Debtfree Issue 202310 - DB

SPECIAL
EDITION
I WANT IT
NOW!
Issue 10 of 2023

EXCELLENCE IS DOING
ORDINARY THINGS
EXTRAORDINARILY
WELL
– John W. Gardner

WHAT MAKES US
EXCELLENT?
/ Unimpaired and automated PDA systems
/ Integration with top-ranked Debt Counsellor systems
/ Best customer support in the country – queries are resolved within 24 hours
/ Strong compliance and best-industry-practice implementation is at our centre
Call Saishen Krishnan
Head of Hyphen PDA | 071 884 7300
Or call our friendly support centre on 011 303 0060 - Option 2
or visit our website www.hyphenpda.co.za

DEBT REVIEW
DID YOU KNOW?
If you have a bond don’t forget that you have
insurance on the account. This could be home
owners’ insurance and probably credit life
insurance (in case you die, are incapacitated
or lose your job).
Remember: This insurance amount
might go up each year.
Please let your Debt Counsellor know if you
get a letter from the bank about any changes
to the insurance amount.

FROM THE EDITOR
Where were you in 2014?
In 2014 our team were helping host the first
annual Debt Review Awards in Cape Town. Around
100 guests crammed into the financially historic
building on Spin street and heard the results of the
various industry panels.
Since then the process has changed and now an industry peer
review process helps identify who will take home the Golden
Piggy Bank Awards each year.
This month the team were once again busy helping host the
10th annual Awards event. A decade has flown by.
And what do we have to show for 10 years?
Well, more loadshedding, new wars in new places, global
warming causing extreme weather, a weaker Rand and higher
inflation. We have seen a global pandemic come and go (kinda
go) and things have been tough, for sure.
What we do now see is a much matured debt review industry.
We now see a higher use of the NCT to help keep consumers

legal costs down. We see increase API integration between
the banks and PDA systems. We see consumers and Debt
Counsellors able to access account information via various
portals and we see Courts that are far more familiar with the
process.
We have also seen the industry grow and change in interesting
ways. Of the 4500 people who have qualified to be a Debt
Counsellor over the years, most have since quit. Now only
a small remnant of around 1700 people are actively helping
consumers through the process.
The industry has embraced advanced client management
and calculation software and these days we see many Debt
Counsellors operating together in larger sized practices pooling
resources than ever before.
Back then we thought one practice having 4000 clients was
massive. Now, we see many practices with over 10 000 clients
(and some with many more). Though the number of consumers
coming into and out of the process is still similar to that in 2014
(tragic) the role players have changed somewhat.
Other things have also changed in a decade. Common
challenges back then have fortunately come and gone. Gone
are the days of mass “terminations” in an attempt to get people
out of debt review.

Still, these days we see an increase in scammers trying to trick
people by pretending to be able to get them out of debt review
and miraculously back into the credit market even though they
still have debt. Social media is rife with such rubbish.
All this came to mind as we were helping prepare and run the
Debt Review Awards gala this year. We were making use of
social media and live streaming tricks we all embraced during
Covid to reach more people than ever across the country and
the venue in Gauteng was packed with the industry’s “who’s
who”.
This issue we have a detailed recap of the event for those who
could not be there in person.
We also take a look at the dangers of both the desire for instant
gratification and shopping holidays like Black Friday. We have tips,
news, advice, in depth looks at what is brewing in the world of
debt review and how it might impact you. We hope you enjoy it.
10 years can fly by.
Hopefully in ten years’ time we will look back and think how
bad times were in 2023 and how far we have come since. That
would be great. And presumably by then we will also all be debt
free.

