In The Press

The industry’s top experts offer their best advice, research, how-to’s, and insights

Cape Town – The downgrade of South Africa’s sovereign debt rating to junk status by Standard and Poor’s is going to have a massive impact on deeply indebted South Africans, according to Neil Roets, CEO of debt management company Debt Rescue. S&P downgraded SA’s long-term foreign currency rating to sub-investment grade on Monday evening. The… Continued

[vc_row][vc_column width=”2/3″][vc_column_text]Johannesburg – A value-added tax (VAT) increase will have a devastating effect on the whole country, warned Debt Rescue CEO Neil Roets. South Africa’s VAT rate, which is somewhat lower than the global average, was introduced in 1991 at 10%. It was hiked to 14% in 1994. Currently, zero-rated items are brown bread, maize… Continued

Cape Town – The surprise victory by Donald Trump in the US presidential race could have negative consequences for indebted SA consumers. Trump’s uncertain policy stance will upset the establishment in Washington to the point that nobody knows exactly which direction he will follow, said Debt Rescue CEO Neil Roets in a statement on Wednesday.… Continued

Cape Town – The hike in Petrol price and diesel prices will have a major impact on consumers, who are already struggling to make ends meet, according to debt management firm Debt Rescue. The price of both grades of petrol will increase by 45c a litre on Wednesday. That means inland motorists will pay R13.05c/l… Continued

Cape Town – The tough ruling against Lewis Stores is a clear warning that illegal practices in the credit industry will not be tolerated, according to Debt Rescue CEO Neil Roets.  The National Credit Regulator (NCR) found Lewis Stores guilty of infringing the National Credit Act (NCA), relating to credit insurance and disability cover sold… Continued

Cape Town – It is a pity most debtors are not aware of laws which determine that a debt prescribes – therefore, becomes null and void – if a creditor has not attemped to collect it for three years, Debt Rescue CEO Neil Roets said on Monday. He explained that a joint survey conducted by… Continued

A Fin24 reader wants to know how prescribed debt works after she got a surprising call from attorneys demanding payment for the shortfall of her car that was repossessed 7 years ago. She writes: My car was repossessed 7 years back. Now attorneys are demanding payment for the shortfall. I would like to if the… Continued

Cape Town – Brexit does not bode well for SA consumers who are already heavily in debt and SA is on the eve of a perfect storm, which is going to affect everybody – especially the poorest of the poor, who spend more than 50% on food” cautioned Neil Roets, CEO of debt management firm… Continued

Cape Town – Consumers can’t afford the petrol levy amid growing levels of debt and soaring costs of living, according to Debt Rescue CEO Neil Roets. In a studio interview with News24 Live, Roets said that although the petrol levy is a meaningful form for revenue collection for the state, consumers can’t afford it with… Continued

Cape Town – Debt counsellors are seeing a sharp increase in the use of payday loans among South Africans in the 25-39 age group. Personal loans make up the biggest portion of the debt type for all ages, except the over-65s, according to statistics from Debt Rescue. The over-65s have more credit card debt than… Continued

Cape Town – It’s very easy to get into debt, but very difficult to escape once the debt monster has you in its clutches. Here are some practical tips from the experts at Debt Rescue on how not to get into debt in the first place: – Save for luxuries and buy cash; – Draft… Continued

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