I’d like to say that 2024 flew by in a blur however…it has been a loooong 12 months.
True, now that we’re on the finish of the 12 months wanting again it does appear to have passed by in a rush however there have been some robust durations there for everybody. It’s been a combined 12 months of positives and negatives.
‘Debt Counsellors obtained to assist extra individuals this 12 months than virtually any 12 months earlier than’
As a bunch, Debt Counsellors obtained to assist extra individuals this 12 months than virtually any 12 months earlier than. There are actually about 260 000 plus individuals paying their debt evaluation by means of the assorted PDAs. Seeing total development is a constructive signal because it means extra individuals are reaching out for assist regardless of a number of the reputational challenges debt evaluation has. That’s good.
However, issues have slowed down a bit close to the top of the 12 months as customers dip into retirement funds as a substitute of coping with debt. Not good.
PDAs proceed to cope with a weak payment construction that reduces their capability to supply added providers that Debt Counsellors would like to see. Nonetheless, they’ve extra shoppers now than ever. Then again, it’s estimated by credit score suppliers that as many as 30% of individuals paying one thing now and again by means of debt evaluation is probably not utilizing a PDA (they’re guessing at that stat although).
‘Tons of of 1000’s of customers are utilizing debt evaluation to cope with their debt and getting a number of the finest service ever’
Tons of of 1000’s of customers are utilizing debt evaluation to cope with their debt and getting a number of the finest service ever however on the similar time the NCR has been swamped by complaints from different individuals saying they didn’t realise they have been signing up for debt evaluation (though they signed that they did). That’s an issue.
And the massive speaking level of the 12 months has been individuals pushing get out of debt evaluation scams. Customers falling for these scams have misplaced tens of millions of rand.
There may be even speak of some rotten Debt Counsellors providing debt evaluation on one hand after which later providing customers get out of debt evaluation providers on the opposite. It’s stated, they’re being profitable off the identical customers twice and leaving them worse off than earlier than they started the debt evaluation course of.
If anybody affords you get out of debt evaluation providers please inform them to “go leap within the lake”.
On the similar time, there are about 1,000,000 individuals who have a bogus legacy debt evaluation standing at credit score bureaus that under no circumstances pertains to their day by day current actuality. Its, principally, completely incorrect (although legally true). The media have caught on and stress is mounting on the NCR and DTI to do one thing about it.
On our facet, we had private losses and transport challenges for members of the crew but additionally so many new subscribers and a extremely nice Debt Evaluation Awards.
So, an actual combined bag of a 12 months.