FROM THE
DESK
THE SILENT CRISIS: MONEY
WORRIES AND MENTAL HEALTH
STRUGGLES IN SA
Financial concerns and their impact
on mental well-being have become an
unspoken crisis in South Africa.
The nation is grappling with significant
economic difficulties and worsening household
financial situations. The stress and anxiety
stemming from financial worries have silently
affected millions of individuals and families.
These financial troubles extend far beyond mere
bank account balances and credit scores; they
penetrate the very core of our overall wellbeing,
resulting in heightened stress levels,
emotional turmoil, and deteriorating mental
health.

The DebtBusters’ second annual Money Stress Tracker for July 2023
surveyed website and platform users and more than 35,000 responses
were collected. The findings reveal that three out of four South Africans
are currently experiencing financial stress, marking a 12% increase from
the previous year. Women, in particular, report feeling the impact of
financial stress in their homes, workplaces, and on their health. Lowerincome
earners are the most stressed, while higher earners often find
themselves burdened with unsustainable debt.
Psychotherapist and transactional analyst, Diane Salters, suggests that
individuals facing significant debt may experience emotions like shame
and fear. This emotional burden can cloud their judgment, pushing them
into instinctual fight, flight, or freeze responses.
Unaddressed mental health issues, such as depression and anxiety,
reportedly cost the South African economy an estimated R161 billion
annually, according to Investec Focus Radio SA. Recognizing the
profound influence of economic challenges and poor financial habits
on mental health allows us to combat the associated stigma, provide
support, and foster a healthier, more resilient society. These actions can
contribute to alleviating the struggles associated with both money and
mental health.
Rather than succumbing to automatic responses like fight, flight,
or freeze, we encourage consumers to take the initial step towards
regaining control of their finances. Empower yourself with information
and explore available solutions for financial relief.
A good starting point is to visit www.debtbusters-client.co.za to access
your current credit report and gain insight into your financial and debt
management risk. Armed with this knowledge, you can make informed
decisions about your next financial steps.

No more debt-stress.
Let’s get it sorted.
We’ll get your interest rates right down. You’ll
make one consolidated payment a month. You’ll
have more cash to live on. Your assets will be
legally protected. Sorted.
0861 365 910
www.debtbusters.co.za
info@debtbusters.co.za
NCRDC2484

CONTENTS
I WANT IT NOW!
BEWARE BLACK
FRIDAY HYSTERIA
THE 10TH
ANNUAL DEBT
REVIEW AWARDS
2023
CAR LOANS AND
PRESCRIBED
DEBT
SERVICE
DIRECTORY
DISCLAIMER
Debtfree Magazine considers its sources reliable and verifies as
much information as possible. However, reporting inaccuracies
can occur, consequently readers using this information do so
at their own risk. Debtfree Magazine makes content available
with the understanding that the publisher is not rendering legal
services or financial advice. Although persons and companies
mentioned herein are believed to be reputable, neither
Debtfree Magazine nor any of its employees, sales executives
or contributors accept any responsibility whatsoever for their
activities. Debtfree Magazine contains material supplied to
us by advertisers which does not necessarily reflect the views
and opinions of the Debtfree Magazine team. No person,
organization or party can copy or re-produce the content
on this site and/or magazine or any part of this publication
without a written consent from the editors’ panel and the
author of the content, as applicable. Debtfree Magazine,
authors and contributors reserve their rights with regards to
copyright of their work.

I WANT IT
NOW!
THE DANGERS OF
INSTANT GRATIFICATION

I WANT IT NOW...
THE INSTANT GRATIFICATION
GENERATION
People these days tend to seek instant gratification in all
aspects of life.
Whether it’s the impulse to buy now, rather than save up for it, to
indulge in a fleeting pleasure through the use of drugs, or avoid longterm
planning, the desire for instant rewards often drives our decisions.
Our attention spans are shorter, and working hard for things is less
desirable than ever before.
Instant gratification can also affect moral decisions. People make
impulsive choices in pursuit of short-lived pleasures, such as cheating
on a partner or substance abuse. Criminals seldom think of the long
term consequences of their actions and rather focus on the “now”.
Even the planet suffers when society prioritizes immediate gains
over long-term sustainability. The depletion of natural resources and
rampant pollution, driven by the desire for short-term profits, has had
severe ecological consequences.
Say “good bye” to the Antarctic ice shelfs and “hello” to global mass
refugee migration, due to rising sea levels and extreme weather.

