Debtfree Issue 202402 - DB

SPECIAL 

EDITION 

IS IT TIME 

TO START 

DEBT REVIEW? 

Issue 02 of 2024

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

FROM THE EDITOR 

Everyone has debt but few of us like to talk about 

it. It is almost as if it is a bad thing or something. It 

is interesting that in English we use two words to 

refer to the same thing, namely: credit and debt. 

One we all want and the other we all don’t want. Which is made 

all the stranger by the fact that we are actually just talking about 

the same thing. 

Debt can destroy lives, can stress you out, it can break families 

and relationships and can even make you physically ill. So, yes. 

Debt is often a bad word. 

The question is: what can you do about it? 

These days we are all finding ourselves squeezed from every 

side and accessing credit has become a lifeline for many who 

are struggling to make ends meet. 

But even as we use that lifeline it can start to feel more and 

more like a noose that begins to squeeze us more and more. 

This month we join others in talking about debt awareness and 

the options you have for dealing with your debt. If debt is the

ad news then the fact that you have many options for dealing 

with your debt is the good news. 

If you are a parent then that good news may involve school 

fees. Did you know you can apply for some relief? Check out 

the article in this issue about how you might do that. 

If you don’t like having debt then now is the time to start to do 

something about it. Why wait? Take some action today. 

That may simply be tracking what you are spending each month 

(which can be surprisingly powerful) or talking openly with your 

family about your debt situation. If things are really bad then get 

help and please do it sooner rather than later. The longer you 

wait the harder it gets to sort your situation out. 

If you have already decided to deal with your debt via debt 

review then we also urge you to be open with your household 

and work together as a unit to get out of debt. Try out some of 

the tips in this issue that may support you as you work on your 

goal of getting out of debt. 

After all, regardless what word we use for it no one wants to be 

in debt…but everyone wants to be debt free.

FROM THE 

DESK 

EFFECTIVE DEBT MANAGEMENT 

THE KEY TO SORTING YOUR 

FINANCES THIS YEAR 

As National Debt Awareness Month 

2024 concludes, the main takeaways 

stay true and relevant for 

us all to consider and implement 

during the rest of this year. 

Yes, in 2023 SA consumers endured the 

most financially challenging year since its 

democracy. 

As shown in DebtBusters’ Q4 Debt Index 

2023, the combination of high interest

ates, inflation and poor growth had a major impact on consumers’ 

disposable incomes – making it more difficult for credit-active 

consumers to afford the re-payments. 

So, what can we do while the external economic factors and 

challenges are running its course? 

DebtBusters offers these top three tips to manage your debt 

effectively: 

It’s important to differentiate between debt and credit. When credit 

becomes a burden, and you find it difficult to afford your monthly 

repayments, you are in debt. If you find yourself in this situation, you 

need act and find ways to better manage your debt and to get back 

on a sound financial footing. 

1. Check and understand your credit score. 

A good credit score indicates that you are paying and 

utilising your credit agreements well, increasing your 

chances of accessing credit and better interest rates. But 

circumstances change, and a good practice is to view 

your credit score at least once a month to ensure you stay 

financially “healthy” and are aware of any risks. By law you 

are entitled to a free credit report from one of the credit 

bureaus annually, but there are also plenty of free online 

tools available which allow you to check your score as 

often as you like (see link at the end). Contrary to what 

many people believe, doing this will not negatively affect 

your credit score.

Viewing your credit score regularly and working through 

the report, will also give you an indication of the interest 

rates that you are paying and the effects rising interest and 

inflation is having on your finances. 

2. Work out how sustainable your debt-to-income ratio is. 

In simple terms this means understanding how much 

disposable income is left after you’ve made your credit 

repayments. DebtBusters’ research shows that if you spend 

more than 30% of your income to repay credit, it’s a red flag 

and you should be considering how to reduce that ratio. 

