Debt Counsellor Profile: Darran Manikam
Each Month Debtfree likes to give consumers and other Debt Counsellors a look at how another Debt Counsellor runs his business. This month we spoke to Darran Manikam from KZN.
DC Name: Darran Manikam
DC Company Name: Inkosinathi Debt Counselling Services
DC Company contact details:
031 301 4810 / 031 301 6428 / 084 589 8286
www.idcssa.co.za
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Df: How long have you been a DC?
5 Years.
I was registered at the end of 2008 and Started Practice in 2009.
Df: What did you do before becoming a DC?
I was a Conveyancing Paralegal at Livingston Leandy Incorporated. A Group of Attorneys Based in Umhlanga, Durban.
Df: What area (of SA) do you practice in?
Kwa-Zulu Natal, Based in Central Durban
Df: Do you have a small/med/large DC company?
I would say it is a Medium Practice, compromising of 7 Staff Members and 2 Debt Counsellors
Df: What makes your business a success?
A vast knowledge of the Act and the ability to use the Act to better assist our clients. Our strong administration team and excellent staff make the work load easier and the process smoother. Our knowledgeable group of attorneys that assist with the court work and their willingness for our offices to pick at them when we need any advice or direction. Our willingness to assist the client even in some cases beyond our fee. We also have an excellent communication stream with our clients. Every staff member is adequately equipped to assist any client who walks into the office.
Df: Where do you find new business?
We do a bit of advertising in your local papers. However the vast influx of work would be via “Word of mouth”. Many of my current clients refer work to our offices. I also have a great network of attorneys and companies that refer work to my offices.
Df: Who are your most co-operative and least co-operative credit provider at the moment?
In general, the smaller Loan institutes and your mirco-lenders to some degree will never really accept the Debt Counselling process. I personally believe their co-operation to much extent is minimal and is only driven by the need to comply with the NCA. With respect to the bigger guys, African Bank has really come to the Party, except assisting our clients with Debit Orders (a tedious process) . Standard bank, First National Bank, Capitec and Nedbank are also trying to make the process work. ABSA on the other hand is by far the WORST managed debt review processing centre, they are extremely difficult to work with. The chain of command in my opinion is not even clear, within the bank.
Df: What is the biggest challenge facing your consumers at the moment?
Access to information about debt counselling and Debt Counsellors. The negative picture that the creditors paint about the debt counselling process is what drives the client to the point of an impaired credit profile. Consumers are afraid of accessing this process due to the negativity related to Debt Counselling which is unfounded.
Df: What advice do you have for consumers under debt review?
Constantly check up with your Debt Counsellor. Try to budget monthly and live within your means. Always use the extra money that you might have to settle your debt faster. Even though it might be extremely difficult, try to save at least a minimal amount monthly.