I WANT IT NOW...
WHAT IS INSTANT
GRATIFICATION?
Instant gratification is the pursuit of
immediate satisfaction or pleasure
without thinking about or worrying
about the long-term consequences,
e.g. when people prioritize shortterm
rewards over potential future
benefits.
It is the opposite of delayed gratification, which
often involves doing work now for future
benefits. Think about studying for a big test. If
you put in the effort and study ling in advance,
you might not feel great instantly, but you’ll do
better on the test. That’s delayed gratification,
where the reward comes later.
Children in particular, hate to wait, and are
known for their desire for things NOW. While
our impulse control may improve as we get
older, many of us still have a strong desire for
instant gratification. Waiting is just so boring!!!

I WANT IT NOW...
INSTANT GRATIFICATION
& MONEY
One of the dangers of instant
gratification is the taking on more
and more debt in the form of credit.
With the ease of access to credit
these days, few consumers really
have to wait to get things.
Impulse spending, driven by the desire for
instant satisfaction or gratification, can
unfortunately lead to serious financial
troubles, especially when people use their
credit without thinking about the long-term
consequences of having to pay back the debt
at high interest rates.
Consumers often go for instant gratification
while credit providers are looking for delayed
gratification or profit making.

I WANT IT NOW...
TO SAVE OR
SPEND?
Very few people are saving money any more. A small
portion of formally employed people have some sort of
retirement fund but even then, they are seldom setting
aside other money towards upcoming annual expenses
(eg. your car license or a car service).
Increased dependence on credit and a desire for instant gratification
has led to prioritizing immediate desires over setting money aside for
possible emergencies, education, or retirement. This can leave people
financially vulnerable when unexpected expenses come along.
This is even true for people in debt review who have had professional
budgeting help from a Debt Counsellor, and have been encouraged to
save something each month.
Have you been saving for December holidays?
Have you been saving towards back to school costs in January?
It’s not too late to start now.

I WANT IT NOW...
DEBT REVIEW & DELAYED
GRATIFICATION
Delayed gratification is like making
a smart and patient choice, where
you decide to wait for a reward that’s
even more satisfying in the long run
than short term.
For example, paying off debt to become debt
free.
Owing a lot of credit providers on your credit
cards or loans can be super stressful. It’s like
having a massive weight on your shoulders,
and the collections process can be unrelenting.
While instant gratification would be to spend
your money on something fun right now, like
going out to eat, buying cool gadgets, or going
on vacation, that would leave you in debt and
dealing with that resulting stress.
Instead of going for that instant reward, rather
talk to a Debt Counsellor and make a plan to
pay off your debt, bit by bit.

It means choosing to use your money to fix
your financial situation before treating yourself
to more luxuries. This will mean cutting
back on non-essential expenses, sticking to
a realistic budget, and consistently making
monthly payments towards your debt.
It’s not as immediately exciting as a shopping
spree, but as you stick to your restructuring
plan and work towards becoming debt free, the
satisfaction you’ll feel when you finally achieve
that goal is incredible! Each time you settle one
of your smaller accounts, you have a satisfying
feeling.
Soon, you will be able to use all your money for
things you truly value, without having to pay off
any debt.
One of the benefits of debt review and slowly
paying off your debts one by one, is the peace
of mind that you get from knowing you are
finally getting free of your debt burden.