DebtBusters has created a free online tool to make it easy 

for consumers to see their Debt Sustainability Indicator 

(DSI) score –visit www.debtbusters-client.co.za and follow 

the prompts. 

3. Speak to an expert. 

If you are concerned about your debt, speak to an expert 

about what the options are to improve your situation and 

relieve your debt burden. Any reputable debt counsellor 

should be able to offer a free, no-obligation assessment 

and recommend a solution that could include debt 

consolidation or debt counselling.

DEBT REVIEW 

DON’T BELIEVE STRANGERS 

If you get a call from someone claiming to be 

from your bank, please be careful. There are 

many scammers out there. 

And often people who work for the bank do not 

have access to the right information and may 

even lie to you saying that your debt review 

payments are not coming through (especially in 

the first few months). 

The process is a legal one and goes via court. 

Beware of dealing with people who you don’t 

know on the phone. Rather let them talk to your 

attorney or your Debt Counsellor.

WITH GREAT 

POWER COMES... 

great responsibility 

a huge electricity bill

CONTENTS 

IS IT TIME FOR 

DEBT REVIEW? 

WILL DEBT 

REVIEW WORK 

FOR YOU? 

TALKING ABOUT 

DEBT WITHOUT 

A FIGHT 

NEWS 

CAN’T AFFORD 

SCHOOL FEES? 

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.

IS IT TIME 

TO START 

DEBT REVIEW? 

You may have been under 

serious financial strain for 

a while now and you are 

thinking about starting debt 

review but you worry it is a 

mistake. 

How do you know if it’s the 

right time?

IS IT TIME TO START DEBT REVIEW? 

THE BEST TIME 

IS NOW! 

Many of us fall into the trap of mixing 

up blind hope with positive thinking. 

We may reason that things are going to get 

better soon. Things are going to turn around. 

We just have to wait until…that raise or 

circumstances improve. 

But if you think back over the last few years 

(including the pandemic) do you feel that your 

finances have gotten better over time or are 

they starting to spiral out of control. 

If you had funds and wanted to learn to be a…. 

pilot or a doctor, when would be the best time 

to start studying? Would it be next year…the 

year after that, in 5 years time or today? 

We can all understand that the sooner you start 

something, the sooner you will be done. That’s 

why there is no time like today to start dealing 

with your debt. Not next week, not next year. 

Do it now and take back control.

YOUR CONTROL 

YOUR BUDGET


OUT OF CONTROL 

FINANCES 

When we are deep in debt we can fall into some pretty 

bad patterns. We start to avoid thinking about our 

finances because it is scary. And as the next disaster or 

set back comes along it just makes things worse. 

If you have stopped being able to save anything towards unplanned 

expenses then your budget is out of control. 

If you have cancelled insurance, you know you probably should have 

then your budget is out of control. 

If you have kids and all the back to school stuff (which you knew was 

coming) broke you this year then your finances are out of control. 

If you have started to think that taking out a new loan or getting an 

increase in your credit limits is the solution to your problems then 

your finances are out of control. You know more debt is not a real 

solution.


COLLECTIONS 

CALLS 

When you have started to miss 

payments then the collections calls 

start. The banks and credit providers 

want their money back and they will 

pester you until you pay it. 

You begin to get scared of unknown numbers 

or numbers that you think are from call centres 

trying to collect on your debt. 

Your creditors start sending scary sms and they 

are simply getting tired of you making promises 

that you already know you probably won’t be 

able to keep. 

Your phone is no longer a fun gadget it 

becomes a source of stress.


SCARY 

LETTERS 

Eventually, if the calls, emails and sms don’t get the 

response your credit providers want (money) they will 

decide enough is enough. 

This is when they will send you scary letters that are the final straw, 

the final chance to sort things out before they head to court. 

The letters will demand you sort things out and mention the National 

Credit Act Section 129 (or 130). They will offer you the chance to sort 

things out or go talk to a Debt Counsellor. 

