upon by aspects such as scarcity, the availability of services and the cost of rezoning.

to read it on www.debtfreedigi.co.za click here

www.debtfreedigi.co.za

Why not visit our website at: http://debtfreedigi.co.za/

It features all the latest news....

go on..click here ..you know you want to.

Thursday, November 3, 2011

ABSA announce new National Manager for Debt Review

ABSA have announced that Grace Nkomo has been appointed to the role of National Manager, Stakeholder Management with effect from the 31 October 2011. 
 
Grace will be replacing Pascal Sinclair, who is now " pursuing opportunities outside of Absa."

This is unfortunate since it was Pascal who made many large promises regarding improving the debt review interaction between ABSA and DC's. Unfortunately many of those planned improvements had not yet come to fruition.

Grace has been part of ABSA's Collections Customer Management team since February 2010 and is described as having a wealth of experience in the banking sector with particular focus on relationship management and customer value management.

The difference between collections and debt review are obviously great however Grace is reportedly looking forward to improved relationships and building rapport with various stakeholders especially DC's and Payment Distribution Agencies.

We wish her all the best.

Wednesday, November 2, 2011

RL DALY - no longer collecting for debt review matters


DC Partner PDA have issued the following statement re RL Daly

RL Daly has notified us that they will no longer be handling any collections for clients under Debt Review.  They are going to be closing the account in which all payments for clients under Debt Review go into.

In order for the clients who have an RL Daly account listed under their name to receive payments, it would be much appreciated if you could confirm with the original creditor if the funds must go to them or to another collection company.  So for example.  If the account is originally a Standard Bank Account, confirm with Standard Bank that the money must go directly to them.  Once you have received this confirmation, you will need to exclude RL Daly on Debtwise and then list the correct creditor.

During the course of today we will be forwarding you a list of clients that are listed under RL Daly in order to make this process easier for you. 

I would like to stress that this is an urgent request as we do not want to penalize the client in the long run.

Thanking you for your co-operation.

DC Partner.

If you have any further queries, please do not hesitate to contact one of our help desk agents.

DC Partner  
Telephone: +27 44 873 4530
email: pda@dcpartner.co.za 
website: http://www.dcpartner.co.za



If you are a DC making use of one of the other PDA's you may want to ask them about this as well.

New Age Article on credit usage decrease

Below an excerpt of the article at the new Age
For the full story head to:http://www.thenewage.co.za/33763-9-53-SA_turns_back_on_debt

By: Bernard Sathekge

South African consumers and the private sector seem to be shunning credit in a sign that they have taken to heart warnings that the economy could be headed for turbulence on the back of the US and European debt crises.

The latest credit extension figures released by the SA Reserve Bank on Monday, show a slowdown in credit activity....

The lacklustre credit data was welcomed by some economists, who said it could mean households were freeing themselves from debts, while others said it could stifle economic activity. The data could also convince the Reserve Bank to leave interest rates lower for longer.

...

FNB chief economist, Cees Bruggenmans, said ... this trend could be a result of the new credit culture and the Credit Act. Many households were trapped in debt and were trying to get out of it.

...

John Loos, household and property sector strategist at FNB, said the slow rate of credit growth was encouraging, as it might contribute greatly to reducing the household sector’s high level of vulnerability to economic shocks.

“Slowing household sector credit growth may not be conducive to an improvement in housing and consumer markets’ performance in the short term, but it is a positive development for those sectors’ health in the longer term,” Loos said.
....

While all signals still pointed towards reduced economic growth momentum in the second half of the year, the rise in money supply reflected the price effect of elevated inflationary pressures. -

bernards@thenewage.co.za