I WANT IT NOW...
WORKING TOWARDS A DEBT
FREE FUTURE
Life’s not always about quick fixes
and instant gratification. Sometimes,
you need to work hard and be
patient to get the best results.
Delayed gratification, for those in debt review,
means sacrificing some quick joys for a much
bigger and more lasting reward in the future.
Sure, instant gratification is like a tasty snack,
it is nice and yummy but it only lasts for a little
while. And yes, we all need a little fun every
now and then, but don’t forget about the big,
fulfilling meal you’re working towards in the
long run like getting out of debt.
If you are in debt review, keep reminding
yourself of the progress you are making. Track
your progress. Stick to your monthly repayment
plan and stick to your budget. Getting out of
debt will be one of the most liberating feelings
you will ever have in life.

BEWARE
BLACK
FRIDAY
HYSTERIA

BEWARE BLACK FRIDAY HYSTERIA
WHAT IS
BLACK FRIDAY?
Black Friday is an annual shopping event that originated
in the United States. Traditionally it takes place the day
after the American Thanksgiving holiday (which is the
fourth Thursday in November).
Black Friday marks the unofficial start of the what can be called the
‘holiday shopping season’. It is famous because in the USA, retailers
offer amazing discounts and fabulous low cost promotions, slashing
prices on various in demand products.
These days, many local retailers start offering early access to Black
Friday “specials” or even run a Black Friday month long event with daily
specials offering discounts. And Black Friday is often followed by some
sort of Cyber Monday, with lots of specials on tech and IT gadgets.
Black Friday sales can be quite substantial, and it’s not uncommon for
people to wait in long lines overnight or go shopping at the crack of
dawn to get the best deals. We have all seen those videos of people
storming into stores and knocking over old grannies to grab sales
items.

?

BEWARE BLACK FRIDAY HYSTERIA
WHY
BLACK FRIDAY?
The name "Black Friday" is said to have come from the
idea that retailers’ financial records would go from
being "in the red" (where in the olden days people wrote
losses in red ink) to being "in the black" (indicating
profits) on this day due to the high volume of sales.
It has become a significant event for both retailers and consumers and
social media and sales emails can really get you all hyped up to spend,
spend, spend.
It is shopping FOMO on steroids.
When everyone around you is spending and talking about the amazing
deals they got, it can be hard not to just join in, even if you can’t really
afford it. This is why it can be difficult for those sticking to a budget to
avoid giving in and splurging on something nice even if they do not
really need it or really need it now.
But the retailers are eager to get you in their stores spending all your
money so they can go from being ‘in the red’ to ‘being in the black’.

BEWARE BLACK FRIDAY HYSTERIA
BE VERY, VERY
CAREFUL!!
If you are in debt review, carefully consider if you need
to get something for Black Friday.
Beware of the FOMO getting the best of you. While instant gratification
can be fun, it can seriously impact on your saving towards other
important annual costs. And if it messes with your ability to make your
debt repayment in November it is simply not worth it. You can lose all
the progress you have made to date. That’s a bad exchange no matter
how good the deal.
If you have slowly been saving towards a certain item and will do some
shopping around for the best advertised deal then that’s probably ok
but beware of just buying something on impulse because it is a good
price.
Some people who are living on less simply decide to totally ignore all
the media hype and adverts instead of being sucked in. Others decide
to keep an eye out for items they are actively shopping for or have
been saving towards.
Whatever you decide to do this year, beware of Black Friday Hysteria!

CAR LOANS
AND
PRESCRIBED
DEBT

CAR LOANS AND PRESCRIBED DEBT
WHEN IT RAINS
IT STORMS
Many consumers have become
aware that if you do not make
payment on a debt nor acknowledge
the debt with a credit provider for
3 years, and they fail to sue you for
the credit, the debt “prescribes”.
This means that the debt can no longer be
collected by the credit provider. The debt has
died. They missed their window of opportunity
to collect more funds from the consumer. The
credit provider should have served a summons
and gone to court during this time if they were
serious.
Some wonder how this applies to vehicle
finance.
While it is possible that the situation may
come up (however unlikely) that the bank
forgets to take the matter to court after so

many missed payments, there is a slight
difference with vehicle finance compared to
other forms of credit.
When a consumer takes finance to pay off
a car, the vehicle actually belongs to the
bank during this time. Only once the total is
repaid will the papers be signed over to the
consumer.
So, if a consumer defaults on debt repayments
and somehow the debt prescribes, the credit
provider would lose their right to collect the
finance amount. What they would not lose is
their right to repossess their vehicle which
the consumer is simply driving around in.
Just something to keep in mind should the
situation ever arise.