This really is your final chance to get help before they start legal 

action. 

These days credit providers have to start legal action or they can 

lose the ability or right to collect on the money. This is because of 

something called ‘prescription’. They need to collect or lose out. So, 

they send you a final warning that they are letting the lawyers loose 

on you and taking you to court to get a judgement if you don’t pay or 

go into debt review.


THE LONGER 

YOU WAIT... 

If you are getting non stop collections 

calls, scary emails and sms or worse, 

scary letters mentioning NCA Section 

129 and Debt Counselling then now is 

the time. 

Don’t wait any longer. 

But perhaps you have not got those letters 

yet. Does that mean that things are still fine 

and maybe, just maybe your finances will turn 

around? 

• Take a look at your finances 2 years ago. 

How much debt did you have? 

• Look at your finances a year ago? How 

much debt did you have? 

• If you carry on as things are now… how 

much debt will you have next year?

If you debt has been growing year after year 

then now is the time to act. You see the 

pattern. The longer you wait, then by next year 

your debt will have grown again and things 

will be even harder to sort out. 

You will be deeper in the hole and when the 

next unplanned disaster comes along you will 

not be able to cope and you will potentially 

lose everything you have worked so hard to 

get.

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


NOW IS THE TIME TO 

GET ADVICE 

If you are unsure about what to do, then why not go 

talk to your local Debt Counsellor and ask them to 

look at your income, budget and debt? 

The stress you feel is mostly because you don’t have enough 

information to make the best choice. And without the information 

you might make the wrong decisions about your finances. So, get the 

information. 

As a trained professional, who knows finances and the banking 

system, a Debt Counsellor will have insights into all the different 

options that you have. The truth is that with all their training and 

experience they simply know things that you do not. So, ask them. It 

doesn’t even cost you anything to ask for advice. 

If debt review is the right option for you then they will tell you. If it is 

not, they will explain what other steps you can take instead. 

Take back control of your financial situation today! 

If you put off doing something about your situation, time will go by, 

your debt will continue to grow and things may be much worse than 

they are right now. There’s no time like the present.

WILL 

DEBT REVIEW 

WORK FOR 

YOU?

WILL DEBT REVIEW WORK FOR YOU? 

YOU ARE 

UNIQUE 

Debt review is a fantastic part of 

SA law and has helped hundreds of 

thousands of people to settle their 

debts in a realistic and manageable 

way since 2007. 

But you may be wondering if it is right for you. 

Will it work in your situation?


YOUR DEBT KEEPS 

GROWING 

Have you found that you are always in debt? 

Each month you pay your credit card, you make the minimum 

repayment into your overdraft and pay towards all your instalments 

on your loans or assets. You pay, pay and pay some more. Month after 

month and yet, you still seem to be in debt. 

Whenever you think you are making progress, something else comes 

along (your sister needs a loan desperately to cover school fees) and 

messes things up. And so all the progress you made is gone and you 

are back trapped paying off debt. 

Even if no disasters come along it feels like the interest portion on your 

debt is eating up your payments. It feels that way because it’s often true. 

Example: People who have a bond will over time probably 

pay around 3 times the purchase price of the house to the 

bank. So, if the house was R1mil you will pay the bank R3mil 

over the years because of interest. 

Sadly, for most of us we are good at paying our debt each month but 

once you are in debt you can be trapped there.


A LEGAL 

PROCESS 

When the National Credit Act was introduced in 2007, 

it did something that many other countries were still 

only thinking about. It had an amazing new process 

for consumers who were unable to meet all their debt 

obligations in a reasonable way. 

It offered protection from collections agents and harassment. It had 

a way for people to take back some of the power from the banks and 

avoid getting judgements against their names. This new process was 

called Debt Counselling 

A trained professional who is registered with the National Credit 

Regulator (NCR) would now be able to do a review of a person’s debt 

(a “debt review”) and make proposals to a court on how the debt 

could rather be repaid. The debt repayments would be reasonable and 

manageable. 

