Consumer Welfare Mediators Johannesburg

The repo rate has been raised to 7.75% by the Reserve Bank, an enormous 50 basis points higher.

Repo rate hiked by 50 basis points to 7.75% Reserve Bank Governor Lesetja Kganyago said that high inflation, persistent load shedding, global geopolitical tensions, as well as elevated global price levels were the main drivers of the latest hike.

Happy Consumer and Human Rights Day.
"In giving rights to others which belong to them, we give rights to ourselves and to our country"

A SEQUESTRATION NOTICE IS WHAT?

You or any of your creditors may ask the court to sequestrate your estate, which consists of everything you own and owe. In order for your estate to be sequestrated, the court must be convinced that doing so will benefit your creditors and that doing so will ensure that they receive at least ten cents of every Rand owing to them.
Sequestration has the effect of declaring your estate insolvent, forcing your creditors to accept payment of whatever your assets are worth in settlement of your debts.

As a result of Eskom receiving an 18.65% rate increase from the National Energy Regulator of South Africa (Nersa) to assist it pay off its debt, consumers will now have to deal with increased electricity prices. The company had requested 32% for 2022–2023; however, Eskom will receive an additional 12.74% in April 2024.

Eskom tariff hike will cut national minimum wage offer by 47% Report cautions that many workers will be no better off than they were last year.

Can a credit provider access my credit record without my permission?

A credit provider must obtain your permission before accessing your credit records. Credit bureaus may only report or release your consumer confidential information (which includes your credit record) to you or to any other person that you have given permission to receive it. Without your permission, a credit bureau may only report or release your credit may only report or release your credit record as directed by an order of a court or the National Consumer Tribunal or to the extent permitted or required by other national legislation or provincial legislation.

Compliments to the New Year.
Start your year of by knowing your financial position.
You have the right to obtain a copy of your credit record from each registered credit bureau once a year at no cost or charge.
To get your credit records you must contact the credit bureau who may require a copy of your ID book, passport or driver’s license. You may also be required to fill out a form giving the credit bureau permission to release the information to you.

“It is more important than ever to make our families the center of our lives and the top of our priorities.”
—L. Tom Perry

"Instead of hatred and revenge we chose reconciliation and nation building" Nelson Mandela

Received a demand or summons for payment on an account?

If you receive a summons concerning a debt and you cannot afford to pay it, do not simply ignore it. The summons you receive will tell you how many days you have to respond.

I want to remove my name under debt review but have not finished paying my debt. Is it possible?

Yes, this can be done if your debt review was made an order of court and the court order is subsequently rescinded OR an application is made to court to have you declared “not over-indebted.”

In comparison to their own personal and household budgets, the ordinary family spends more time organizing their vacations or leisure activities.
The holiday season is calling as a challenging 2022 draws to a close. Unfortunately, Christmas won't be very joyous for many because of layoffs, declining household incomes, and the financial impact of the Covid-19 outbreak, all of which have significantly decreased discretionary money.
Even with limited resources at your disposal, there are many methods to get through the holiday season and end the year on a strong financial footing. One of the most crucial tools to help you through difficult financial waters is a Budget.


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Will I be able to get credit while I am sequestrated?
YES. Any “new creditor” (i.e. a creditor who
allowed you credit after sequestration) can allow you credit, but you have an
obligation to disclose that you are insolvent before using the credit facility.
If the creditor is aware of the fact that you are insolvent and still gives you
credit, then the agreement is legal and binding on both parties.


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Sequestration is the legal process where an over-indebted consumer can ask for help from the state. It is called the Voluntary Surrender of Estate. It is done by laying bare your financial situation to the high court of South Africa in an application brought by an attorney on your behalf in the high court. Plainly put, it is when your liabilities exceed the value of your assets. This means that your total debt exceeds the value of your combined moveable and fixed or immovable assets.

Who qualifies for Voluntary Sequestration?

Consumers will extraordinary financial situations e.g

a) Extended reduction of salaries due to Covid-19
b) Divorce
c) Death
d) Unforeseen illness / Disability
e) Chronic illness
f) Retrenchment
g) Unforeseen expenses (damage to vehicle/ property)
i) Failed Debt Review Process - debts have increased instead of reduction

Happy Heritage Day South Africa.

Critical to set your budget correctly every month. Your budget must cover your living expenses. The difference between living expenses and your income informs the money available for paying your debts.


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Did You Know?
Removing debt review flag from ITC whilst maintaining a good credit record assists in your loan application, vehicle finance, and mortgage loan.


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Happy Woman's Day
Think like a queen.
A queen is not afraid to fail.
Failing is another stepping stone to greatness.

Struggling to manage your monthly installments payments??
We got the solution for you. For people who need short-term to medium-term debt relief without being flagged at the credit bureaux, debt mediation is a solution. We are registered with NCR as Alternative Dispute Resolution NCRADRA2. We will reduce your monthly installments and increase your credit score.

Have a safe and happy Youth Mouth

Did You Know?

Have a safe and blessed Workers' Day

"Freedom is nothing but a chance to be better" Albert Camus.
Happy Freedom Day.

Essential expenses are expenses one cannot live without. They are necessary for one to conduct their daily lives. Examples of essential expenses are rent, groceries, water & lights, rates & taxes, etc. Consumers are encouraged to be intentional about their budgets.

Have a Safe and Blessed Easter Sunday.

Will I be able to open a bank account?

YES, we strongly advised you do but it will be a standard savings account. Current or credit card accounts can be opened again once you have rehabilitated.

Lets Stand Together!
Happy Human Rights Day.

When to seek assistance with debt?

Receive a consistent monthly income amount.
Have been denied new credit by various credit providers.
Have a grievous-looking credit profile.
Have defaulted on your debt payments.
Receive constant ‘repossession’ threats concerning your assets (house/ vehicle).
Service your debt obligations with money allocated to your living costs.
Are experiencing severe debt stress.