DEBT REVIEW
DID YOU KNOW?
While in debt review you will get a statement from
your Payment Distribution Agent which shows your
accounts and the payments made. They will also
keep copies of the proof of payments in case they
are ever needed.
These statements can help you track your progress.
You should save a copy somewhere safe.
If you change your email address don’t forget to
tell your Debt Counsellor and PDA so that you
don’t miss these statements.

info@debtbusters.co.za
We won!
www.debtbusters.co.za
0861 365 910
We’re proud to announce that we won the highest rated
Debt Review Practice in the NATIONAL + category at the
10th Annual Debt Review Awards 2023
We’re proud to announce that we won the highest rated
Debt Review Practice in the NATIONAL + category at the
10th Annual Debt Review Awards 2023
0861 365 910
www.debtbusters.co.za
We won!
info@debtbusters.co.za

The annual Debt review
Awards gala was held on
the 20th of October 2023 in
Woodmead, Gauteng. The
show was live streamed to
thousands of people across
South Africa via YouTube.
The Debtfree Magazine team assisted others
in organising and hosting the event. Here are
some of the highlights from the event.
ABSA Workshop
Even before the Debt Review Awards Gala,
Debt Counsellors got to enjoy a linked
event with ABSA. On the 19th of October
2023, ABSA held an in person workshop in
Johannesburg at the ABSA Towers.
Around 80 Debt Counsellors go to meet and
spend time with the entire ABSA team. It is
always good to put a face to the name in
emails or a voice on the phone.
After some time getting to know each other,
it was time to dive into various procedural

matters and Debt Counsellors were walked
through the various steps of ABSA’s process.
Along the way there were many questions
from those newer in the industry and those
more experienced.
Much of the discussion focused on ABSA’s
new portal which Debt Counsellors can use to
push and pull information from. If you would
like to know more about the Portal ABSA are
happy to share information about how you
can get the most out of this exciting piece of
software.
Thank you to ABSA for making their venue
available and being so active in engaging with
Debt Counsellors and thanks for the lunch
and refreshments too!
DC | CP Meet Up
On the afternoon of the 19th, some guests
then made their way to Nutun’s Sandton
offices where they joined around 100 other
Debt Counsellors, credit providers, PDAs,
attorneys, representatives from the NCT and
others for the DC|CP Meet Up.
The idea was once again to allow those
who work in different cities across SA to get
together in person and spend some time

getting to know each other better. The beautiful Nutun building and
the spacious auditorium allowed all who attended plenty space to
dive deep into various industry hot topics.
First Carl de Villiers of Nutun welcomed everyone and assured them
of Nutun’s commitment to the debt review process. Then Anila Pillaye
who heads up the debt review team made an exciting announcement
in regard to Nutun’s brand new portal.
Guests were given a preview of what the system can do. It is designed
with both credit providers (who can use it to manage their debt
review matters) and Debt Counsellors (to access information) in mind.
After this, there was an enthusiastic panel discussion, featuring
various industry role players who lead a busy discussion, into such
topics as possible changes to Debt Counsellors fees (in particular the
restructuring fee times) and the real cost of legal work for those in
debt review.
There was discussion about insurance and the risk to the industry
due to the long outstanding update to PDA fees. With so many key
industry people in attendance it was interesting to hear what is really
going on in the industry.
Special Thanks to NUTUN for hosting us at their beautiful venue and
providing refreshments and snacks. We all had a great time.

