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DCASA W Cape Meeting 8 November

DCASA logo

 

The Debt Counsellors Association of South Africa ( Western Cape Branch) will be meeting on Friday the 8th of November. This will be their final meeting of the year in the region.

 

The meeting will address several interesting topics including “poor man’s” sequestration and the slowly re-emerging Voluntary Debt Review/mediation process.  There will be a discussion on whether Debt Counsellors should offer this service and how it could be done.

VDMS got shot down…can it live again?

In the past the concept of VDMS or voluntary debt mediation was shot down by most non DCASA Debt Counsellors and the National Credit Regulator who labeled it illegal. At the time DCASA aligned itself with the National Debt Mediation Association (NDMA) who offered debt review like services without registered Debt Counsellors. The NDMA represented the interests of the Banking Association of South Africa and other creditors. The NDMA are now no longer representing credit providers and have moved over to the Debt Counsellor side of the fence. They are now intending to offer debt review and mediation. They will also offer Alternative Dispute Resolution services such as investigating reckless credit and balance differences. It seems that the idea of debt review done not via the courts (which is costly and time consuming is still appealing enough to some to see if this process can be revived. The big questions to be discussed are: Could this be an additional Debt Counsellor service? Will the NCR allow it? Can it be done profitably? How can consumers not get a court order and still stop the creditors from taking legal action even though they pay regularly through voluntary debt review?

The meeting will run from 10 till 2:30 and will be held at the Parow Golf Course.