As I’m closing out my 2018 Year in Review, I wanted to take a look at home much money I put to debt this entire year. I went through each of my current debts from 2018 (4 in total: 1 credit card, 2 student loans and 1 car loan) and looked at how much I paid. These payments are both principal and interest, but it’s crazy how much I did this year and how much room for improvement I still have on my debt free journey. What are you doing in 2019 to tighten your budget to hit your financial goals?

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2018-05-16 – Farm Debt Mediation Bill – First Reading – Video 9

Kieran McAnulty

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When a consumer (client) realizes that he/she is over indebted and that some arrangements
have to be made to make sure all monthly repayments are met.
2. The consumer contacts a registered Debt Counsellor who supplies a regulated form 16 and
assists with the completion thereof. As soon as this form is completed the consumer will have
formally applied for debt review in terms of the Act.
3. All requested documentation as on the application form is supplied by the consumer within 5
days of signing the form 16.
4. With the information and supporting documents supplied by the consumer the debt counsellor
now informs all the known creditors of the consumer that the said consumer has applied for
debt review. This is done with the regulated form 17.1 as well as 17.2
5. A formal analysis is done by the Debt counsellor to determine if the consumer is indeed over
indebted. This is a very simple calculation once all information has been taken into account. A
consumer can only apply for debt counselling if his/her monthly disbursable amount (Nett
income minus living expenses) is LESS than the amount required to service all obligations.
AS EXAMPLE ONLY. If the consumer only has R5000 to pay his/her debt after the living
expenses have been accounted for, and the total monthly debt repayments are R6000 the
application would be a success.
6. If the consumer is indeed over indebted according to the above method all creditors would be
informed of this for their record.
7. The restructuring process can now begin. The Debt counsellor will now restructure and
renegotiate all credit agreements and present these proposed terms to all creditors. This new
proposal will then restructure the consumer’s monthly commitments to be more affordable
and ensure that all credit agreements get something every month.
8. The new proposal will now be sent out to all the creditors after it has been approved by the
consumer. Should all creditors agree to a consent order that new arrangement will be made
an order of court. If there are some creditors who don’t agree to the restructuring a court date
will be allocated for the matter to be heard. At this hearing the magistrate will have no choice
to grant the order if the debt counsellor acted in terms of the Act and subsequently
restructured the debt accordingly.
9. A Very important consideration when applying for debt counselling will be who handles your
money! Debt counsellors are not allowed to handle any money from consumers except for the
application fee along with the retainer for early cancellation.
10. All disbursements of contributions will be handled by a registered Payment Distribution
Agency (PDA). The PDA is regulated and governed by the Act. As soon as a restructuring
proposal is agreed on by the consumer payments of the distribution amount will be paid over
from the consumer directly to the PDA. The PDA in turn will disburse with the funds as per the
restructuring proposals.
11. The Fee structure:
Debt counsellors are entitled to a maximum of R 6000 plus VAT for single applications and R
6000 plus VAT for a joint application.
The Act allows for the following payment of Debt counsellor fees as well as Legal fees.
The first payment made by the PDA will pay the debt counsellors fee
The second payment will pay the legal fees
The third payment will be the first payment that creditors receive. This is done so that
consumers don’t have to pay any money that they might not have up front, and to make the
process affordable.
12. When the payments are being made to the creditors by the PDA there will be some
agreements that will be paid up before others. As soon as this happens the Debt counsellor
must restructure the payments again to make sure any creditor is not paid more than he must
receive and to disburse the surplus equally between the other to ensure that the process runs
smoothly. For this the Debt counsellor is entitled to a 5% after care fee not exceeding R300.
13. As soon as all debt has been cleared the debt counsellor will release the consumer from debt
review and issue him/her with a clearance certificate. All records will also be removed from
the credit bureaus
14. Should a consumer’s situation change for the better and they are in a position to repay all
monthly obligations as they were before the restructuring they will be allowed to be release
from debt counselling. Although nothing is binding, any consumer can leave the process at
any time for any reason

The Debt Counselling Industry has called on government to launch a high level investigation into the National Credit Regulator to find out why it was not doing its job properly. DCI said the NCR should be probed for not properly investigating African Bank. Meanwhile, share trading of the troubled bank on the JSE was suspended Monday morning.
Shareholders requested the suspension after the Reserve Bank had placed the lender under curatorship over the weekend. Reserve Bank governor Gill Marcus announced that African Bank had been placed under curatorship. A consortium involving major banks had committed to underwrite a R10 billion capital raising exercise, and would engage with shareholders and
other participants.

Click Here: – http://debt.inpretoria.com

Debt Counselling in Pretoria 083 229 8556

This quick video will give you the fastest and best way to solve your debt crisis.

Debt Counselling is not a payment holiday it was put in place for persons that is serious to take the next step and to get rid of their debts without losing their assets. New loans or more credit cards just fuels the high interest rate that put everybody in this position in the first place.

We help to asses and restructure your debt and we attain a court order to finalize and protect all your belongings.

The Debt Counselling process will take up to 60 working days from date of application until a Court date is set, so that the process can become legal.

Take action today BEFORE YOU RECEIVE A SUMMONS and call us to make a well informed decision. We will help you step by step through the process. Over indebtedness does cause break down in relationships, stress, depression, sleepless nights.

Want more debt solutions – Visit my Youtube channel here

http://www.youtube.com/user/debtinpretoria

Brian is over $40,000 in car debt and he co-signed on two other car loans for his brothers. He asks Dave if he should use his savings to start paying the loans.

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Welcome to The Dave Ramsey Show like you’ve never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from people like Rachel Cruze, Chris Hogan, and Christy Wright —as well as all kinds of other video pieces that we’ll unveil every day.

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NDMA Acting Case Mediation Manager Santie Schindehutte offers consumers help when debt review fails them

Summons from creditors is one of the expected outcomes of a bankruptcy. Your creditors will file a case against you when you fail to pay. When this happens, you need to seek debt mediation. This kind of arrangement is also known as debt settlement. Usually, the creditor you owe money will hire a credit collection agency to represent them in the case.

For more information, check out their website: http://www.debtmediators.com.au

Why you should consider using a personal loan to payoff high interest rate debt. The standard deduction is now $12,000 per person or $24,000 for a married couple filing jointly. As a result, there is likely no tax benefit to borrowing against your home, and a better option could be a personal loan to pay off high interest rate credit card debt. Make the same payment you are making now but refinance it to a low single digit rate and pay it off in 3 to 5 years, saving 15 years of payments. Here is a link to comparison shop https://www.lendingtree.com/personal/ #creditcards #creditcarddebt #payoffdebt

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