Visitors Meeting & After
Awards Dinners
Guests who travelled in to be at the event also had the opportunity
to spend some additional time together on the evening before and of
the Awards Gala.
Everyone had a good time chatting and sharing their “war stories” at
the restaurant spots.
Special Thanks To Eddie of DCCP for helping look after our visitors in
the evenings. It was a great way to spend the evenings.

THE AWARDS INDUSTRY PRESHOW
The Gala
Held on a Friday afternoon, 200 guests from across all parts of
the industry gathered in person to enjoy the Awards Gala. We had
representatives from the NCR, NCT, the various PDAs, the various
banks and large credit providers and lots of local and Top 10 Debt
Counsellors.
Guest were treated to a little bit of a welcome scare by our resident
human shaped bush. Be sure to catch some of the online clips of
guests getting a skrik on our social media channels.

Online Guests
This year the YouTube stream attracted more
guests than ever with offices across the
country tuning in for a little Friday afternoon
fun. Many people got dressed up and enjoyed
some snack and were able to be part of all the
action this year.
Ai yai yai yai yai
In a bit of an experiment with the effectiveness
of Large Language Models commonly referred
to as Ai these days, the opening words of
the event were written (with some detailed
prompts of course) by ChatGPT. These words
were then fed into an Ai Avatar creator and Ai
Zak was on hand to both amuse and terrify the
guests.
Speeches
After a warm welcome to the event from
Verushka Gilbert of the DTIC the audience
were commended for their ongoing efforts
by Debtfree Editor and Debt Review Awards
Founder Mr Zak King (the real one).
Then it was time to hear from consumers who
had been through the process with the help of
clients of Pioneer Debt Solutions.

Next up was an exciting debt relief
announcement by Nutun’s Capital Data team.
Having shortlisted several clients who were
over 60 they announced 3 clients whose
debt with them would be settled in full. This
has resulted in the saving of thousands and
thousands of rands for these consumers
who have loyally been sticking to the debt
repayments for some time.
Congratulations to:
Ms Audrey C (with National Debt Advisors)
Mr Ronnie B (with Liberty 42)
Mr Harry B (with DebtBusters)
Their Debt Counsellors have been informed
and arrangements have been made to assist
these clients move closer to being debt free.
Mr Trevor Bailey of the National Consumer
Tribunal was one of the key speakers at
the event and touted many of the new
developments at the NCT which will make
Debt Counsellors lives easier (incl a payment
gateway and mobile phone access to their
system). Trevor pointed to how the Awards are
a testimony to the professionalism and service
that is being offered to consumers by Debt
Counsellors, PDAs, the Regulator and credit
providers.

Moving to the “state of the Industry” address,
Mr Saishen Krishnan “SK” of Hyphen PDA broke
down some of the key industry goings on.
He focused on several key improvements
across the industry that benefit, consumers,
credit providers and Debt Counsellors.
Certain key changes to payments come into
effect during October and these will greatly
help the industry. SK has been at the forefront
of pushing for many of these changes so it
was nice to hear him speak first hand.
While he did touch on ongoing challenges the
PDA face (like fees and XXXX) the speech was
optimistic and focused on how far the industry
has come.
PDAs now distribute a whopping R1.4 Billion
a month from consumers back to their credit
providers. Amazing.
Well done to CollectNet, DC Partner, Hyphen
PDA and iPDA for their hard work on behalf of
consumers.

Associated Awards
Each year the Debt Review Awards works with
a number of industry role players to recognise
efforts made in the industry.
First up was Slipstream Technology and Mr
Scott van Staaden. This year the winner of the
Slipstream Technology Adoption Award went
to PayPlan Solutions.
Next were the ONE Significant Contribution
to the Industry Awards. Here two special
Red Piggy Bank Awards are given to those
individuals making a significant contribution to
the debt review industry.
The audience were very happy to hear CJ of
ONE announce that DCASA’s Vanessa Johst
was the winner of the Significant Contribution
to the Debt Review Process Award. She is
well known as a hard working and generous
person and helps organise all things DCASA
including the AGM and Annual Conference.
The Debtfree team were very proud that
our editor Mr Zak King was recognised and
received the ONE Significant Contribution
to the Debt Review Industry Award this year.
It was extra sweet that this happened at the
event that he was helping run on the day.
Well done Zak!

