2017 Round Up
The year has come and gone. 2017 was a complicated and exciting year for debt review. Thousands of Debt Counsellors found their registration had lapsed and their clients were moved to other firms. The NCR found out they may have to do debt review themselves next year and the NCT launched their online system.
The year was a financially tough one for both governments and companies local and international (even the weather seemed to be ganging up on South Africa and the Caribbean) Financially, it was not a great year locally. Inflation and ever increasing prices, along with consumers having less money to spend, hit retailers and businesses hard. Even SARS wasn’t able to collect what was needed. Political and business scandals both amused and horrified the country. We take a look back at 2017 and look at some of the good, the bad and the ugly world events that impacted on the economy and debt review.
Lack of clarity over DCRS future funding and management dominate industry discussions
Debt Counselling Community Support charity (DCCS) gives out back to school hampers to families across SA
Donald Trump inaugurated as 45th President of the USA – let the handshakes and lack of wall building begin. (ps. You’re Fired!)
NCR announce they are looking for an actuary to review new proposed Debt Counselling Fees
NCR cancel Workshop very last minute leaving travelling Credit Providers and DCs stranded and angry
SA’s Favorite Public Voting Results announced:
Boutique Debt Counsellors: Debt Mend (Gauteng); Debt Finesse (KZN), Consumer Debt Support (W. Cape)
SA Favourite Large Debt Counselling Firm: Consumer Debt Help
National Debt Counselling Firm: Debt Busters
SA’s Favourite VAF provider 2017 announced: MFC
SA’s Favourite PDA 2017: Hyphen PDA
SA’s Favourite Bank: Standard Bank
British MPs officially vote to leave the EU (Brexit)
Pravin Gordhan give his last budget speech (he didn’t know it at the time)
Joost Vd Westhuizen Dies of motor neurone disease aged 45
FNB host Debt Counsellors at Conference
NCR finally hold delayed Debt Counsellor workshop (announce DC fees being reviewed)
NCR and ABSA agree to R10 Million Fine over R699 car scheme (valued at R2.8 Billion)
NCR raid unregistered Credit Providers
NCT revoke Eagle Loans Registration
US President Trump once again tries to ban travellers from Muslim countries. Federal Courts block the ban.
Infamous Midnight SA Cabinet Shakeup (known as “the night of long knives”) Ratings downgrades follow
1st Online DCASA webinar hosted.
NCR call for comment on Call Centre Debt Counselling operations
NCT launch online automated filing system for debt review cases
S&P downgrade SA credit Rating
Book The Republic of Gupta: A Story of State Capture released
NCR win case vs Edcon at NCT over club fees.
NCR refer Mr Price to NCT over club fees
NCR go After Pawn Your Car & Drive it Schemes
DC Partner Event in Cape. They announce iDocs integration and massive donation to DCCS
Drought declared in Western Cape (worst in 113 years)
WannaCry global Cyber Ransomware attack
James Bond Actor, Sir Roger Moore dies, aged 89
Debt Review Awards in JHB. Capitec, Consumer Friend, Hyphen PDA and IDM win industry peer review.
Alison Magrath appointed new Credit Bureau Association Executive Manager
Lewis dodge NCR club fee case at NCT
Debt Therapy bring appeal case over Nedbank v Jones interpretation in W Cape Courts (which would eventually be won)
USA announces it is withdrawing from Paris Climate Agreement (bye bye planet)
Bahrain, Saudi Arabia, UAE, Yemen, Maldives and Egypt sever ties with Qatar over support of terrorists
65.6 Million people displaced around the world in ongoing refugee crisis
Supreme Court in Venezuela attacked by rogue police helicopter pilot
Facebook announces 2 Billion monthly users
North Korea fires provocative Intercontinental Ballistic Missile into the Sea of Japan
Debt Counsellor, Deborah Solomon wins 3 yr case vs NCR at Tribunal
National Consumer Commission holds public hearings about timeshare abuses
Annual renewals of registration for NCA registrants (1/3rd of Debt Counsellors registration lapsed)
NCR take Foschini to NCT over club fees
6000sq km iceberg breaks off Larsen C Ice Shelf in Antarctica (global warming anyone?)
