BDCF & Bayport Debt Review
Last week the Black Debt Counsellors Forum (BDCF) met with credit provider Bayport. This is the latest in a series of meetings that BDCF have been having with various creditors country wide.
The discussion revolved around how Bayport would like to see their accounts dealt with in proposals made by Debt Counsellors. The common misconception that Bayport do not wish to lower interest rates for consumers under debt review, they say, is untrue. They simply wish any rate reductions they offer to be in line with that offered by other creditors.
Bayport Debt Review Department have also undertaken to add a sentence into their final acceptance letters regarding section 103(5) applying. This is the section of the NCA that caps fees, interest and charges on an account that is in default at double the amount owed at the time. Bayport have also indicated that a signature will now appear on these letters.
Reckless Credit Investigations
Sometimes a Debt Counsellor will ask several creditors who gave money to a consumer at a particular time for information relating to that account. This might included (in the case of a bank) the consumers bank statements from the time or the creditors affordability assessment and credit bureau report that they used when deciding to grant the consumer credit. The Debt Counsellor might be considering if the credit was granted to the consumer when they could not actually afford to repay it at the time. This is known as Reckless credit.
Any such enquiries at Bayport can be directed to Jacqueline Carstens at: Jacqueline.Carstens@bapyport.co.za
BDCF report that Bayport are even willing to help consumers who have garnishee orders (EAOs) to have these reduced in many cases to fall in line with the proposals of the consumers Debt Counsellor where their is a need. This is a very generous offer that will greatly assist consumers. Many Garnishee orders are for amounts that are unrealistic to maintain each month and prevent the consumer from being able to cover their monthly needs and still service other debt obligations. This often happens because consumers do not get to appear at court at the time the order is made. Many consumerds find they receive garnishee orders from courts on the other side of the country. This is an incorrect practice and these garnishees can be rescinded or changed to more manageable amounts.
For assistance with Garnishee Orders Debt Counsellors can talk to Bernard Hack at Bernard.Hack@bayport.co.za
You can download the Bayport Organogram here: BAYPORT ORGANOGRAM 2014