NEW Category &
New Award
For many years the legal side of debt review
has not been recognised during the Awards
even though the legal fraternity (for both
consumers and credit providers) are hard at
work daily handling debt review matters.
This year Mr Benay Sager of the National
Debt Counsellors Association and Head of
DebtBusters handed out two certificates of
recognition. The first went to DL Attorneys
(who represent Debt Counsellors and
consumers) and the second to Kemp &
Associates who represent credit providers. It
is hoped that one day there may be Awards in
this new category.
In a somewhat emotional speech Mr Sager
then announced a new Award. The Nousheen
Pore Award. Nousheen was a well known
attorney who was vibrant and a real mentor
to many in the industry and the Award in her
name is aimed at encouraging others to do
the same. Decided by an industry expert panel
the very first Nousheen Pore Award went to
Cornel van Heerden of VHT Attorneys.

Steve Rosenberg of the Debt Review Awards
team presented the worlds longest and most
boring speech explaining all the ins and outs
of the Awards process.
While most people fell asleep during this
part, some stayed glued to the screens as he
performed a rather cheeky progressive outfit
change during the speech starting in a suit
and tie transitioning to a bowtie and looking
far more casual. Sneaky, but we see you Steve!
There was also the chance to acknowledge
our Auditors for the afternoon (and whole
process) Moore SA, and in particular Mr
Clifford Voux.
Our thanks go out to Mr Barry Fuchs of Moore
SA for his ongoing help and advice with the
audit process each year. Thank you Moore SA.

PDA Awards
This year DC Partner PDA were very excited
to take home both awards in the PDA section
being recognised by both credit providers and
Debt Counsellors.
Credit Provider
Awards
ABSA went home with two Golden Piggy Bank
Awards and a Certificate of recognition this
year. They scooped up the Most Improved
Debt Review Department certificate, the
Award for Vehicle Finance Credit Provider and
Banks: Secured Credit
Other winners on the evening were Consumer
Friend, Old Mutual, FinChoice, Nedbank
and taking the Highest Rated Debt Review
Department was African Bank.

Debt Counsellor
Awards
55 Different Debt Counselling practices of all
sizes were recognised in this year’s process.
These were the hard working Top 10 in the
Boutique, Small, Medium, Large and National
categories and the Top 5 in the National +
category.
This year the largest category (traditionally
called “National”) was split for the first time
since 2016 into:
(a) National Debt Counselling Practice; and
(b) the new National + category.
The highest rated practices this year were:
Boutique| Debt Solutions
Small| Master Your Money
Medium | Debt Fresh
Large| Credit Matters
National | Octogen
National + | DebtBusters
Congratulations to all those recognised!

Time To Chat
After the live stream ended the guests at the venue enjoyed some
delicious snacks and some time to mingle and network.
The organisers want to thank the staff and owners of The Tryst for
hosting the event at their wonderful venue.

We want to thank all our Sponsors and Supporters who helped make
the process possible during 2022- 2023. Your contributions and

support make it possible to run the process throughout the entire
year and organise the Debt Review Awards Gala and Online Show.

WHAT DO DEBT
COUNSELLORS
EARN?

