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Debtfree got a chance to talk to well known and well respected Debt Counsellor Mr Reinhard Pettenberger of Debt Therapy.

We asked him why he became a Debt Counsellor and if it is easy or difficult work.

Why did you become a Debt Counsellor?

Having worked within the financial industry in the Europe (Associates Capital and Citi Bank) for over 10 years, I assumed I would start something similar when I returned to South Africa late 2004.

However, when I started looking further into this I realised that there was a greater need to help people that have falling on hard times and needed guidance in tackling their debt, (It was time to change sides and fight for the little guys)  and being fully aware that the government was busy with the new National Credit Act, I opted to start a Debt Management Company together with my wife and friend. During 2005 Debt Therapy was born and commenced its operations.

In 2007 with the introduction of the NCA it made sense to complete the Debt Counselling course and 18 years later we have helped 1000’s of people in realising their dream of living debt free.

Is being a Debt Counsellor easy?

Not at all.

It comes with many challenges…legal complexities, emotional strain from clients, and ever-evolving regulations.

But if you’re passionate about helping people, it’s incredibly fulfilling. Knowing that you’re giving someone hope and a chance to rebuild their financial future is deeply rewarding.

What has changed in the industry over the years?

The industry has evolved significantly and is far from what it used to be.

While not perfect, we’ve seen massive improvements due to ongoing collaboration between stakeholders: Debt Counsellors, Credit Providers, and the National Credit Regulator (NCR).

These conversations have helped set more balanced and fair standards for both consumers and creditors. The outcomes are increasingly positive, and I truly believe we’re heading in the right direction.

Is it easier or harder for consumers to get help these days?

There are many Debt Counsellors available today, which is good, but that also means consumers need to be cautious.

Not all Debt Counsellors operate with the same integrity or same level of competence. So, before choosing one, do your research.

What is DCASA and what do you do there?

Debt Counselling Association of South Africa is a non-profit organisation that supports both new and experienced Debt Counsellors.

We help our members stay updated with legal developments, industry news, and best practices.

Currently, I serve as the President of DCASA. Along with our National Executive Committee (NEC), I engage regularly with all key stakeholders (NCR, Credit Providers, and others) to drive improvements across the industry. We provide support, quarterly member meetings, and access to important judgments and updates.

One of the most important developments right now is the TTA 2.0 (Task Team Agreement), which aims to establish uniform guidelines and improve consistency across the board. While it’s complex and may take another 12 months to finalize, it’s a step in the right direction for the industry.

Reinhard and others at the 2023 DCASA annual conference in Gauteng

Any advice for consumers thinking about entering debt review?

Choose your Debt Counsellor wisely.

Here are a few things to consider:

  1. How long has the Debt Counsellor been in business?
  2. Are they registered with the NCR?
  3. Are they a member of DCASA?
  4. Are they using one of the three approved PDAs (Payment Distribution Agencies): Hyphen PDA, Intuitive PDA, or DC Partner?
  5. Read HelloPeter reviews (both good ones and bad ones).
  6. Double-check their business location via Google Maps.

Doing your homework upfront can save you from a lot of headaches later.

Any advice for consumers already under debt review?

Stay the course!

Continue with the program until your debts are fully repaid. But if you’re struggling (or anticipate that you might miss a payment) please contact your Debt Counsellor immediately. Life happens, and when it does, your counsellor can work with your creditors to avoid termination of your debt review.

Also, be alert to scams. If someone contacts you out of the blue claiming they “received your information from the NCR” and offering to “remove you from debt review” or “reduce your payments” further, it’s likely a scam. Always double-check with your current Debt Counsellor or reach out to DCASA for verification.

Reinard & Breda celebrating 20 years since launching Debt Therapy

To Find Out More About Debt Therapy, Visit Their Website