So, this was not just some random person trying to deal with their bank 

- begging for another few days to come up with the money. No, it was 

a professional and legal way to get protection and pay off debt. 

Debt review is a law. One that consumers, who qualify, can use to help 

bring their finances under control.


IT HAS WORKED FOR 

THOUSANDS 

Since 2007 hundreds of thousands of consumers who 

were over indebted have entered debt review and it has 

worked for them. 

The process has worked for people from all across South Africa. 

People with different financial situations. People of all ages, races and 

languages. 

The process can work for you too. 

Here are some quotes* from people who used the process to get their 

finances back under control: 

* We have removed the names of the individual practices so you can focus on the messages. 

A Married Couple: 

‘My wife and I cannot thank you enough for what you have 

done for us. I was mainly to be blamed for the debt we 

found ourselves in. I opened up a business, took loans for 

the capital and when things did not work out we were in 

deep trouble. We were depressed and emotionally drained. 

{The Debt Counselling Practice} brought peace into our lives 

and probably saved our marriage in the process. I will never 

forget what you have done for me and my family!’

A Married Couple: 

‘My wife and I cannot thank you 

enough for what you have done 

for us. I was mainly to be blamed 

for the debt we found ourselves 

in. I opened up a business, took 

loans for the capital and when 

things did not work out we 

were in deep trouble. We were 

depressed and emotionally 

drained. {The Debt Counselling 

Practice} brought peace into 

our lives and probably saved our 

marriage in the process. I will 

never forget what you have done 

for me and my family!’ 

A Young Professional 

‘Since I started working and 

earned my salary, I was so 

excited that did not realise I was 

also taking out too many loans. 

It got to a stage where I needed 

more and more loans to pay 

my current ones. I came across 

{The Debt Counselling Practice}, 

who managed to lower my 

payments so that I can afford to 

pay back my debts every month. 

I have learned a valuable lesson 

now and I am better because of 

them. Thank you’

A Retiree 

‘I was under debt review 

from 2016 until 2020. I had a 

wonderful team to assist me. 

{The Debt Counselling Practice} 

were always there to assist me, 

no matter the time of the day. 

Sometimes life happens and 

everything spirals out of control. 

I had creditors harassing and 

threatening me daily. It takes a 

lot of commitment and patience, 

but once you are declared 

debt free, it feels amazing. The 

whole team was always there 

to assist with whatever queries 

I had. Also, if you feel like you 

can’t cope with your financial 

obligations, give them a call. 

They will assist you to the best 

of their ability. Thank you very 

much for restoring my dignity. 

{The Debt Counselling Practice} 

strives for customer satisfaction 

and are very honest and 

thorough with you throughout 

the process. Up until today, I still 

have the debt clearance and I 

wear it with honor.’


THE COSTS ARE 

MINIMAL 

Some people worry about the cost of debt review. Since 

it is a professional service that has the potential to turn 

your financial future around it makes sense there will be 

some costs but they remarkably are really not high. 

1. The Monthly Account Fees 

These fees can be between R60 – R69 

For simplicity let’s use R60. 

Most people who enter debt review have on average 7 accounts. 

That means you are probably paying around R60 x 7 = R420 a 

month in account fees. These could disappear under debt review. 

2. Annual Fees 

Some credit providers charge you hundreds of rands in annual 

fees to have a card or an extra card for family members. These 

they often cut out all together when you enter debt review. 

3. Interest 

We all know that when we take out credit, we will pay interest. 

These fees can be high. Very high. They can eat up much of the 

debt repayments we make each month. They cost us thousands 

or even hundreds of thousands of rand over time.

Example: If you had R50 000 debt then at just 10% a year (and no 

one charges that little) that would mean an extra R6000 or more 

you have to repay in a year just to keep your debt stable. 