WHAT DO DC’S EARN
DEBT REVIEW
FEES...
You may wonder what a
professional, NCR registered Debt
Counsellor earns each month as
they assist consumers on the road to
financial recovery.
With the National Credit Regulator (NCR)
looking at the fees that are charged for
debt review Debtfree Magazine wondered
about the other side of the fee’s issue, not at
what consumers are paying but what Debt
Counsellors are earning.
According to Stats SA, in South Africa the
average salary is currently R26 000/month
(before tax). That’s roughly R325/hour.
Now remember that an average takes into
account the very highest earning individuals
in SA as well (and they earn…a lot) but
interestingly excludes agricultural workers
according to the Stats SA report. Still, it does
give some idea of whether Debt Counsellors
earn above or below the middle ground in SA.

WHAT DO DC’S EARN
OUR
SURVEY
In our survey we asked Debt
Counsellors about (1) the newest
junior Debt Counsellors, (2) ones
who have been working for some
time and then (3) the original owner
or most senior Debt Counsellor at
their practice.
Smaller Debt Counsellor practices tend to
pay all their bills first (incl. for a support staff
member or two) and then take what is left
over each month. Those monthly bills would
include rent, electricity, computers, IT support,
advertising, maintenance, office supplies etc.
Many times, Debt Counsellors working in a
group will earn some additional commission
if the client sticks with the process for a
longer time and this is then factored into the
replies we got from those working in a larger
practice.

70% of respondents worked alone while 30%
work with other Debt Counsellors as part of a
bigger team or practice.
Some Debt Counsellors noted that they
only take on a very small number of clients a
month (eg 3) even though they have been in
practice for many years. They then use funds
coming in from these new clients to cover the
costs of running their monthly expenses in
their practice.
This meant that they themselves take hardly
any funds home themselves. Among these
Debt Counsellors around 10% take home less
than R5000 a month.

WHAT DO DC’S EARN
JUNIOR DEBT
COUNSELLOR
Fresh off doing the NCR National Credit Act course
these are brand new Debt Counsellors who have just
registered with the Regulator and begun working in
the industry.
They may practice on their own or have been working at a larger
practice in a support capacity and now qualified as Debt Counsellors
themselves.
R5000 30%
Above R5000 – R10 000 50%
Above R10 000 – R15 000 10%
More 5%
No Junior DCs in our practice 5%
The majority of Debt Counsellors (80%) in this category earn under or
close to R10 000 a month. This translates to less than R63/hour.

WHAT DO DC’S EARN
MID-LEVEL DEBT
COUNSELLOR
These Debt Counsellors now have some experience in
the field and have been in practice for a few years.
R5000 15%
Above R5000 – R10 000 25%
Above R10 000 – R15 000 25%
Above R15 000 – R20 000 25%
More 5%
No Midlevel DCs in our practice 5%
The majority of Debt Counsellors in this category (50%) earn between
R10 000 and R20 000 a month with only a tiny handful earning more.

WHAT DO DC’S EARN
SENIOR DEBT
COUNSELLOR
Statistically speaking* perhaps only 15% of the most
senior Debt Counsellors in the entire industry earn
above the National Average wage while around 85%
earn below it.
R5000 10%
Above R5000 – R10 000 25%
Above R10 000 – R15 000 20%
Above R15 000 – R20 000 10%
Above R20 000 – R25 000 20%
Above R25 000 – R30 000 5%
More 10%
We even see some very senior Debt Counsellors only taking home
R5000 a month despite being in the industry for many years. This
means they must have other forms of employment helping them
cover their own costs. Tragically their years of experience are spent
helping only a handful of consumers.
*
BASED ON THIS SURVEY

The NCR will be discussing debt review fees in the months ahead but
there has as yet been no indication that any detailed research has
been done at CIF level in regard to the amount of time (hours) it takes
to assist a consumer through debt review nor what Debt Counsellors
actually earn across the country.

DEBT REVIEW
Did You Know?
When you enter debt review your statements from your
credit providers might not 100% match the statement
you get each month from your Payment Distribution
Agent (PDA). This is because the statements from the
PDA show a rough calculation.
Credit Provider statements might also be showing
the incorrect balances if they have not adjusted their
computer system to match your debt review.