News
DC Workshop May 2016
Yesterday (Thursday the 12th of May 2016), we were privileged to attend a Debt Counselling Workshop organised by Alan Manshon of The Money Clinic. It was attended by representatives of Credit Providers, Payment Distribution Agencies, Insurance Companies and the National Credit Regulator, as well as other Debt Counsellors.
It was made clear up front that the aim of the Workshop was NOT to try to solve all of the problems and arguments inherent in the Debt Review process. I can imagine the heckler in the front row immediately jumping up to shout, “What’s the point, then?” Thankfully, we have an answer for our hypothetical heckler. The point was to allow the parties mentioned above to meet and engage with each other, to express and listen to each other’s concerns, frustrations and opinions, and in so doing to open broader channels of communication, thereby improving awareness of obstacles, facilitiating resolving of issues and creating a better understanding of the entire process.
From our perspective, it was a very encouraging and positive day. In my opinion, the most positive aspects of the day were :
* The willingness of all parties (including senior representatives of the major banks and retailers) to have a frank and rational discussion, and
* The tacit agreement of all parties that we’re actually all working together to achieve the purposes of the National Credit Act, which includes addressing the over-indebtedness of consumers.
The main reason that I wanted to post this update is that I feel it’s important for the South African public to know that Debt Counsellors, Credit Providers and other stakeholders are prepared to work together to assist those who need help. That can only be good news for the “person in the street” AND the South African economy.