Of course, most people’s credit cards are at over double that 

%. Meaning you have to pay and pay just to cover the interest 

portion. 

Amazingly, when people enter debt review the banks and other credit 

providers have specialised debt review departments who take over 

dealing with your debts and they are able to offer reduced interest 

rates. 

How low can they go? 

The can, and regularly do, go to 0% on many unsecured debts. That’s 

amazing!!!! 

That can mean that instead of just paying and paying interest, you can 

finally put a serious dent into your actual debt each month and watch 

those balances start to come down.

DEBT REVIEW 

CHECK YOUR STATEMENTS 

If you are under debt review then you should get 

a statement via your Payment Distribution Agent 

every month. This will tell you where your money 

went. 

While they might look a little different to what 

your credit provider statements show, you should 

see the money come into those accounts. 

It is good to check and if you see something that 

confuses or worries you, then reach out to your 

Debt Counsellor (and send them the info and an 

explanation). 

They can investigate.


WHAT DOES THIS 

MEAN? 

It means that, simply because of the amazing 

concessions and reductions that most people get 

while under debt review, the small cost of the monthly 

retainer that is paid to your Debt Counsellor is nothing. 

You save much more than that based only on other fees you no 

longer have to pay due to credit provider concessions. 

And best of all the small Debt Counsellors fees are only drawn when 

you make you debt repayments. This means no up front fees. No 

extra fees. You don’t need a bundle of cash to enter the process. It is 

built into what you can realistically afford to repay each month. 

So, chat to a Debt Counsellor to get an idea of what the costs would 

be in your specific case (incl. what the legal fees will be since it goes 

to court). They can check that it is the right process for you, that you 

qualify and let you know roughly what your reduced debt repayments 

would be. 

You will be pleasantly surprised by how little it actually costs.


IT WILL WORK 

FOR YOU 

If you have been paying and paying 

your debts but feel like you are just 

treading water and not making any 

progress then it may be because of 

the fees and charges attached to 

credit. 

You may actually be trapped in debt. 

If you have tried to make arrangements in 

the past but you end up speaking to different 

people at the collections call centres and they 

make and then break deals then getting a court 

order will put an end to the uncertainty. 

And if your debts are growing over time and 

you are having to try get new credit to cover 

your costs, then you need help. 

And help is available due to the amazing 

National Credit Act and debt counselling.

The process works. Across the country, right 

now, there are hundreds of thousands of 

people in debt review who are not stressed 

about paying their debts this month because 

they know they can afford it. 

Better yet, they are enjoying lower instalments, 

no fees and reduced interest on their debts so 

it is costing them virtually nothing. They have 

the benefit of a professional in their corner 

offering them advice and help whenever they 

are unsure about what to do. 

It has worked for them and it will work for you 

if you are serious about getting out of debt.

YOU CAN 

DO IT! 

Debt review is not easy but it is also not impossible. 

Hundreds of thousands of people have used the 

process to get out of debt and you can to. 

If you would like to hear from some of the people who have 

successfully completed the process then you can check out this 

podcast which is all about debt review success: 

www.debtreviewwithdummies.co.za 

There are interviews with all sorts of people like: 

• A Hard Working Single Mom 

• A High Profile Businessman 

• A Radio DJ 

• Someone who fell for the “get out of debt review scams” 

• Someone who took a really long time in debt review 

• Someone who started a new job and things didn’t work out 

Their success stories show that anyone can complete debt review 

if they just stick with the process and work closely with their Debt 

Counsellor. 

Why not give the podcast a listen and see how they did it?

CAN’T 

AFFORD 

SCHOOL 

FEES?

CAN’T AFFORD SCHOOL FEES? 

THE COST OF 

EDUCATION 

If you have kids at school but are struggling to make 

ends meet you have several options including no fee 

schools and fee exemptions. 

According to the SA Schools Act, public schools must raise some of 

their own money by charging fees and doing fundraising. Parents can 

also voluntarily offer schools services or funds. 

