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Industry News

Tip 1

Standard Bank have noticed a missing step by some Debt Counsellors that can negatively affect arrangements for some consumers.

Where the Debt Counsellor makes a proposal and Standard Bank come back with what is known as a “Counter Proposal” they ask that the Debt Counsellor please send them confirmation of accepting the counter so that they can put it in pace on their system asap.

Delaying in doing so may mean that the original interest is still being run by the computers (messing with the balance) until accepted. So, Debt Counsellors have been asked to please send a final acceptance to avoid this situation (where they are happy to accept the counter, of course).

Tip 2

Many Debt Counsellors are also aware of an issue surrounding annually increasing insurance premiums that eat into the amount meant to be allocated towards the debt (for bonds).

Standard Bank say they will in future try to make an effort to inform the DC as well when these amounts increase and are talking to their internal department about the issue.

Since the repayments often stay the same until smaller debts are first paid off allocating less towards the debt can have a negative long term effect on balanced owed.

Standard Bank are open to consumers replacing these insurance policies with their own through a 3rd party provider (which may be more competitive in price).