Careful What You Wish For
Be careful what you wish for…they say the sentiment of being ‘careful what you wish for because you may just get it’ is attributed to Aesop from around 550CE. Regardless of where the saying comes from, it is often true of so many things in life. We think we are desperate for something (and often we are) and then we get it and yet we feel a bit cheated and unsatisfied.
People in Britain said they wanted to leave the EU (not realising it came with a huge bill for doing so). Year after year, around the world people, go to the polls to put politicians into power they later complain about. It is a very human thing to do. People in the Cape were desperate for rain (they still are) and then along comes a storm to thunder and pour down with real ‘gusto’. People’s homes were flooded and roofs blown off, trees and walls fell over in the wind. Scary stuff really but it did bring the rain wished for.
Many consumers who enter debt review are sick of being chased by collections agents over unpaid debts. They wish they could sort out their situation and not have to deal with that situation ever again. While in debt review, credit providers can not grant you credit until your review is complete. It is then strange when the same consumers, a few months later, start to long for credit use again while still under debt review. While still paying off the debt they already have. They start to dream of getting credit again so that they can buy new things: a car or a house or maybe just a short term loan to cover bills they have run up. They forget they had problems paying for the things they already have and don’t qualify for new credit since they are over-indebted. They wished they had no more credit problems until they were in debt review and suddenly they want to use credit again. It is like the cravings for sugar dieters seem to get after only a day or two of their diet.
‘It is like the cravings for sugar dieters seem to get after only a day or two of their diet’
Not too long ago, a credit provider association asked the NCR and DTI to review fees their members could charge. Their wish was granted and the fees they could charge for unsecured credit were slashed (they later took it to court to have that changed back). Payment Distribution Agencies wished to be part of the NCA and their wish was granted, along with slashed fee rates they could charge.
Debt Counsellors have been wishing for an increase to their fee structure for many years now. Inflation and increased costs have pushed hundreds of Debt Counsellors out of the industry. Recently the NCR decided to pursue some research into the topic. That said, the DTI and NCR have been very quiet about asking Debt Counsellors for advice this time. Even when reviewing new fee options, the NCR’s outsourced research firm approached only a handful of firms for info. Their findings and suggestions have been kept very secret till now.
At the moment, parliament is looking to make amendments to the National Credit Act, something that many have been wishing for, for some time now…probably, since it’s inception, actually. The Act has been amended once before but many key issues were left untouched despite suggestions and proposals at the time about needed changes. In fact, many of the changes that were made instead, complicated people’s lives rather than simplified them or left people wanting more. With elections coming up, positive consumer driven changes might be a real political boost. Will the new amendments be all that people wish for?
‘we take a look at all the Red Carpet glamour of the Debt Review Awards 2017 and find out who all the winners were’
Other than the latest news about possible amendments this issue, we take a look at all the Red Carpet glamour of the Debt Review Awards 2017 and find out who all the winners were in the industry peer review as announced at this month’s Gala evening. On top of that, we have tips, reviews, advice and more. We also look at the victories consumers under debt review should celebrate, the opportunities they should embrace as they take the journey to paying off their debts. It is a slow and steady process that leads to a fantastic goal. So we hope, nay… dare we say it: we wish that this month brings you one month closer to being debt free.