Editor’s Note August 2018
Why won’t this winter ever end? It is almost meant to be spring already. Seriously! It just feels like things are dragging their heels. At the same time, the year is almost ¾ done. Can you believe that? Time sure flies when you are busy and cold. If the Debt Review Awards signal the middle of the year to the industry, then the DCASA Conference, which was held in August, signals that we have very little year left. Before we realize it December will be upon us and then the dreaded January cash crunch. So, watch out.
This month we are looking at the topic of reckless lending. No, not ‘reckless borrowing’ – where consumers go and try get a loan they know they can’t really afford. That’s a whole different ball game and a topic for another day. Rather, we are looking at things from a mainly credit provider perspective. We explain what reckless credit is and why some consumers actually have their debts written off. Could you be one of those people? Now getting debt written off may sound fantastic but it is not easy to establish if something is or isn’t actually reckless. These matters are so sensitive they actually have to be decided by a Judge or Magistrate. We discuss why that is the case and also why consumers need to rely heavily on their Debt Counsellors when this topic comes up.
We also have a bunch of recent industry and economy news, articles with consumer advice, interviews with some new role players within the industry and some very interesting court cases which could directly impact on your debt.
‘For those who did not get to attend the recent Debt Counsellors of South Africa annual conference we get a quick round up of the day’
For those who did not get to attend the recent Debt Counsellors of South Africa annual conference we get a quick round up of the day and what was said and who was there (or not there). The event is one of the largest meetings of Debt Counsellors each year and was once again well attended this year. The rather hot topic of Debt Intervention came up and you probably want to check out what was said about that (hint: it wasn’t too optimistic).
The debt review process, much like the year, starts off like a rocket, with lots of changes and excitement. Over time, however, things seem to slow down and start dragging on and on without any end in sight. Don’t be fooled though. Each month is taking you closer and closer to the end of the process. You might not be too aware of it but the end of the process can roll up on you suddenly and much like spring might be here before you realize it. So, keep on ‘keeping on’. Make those debt review payments. Learn more about the process and how to manage your finances and before you know it you will be basking in the warmth of finally being totally debt free.