I would love to say that 2024 flew by in a blur but…it has been a loooong year.
True, now that we are at the end of the year looking back it does seem to have gone by in a rush but there were some tough periods there for everyone. It’s been a mixed year of positives and negatives.
‘Debt Counsellors got to help more people this year than almost any year before’
As a group, Debt Counsellors got to help more people this year than almost any year before. There are now about 260 000 plus people paying their debt review through the various PDAs. Seeing overall growth is a positive sign as it means more people are reaching out for help despite some of the reputational challenges debt review has. That’s good.
But, things have slowed down a bit near the end of the year as consumers dip into retirement funds instead of dealing with debt. Not good.
PDAs continue to deal with a weak fee structure that reduces their ability to provide added services that Debt Counsellors would love to see. Still, they have more clients now than ever. On the other hand, it is estimated by credit providers that as many as 30% of people paying something every now and then through debt review may not be using a PDA (they are guessing at that stat though).
‘Hundreds of thousands of consumers are using debt review to deal with their debt and getting some of the best service ever’
Hundreds of thousands of consumers are using debt review to deal with their debt and getting some of the best service ever but at the same time the NCR has been swamped by complaints from other people saying they didn’t realise they were signing up for debt review (even though they signed that they did). That’s a problem.
And the big talking point of the year has been people pushing get out of debt review scams. Consumers falling for these scams have lost millions of rand.
There is even talk of some rotten Debt Counsellors offering debt review on one hand and then later offering consumers get out of debt review services on the other. It is said, they are making money off the same consumers twice and leaving them worse off than before they began the debt review process.
If anyone offers you get out of debt review services please tell them to “go jump in the lake”.
At the same time, there are about a million people who have a bogus legacy debt review status at credit bureaus that in no way relates to their daily present reality. Its, basically, totally incorrect (though legally true). The media have caught on and pressure is mounting on the NCR and DTI to do something about it.
On our side, we had personal losses and transport challenges for members of the team but also so many new subscribers and a really great Debt Review Awards.
So, a real mixed bag of a year.