Public schools do get government funding and then on top of that 

they also charge fees. These school fees don’t include extra fees like 

registration or administration charges. 

School fees are charged by schools to parents (not the kids). This 

is important for a variety of reasons as you will see below. And 

interestingly, schools can’t charge for extra subjects and orphans don’t 

have to pay school fees.


NO SCHOOL 

FEES 

Some schools don’t charge fees at all and are called ‘no 

fee schools’. 

For more info on those schools in the various provinces checkout this 

webpage: 

https://www.education.gov.za/Informationfor/ParentsandGuardians/SchoolFees.aspx


IF YOU CAN’T PAY OR 

DON’T PAY FEES 

Schools are allowed to take legal 

action against parents who don’t pay 

fees, but they can only do this after 

fully considering if the parents can’t 

afford the fees. 

Parents who cannot pay the normal school 

fees, for any reason, can ask the school for 

an exemption or reduction. Exemptions 

mean parents won’t have to pay fees, if they 

genuinely can’t afford them. Reductions can 

help reduce the pressure and allow parents to 

pay what they realistically can afford till things 

get better. 

Parents need to apply through the school 

(normally to a School Fee Committee) and 

provide evidence of why they can’t make the 

payments. Usually this is done at the start of 

the school year. Once this is done, they will be 

told if they’re approved within a week.

If parents disagree with an exemption decision, 

they can appeal to the Head of Department 

within a month. If no assistance is given to 

the parent by the School Fee Committee after 

they requested it, the principal of the school 

concerned must assist the parent in such an 

application or appeal. Also, no one can be 

rejected just because their application form is 

missing some info or wrong. 

Parents who are refused an exemption can 

appeal to the Head of Department within a 

month. The school has to help them with this 

process. The Head of Department will then 

make a decision within a week of getting all the 

information.


KIDS DON’T NEED TO STRESS 

ABOUT FEES 

Importantly, according to the 

Department of Basic Education and 

the SA Schools Act, students can’t 

be punished for their parents’ unpaid 

fees. 

Students can’t be stopped from joining school 

activities or getting their reports because of 

unpaid fees. 

If you are struggling to pay school fees why not 

apply to the school for an exemption or ask 

from a Debt Counsellor in supplying the school 

with information about your finances.

DEBT AWARENESS MONTH 

These companies participated in the February 2024 

Debt Awareness Month campaign

FEBRUARY IS 

NATIONAL DEBT AWARENESS MONTH 

Debt can be scary and stressful. That’s one of the 

many reasons we don’t really like to talk about it until 

absolutely necessary. 

But like many things in life, it is normally better to talk about problems 

before they escalate out of control. This is why Debt Counsellors 

promote talking about debt during February each year. 

Everyone Has Debt 

Most people have some form of debt these days. There is nothing 

unusual about that. But we all know that debt balances can start to go 

up and up when unexpected factors hit. 

It may be something like an unplanned expense regarding our vehicle 

or a medical emergency. These unplanned things can push our debt 

from being manageable into an ever worsening debt spiral. When this 

starts to happen it is not uncommon for couples or families to try and 

shield one another from stress by not talking about the situation. This 

can lead to some in the household over spending or even just spending 

as normal when there is a need to make changes to how money is 

being used.

Talk About It 

Households that are more open about their debt situation are more 

likely to be able to take action when things start to get out of control. 

Having an open discussion about household finances and debt in 

particular can help get things back on track before more drastic steps 

like debt review are needed. 

For those whose situation has gotten out of control and where 

pressure is mounting should seriously consider consulting with a 

professional to find out what options they have. 

Having a open discussion with a Debt Counsellor, for example, has 

helped hundreds of thousands of consumers turn their financial 

situation around.

