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Fin24


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

Cape Town – Government’s intention to implement a debt forgiveness programme for over-indebted households poses a major threat to the financial sector, according to Neil Roets, CEO of debt management company Debt Rescue. In a discussion document presented to Parliament, MacDonald Netshitenzhe, acting deputy director general at the consumer and corporate division of the Department… Continued

Cape Town – A fuel price hike in May would have an immediate impact on the prices of virtually all goods and services, said Neil Roets, CEO of debt counselling firm Debt Rescue. The Automobile Association’s (AA) mid-month data issued on Tuesday is forecasting petrol to increase by up to 55 cents a litre in… Continued

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

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