Debt Review Awards Begins
Debt Review Awards 2016
The Process Begins
Over the last half a year, the organisers of the annual Debt Review Awards have been consulting with industry role players and progressively refining the Debt Review Awards process. Time flies and before you know it, it’s time for the Debt Review Awards process to begin again.
This year the process will run from April till June 2016 as the industry get involved to help determine who this year’s big winners will be. The results of the process are announced at the end of June – around the same time of year as the National Credit Act came into effect- at a modest red carpet event which will be held in Cape Town this year. Speakers, nominees and guests from across the industry and around the country gather to find out who has taken the top spots in the industry this year.
Process Changes in 2016
This year will see the use of an online system to gather information from NCR registered industry role players. All Credit Providers and Debt Counsellors will have the chance to weigh in on the results using the online portal. April sees CPs and DCs signing up to participate (and be considered), May will see the bulk of the work with registered parties weighing in on opposite sides of the industry. For example Debt Counsellors will get to give feedback on PDAs and their services as well as the various different types of credit providers. Credit Providers will also be able to weigh in on PDAs and DCs. No DC can weigh in on another DC and neither can CPs comment on the performance of a competing credit provider. The results are not based on the amount of clients serviced or the amount of money moved but rather the companies’ level of service to consumers and interaction with other role players in the industry.
In the past, a panel of industry experts from across the country and from a variety of sources, ages and size organisations was used. This allowed these industry experts to bring their many years of experience to bear on the current standing of firms in the industry. Many hours were spent by lots of hard working volunteers and their help was much appreciated. This year the online peer review system will replace this panel process. The new peer review process has been well received by not only the NCR and PDAs but also BASA, MFSA and the various DC associations.
When the peer review process ends (during May 2016) the results will all be calculated by the online software and then verified by the auditors before the Debt Review Awards gala in June. Debtfree will also report on the gala and the results, so be sure to follow us on Twitter and Facebook, as well as the website (www.debtfreedigi.co.za) on the Awards weekend (the gala will be held on the 25th of June 2016). Members of the Debtfree team don’t participate but we will be sure to observe and report throughout.
Could You Be a Winner?
While there are thousands or NCR registered parties on both sides of the debt review fence only a handful will take home the top spots across each category. If one thinks about vehicle finance credit providers, the mental list which comes to mind is perhaps a shorter one that when contemplating the many micro finance credit providers. Regardless, the process allows for NCR registered credit providers and Debt Counsellors to only be evaluated in comparison to similar firms offering similar services. The system will present each group of registrants (e.g. Banks, PDAs, Debt Counsellors etc.) with a specific set of review questions which they can research and complete. The information gathered will be in regard to recent performance of the firms under consideration and not old legacy stuff. Also to be announced this year are those firms who are top 5 performers in various categories. Along with the awards and top 5 spots comes a certain level of (deserved) bragging rights. In an industry as wide as ours, being single out of the crowd shows a commitment to making the process work, and servicing the needs of consumers effectively.
Invites To Participate
You can sign up to participate in this year’s awards process by visiting www.debtreviewawards.co.za
Industry Only At This Time
In the past, a consumer vote regarding who their favorite registrants took place at the same or a similar time. This will not be happening over the next few months but may happen at a later stage in the year.
Members of industry associations such as BASA, PDASA, MFSA, DCASA, AllProDC, BDCF will all receive invites to participate via their associations. Parties can only register once per NCR registrant and the system is pretty straightforward. Debtfree got to do a test of the system (please note: our [(and the other testers] test results won’t be included) and it was easy as 1, 2, 3.
Be sure to add your voice to that of the industry and join in the Debt Review Awards process.