SA BUDGET 2024 

HOW YOUR PERSONAL TAX 

IS GOING TO BE AFFECTED 

Money is tight and the Government are looking to limit spending 

and increase income. Other than the usual increases to sins tax 

Government decided to avoid introducing many new taxes or messing 

with VAT. There was one slightly different choice in regard to personal 

tax this year that may hit your pocket. 

In an effort to bring in an additional R15 billion more than usual, 

Finance Minister Enoch Godongwana outlined “new” tax brackets for 

personal income taxpayers in his annual Budget speech. 

Now, usually, there is a small annual increase in these tax brackets to 

allow for inflation. So, the tax brackets normally creep up a little bit 

each year. This normally means that people stay in the same bracket 

even if they earn slightly more due to increases in salary. 

The big change this year is that this is not going to happen. 

What this will mean is that if employers offered staff increases to try 

offset inflation, then some workers will migrate from one tax bracket 

into a higher bracket and have to pay a little more tax. 

The tax-free threshold for taxpayers under 65 years will remain at R95 

750 per year. 

You can check the chart to the left to see what those different tax 

brackets are and what the tax in each bracket is.

SA BUDGET 2024 

HOW YOUR SMALL BUSINESS TAX 

IS GOING TO BE AFFECTED 

Money is tight and the Government are looking to limit spending and 

increase income this year. While no new surprise taxes were added and 

while no changes were made to VAT there are some things small and 

micro business owners should be aware of. 

The tax brackets for small and micro businesses have not been 

adjusted higher to offset inflation and currency devaluation this year. 

This may result in you crossing from a lower tax bracket into a higher 

tax bracket. 

You can check the chart to the right to see what those different tax 

brackets are and what the tax in each bracket is.

TALKING 

ABOUT DEBT 

WITHOUT 

A FIGHT

TALKING ABOUT DEBT WITHOUT A FIGHT 

KEEP CALM AND TALK 

ABOUT IT 

Many couples fight over finances. 

It is one of the leading causes of 

divorce and separation. 

But debt cannot just be ignored. You really do 

need to talk about it or things can get out of 

control very quickly. 

So, how do you talk about debt without a big 

fight?


A REGULAR 

TIME 

Talking about debt can be tricky. You 

may start to say something about 

your debt situation and then hold 

back at the last minute. 

You may find yourself rehearsing a sentence 

or two to try and get a conversation going but 

then chicken out at the last minute over and 

over again. 

So, setting up a regular time or day each 

month to talk about debt can create the right 

forum to have these discussions.


KEEP IT SHORT 

AND SWEET 

Though you may be tempted to 

dive deep into your entire financial 

situation and have a 5 hour strategy 

session this can actually be counter 

productive (at first). 

If debt is a sensitive subject, then keeping 

discussions brief and informative can be best. 

It can reduce the amount of time during 

which tempers can fly and harsh words can 

creep in. 

Keep it factual for now. Just keep everyone 

informed of how things stand and what 

payments are needed.


THE BIGGEST 

RULE 

The most important part of such 

a discussion is not to blame one 

another or raise your voice. 

Keep things calm and avoid blaming each 

other. You may need to bite your tongue and 

hold back certain thoughts. 

It can be easy to blame and easy to point 

fingers but try to think of the big picture. 

Would you rather have all the information 

about your true financial situation or live in the 

dark? 

Rather than play the blame game remember 

that you are a team and the debt is the 

common enemy (not one another).


COULD YOU ADD A 

LITTLE FUN? 

Debt and fun do not go together. 

True. But could you make the 

evening or day when you talk about 

debt something to look forward to? 

How could you do that? 

Some households make the event a special 

occasion by having a fun family meal or 

linking it with another fun family activity (like a 

trip to the park or beach after the discussion). 

Even when finances are tight there are ways to 

link the chat with something fun and low cost. 

It might be as simple as a fun meal (Hotdogs 

or homemade pizza) or movie night. 

Try and reward yourselves for having the chat. 

It can help you look forward to the discussion 

rather than fear it.