Worlds most popular song Despacito streamed 4.6 Billion times (and counting)
Bill Gates drops to second richest man in the world for 12 hours before retaking the title.
DCASA hold their annual Conference in JHB
New Cheaper Maximum Credit Life rates come into effect
NCR begin to issue annual certificates by email and post to desperate Debt Counsellors
USA impose sanctions on Russia over 2016 election interference
SA President Zuma wins no-confidence vote by a narrow margin of only 21 votes
Grace Mugabe uses diplomatic immunity to escape assault charges in SA
22 186 cases of Swine Flu reported in India
Category 4 Hurricane Harvey Hits Texas; Category 5 Hurricane Irma becomes the world’s most powerful Atlantic hurricane
SA Athletics team win big at London IAAF World Championships (among others Manyonga, Van Niekerk and Semenya take medals)
Mayweather vs McGregor Boxing Match
Violence in Myanmar – 370 000 forced to flee
NCR publish proposed Fee Structure for Debt Counselling proposing a reduction in income
Samson Vs Mars court case ruling undoes damage caused by negative Nedbank v Jones ruling interpretations
Capitec host their first conference for Debt Counsellors in Stellenbosch
Shoprite hit with R1 Million fine by NCT
Hurricane Irma makes landfall causing chaos for over 7 million families and many deaths
Playboy founder Hugh Hefner Dies Aged 91, survived by his 31 year old wife
All Blacks Beat Boks 57 – 0 in Auckland
Puerto Rico hit by a massive hurricane. All electrical power wiped out countrywide.
Saudi Arabia becomes the last country in the world to remove ban on women drivers.
Bell Pottinger Scandal Breaks- Racist campaigns run to help distract from Gupta State Capture allegations
NCR go after VW Financial Services and BMW Financial Services for ‘on the road’ fees (mostly ignored).
Consumer Friend change their contact details
KPMG caught in anti Gupta frenzy
R3 Billion in tax funds used in bailout of SAA
Shooting in Las Vegas kills 58 people and injures 489.
New York Times publishes sexual harassment article on Hollywood producer Harvey Weinstein. A huge influx of revelations from other actors and actresses follow that rocks Hollywood glitterati. Similar accusations sweep through US political circles.
Plague outbreak in Madagascar
Marburg virus outbreak in Uganda
Another SA Cabinet reshuffle
Lackluster SA Mini Budget offers little substance
Parliamentary Portfolio Committee announce proposed Bill to amend NCA to include NCR run debt review for poor
DCASA AGM – Mr Tony Richards announces he will not be on NEC after 11 years, Mr Paul Slot announces he won’t serve as DCASA President in 2018.
Consumer Friend’s DReX system goes live for Debt Counsellors
S & P finally rate SA as “junk” (Local Currency rating)
11 Saudi Princes arrested along with others on corruption charges
World largest retailer Alibaba does $25.3 billion in sales on one day.
Zimbabwean Vice President fired. Grace gets the job briefly. Military moves into capital. President Mugabe at first refuses to step down, in TV appearance, but soon his resignation is announced during impeachment proceedings. Emmerson Mnangagwa becomes new President.
Prince Harry engaged to actress Meghan Markle (Rachel from Suits)
NCR Conference held in Cape Town –Debt Counsellors, PDAs and Credit Providers attend.
US Supreme Court Rule in favour of Trump travel ban on 6 Muslim countries
Bitcoin value spikes suddenly
Iraq announces victory against ISIS
Star Wars: The Last Jedi launches (just days before Suadi Arabia lifts 35yr ban on Cinemas)
President Zuma faced with R6 Mil in legal fees after losing court battles against state capture inquiry
Steinhoff accounting fraud scandal hits press
ANC elect Cyril Ramaphosa as party President
See the full article in this month’s Debtfree Magazine
How Was Your Year?
We want to hear from you about your year.
Was it a good one or a tough one? What were your highlights (or low moments)?
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