IT’S HARD AT FIRST BUT 

GETS EASIER 

As with many things, setting up a 

regular time to talk about debt can 

be difficult. You may find excuses to 

avoid the conversation, particularly 

when things are not looking great 

or if one party in a relationship has 

more debt than the other. 

Still, if you are able to set up a regular time to 

discuss finances it will get easier over time. 

And once the routine is established it can 

become key to a successful financial future. 

Which is something we all want.

DEBT REVIEW 

Save Something 

If you are not saving anything each month then you 

may have to review your budget. 

Saving towards annual expenses or the unexpected 

is vital if you want to stay in the process. After all 

you can’t just get credit to deal with those things any 

more. 

Feel free to ask your Debt Counsellor for some 

advice.

BREAKING 

NEWS

TIRED OF SPAM CALLS? 

South Africa’s Information Regulator has decided 

that unwanted telemarketing amounts to ‘electronic 

communication’ and must be regulated in terms of the 

Protection of Personal Information Act. 

The Regulator has warned offenders who are specifically told 

by consumers not to contact them that they will potentially 

face fines up to R10 million or dramatically even jail time. 

So, if you are contacted than then opt out of being called 

and someone keeps phoning you they can now get into big 

trouble. 

The Regulator says they have already begun investigations 

on their own into 15 businesses that they feel are in danger 

of breaching the Act and have sent them notices to fix their 

operations or get into big trouble. 

So far, the Information Regulator has already issued a R5mill 

fine against the Department of Justice & Constitutional 

Development. They are now fighting over the fine in court.

SA TAXI 

You may recently have heard that Capital Data are going to 

collect on SA Taxi debt review matters. This is indeed true. If 

you received a notice then please take note of the details in 

the notice. 

For queries and correspondence reach out to: 

FrederickR@capitaldata.co.za and MbaliV@capitaldata.co.za 

and they have asked that you cc Brigittet@capitaldata.co.za 

on all emails.

FINCHOICE CHANGES 

Recently, Finchoice made the decision to prioritise electronic 

email communication from Debt Counsellors. They have 

asked that Debt Counsellors email rather than call as it fits 

their processes best and ensures Debt Counsellors are dealt 

with on a first come first served basis. 

Please note that the Finchoice debt review team are now 

starting at 7am and working till 4pm, Monday – Friday. Please 

keep this in mind when corresponding with them. 

Debt Counsellors are invited to email chendric@homechoice 

to let them know which PDA/s you make use of. They wish to 

send you correspondence in regard to your clients.

GETTING HOLD OF 

CAPITEC BANK 

Capitec Bank’s debt review department have asked that 

Debt Counsellors email them regarding matters rather than 

call. It is very important that you email the correct contact 

email for each matter or you can expect breakdowns in 

communication. 

Consumers are still invited to call them at their call centre if 

you require assistance.

AFRICAN BANK PAID UP 

LETTERS TAKE TIME 

Please note that African Bank wait 14 days after getting their 

last payment before they issue a paid up letter. They want to 

make sure the payment is not reversed or something. 

Consumers should keep this delay in mind when waiting for 

their Clearance Certificates.

POST BANK TO GET 

NEW BRANCHES? 

Government has expressed the desire to open their own 

State Owned Entity (SEO) bank. This has been on the cards 

for some time. Currently the closest to that dream is Post 

Bank which is part of the SA post office. 

Recently Minister of Communications Khumbudzo 

Ntshavheni said that Postbank is ready to take up the role of 

a “state bank in South Africa”. 

While this is not 100% the same thing, and we may still one 

day see a SEO bank in operation, plans are in place to try 

rescue Post Bank from the sinking ship that is the post office. 

Government has even created new legislation so that the 

bank can operate independent of the post office and say that 

once the SARB issues the right paperwork they plan to open 

another 100 Post Bank branches across SA.

Debtfree Issue 202402 - DB

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