President Cyril Ramaphosa signed a number of important bills at a recent sitting of the South African parliament on 13 August 2019. This includes the National Credit Amendment Bill Act No 7 of 2019, which is poised to have a positive impact on the lives of our nation’s most severely overindebted citizens.

Welcome back to our series discussing your rights as consumer in South Africa in 2019! Are you ready to find out more about the forward-thinking safeguards that exist in accordance with the National Credit Act? Let’s jump straight in. In our previous article we took at look at our right to apply for credit, and our right not to be discriminated against when applying for credit.

Today we’ll take a look at our second set of rights - the right to be given reasons for credit being declined, and the right to be given documents in an official language that you understand.

Nelson Mandela International Day is an annual international day declared in honour of Nelson Mandela by the United Nations in November 2009, and celebrated each year on 18 July, which was this great man’s birthday. Today, South Africans honour the 67 years Mandela spent in prison by devoting 67 minutes of their time on this day to make the world a better place.

As dedicated debt counsellors who take great pride in our efforts to help overindebted individuals to regain control of their finances, the Libertine Consultants team has had our fair share of disputes with South African banks who offset the accounts of our clients, leaving them unable to meet their monthly financial obligations. This highly contested practice has been a major issue in our industry since 2007, and has caused waves throughout the debt review industry for the past 12 years.

This is why we were so heartened to learn of the landmark ruling passed in the High Court of South Africa in June 2019 that deemed that the common law right to set off will no longer be applicable in respect of credit agreements which are subject to the National Credit Act. Here’s a breakdown of what this means.

Living in sunny South Africa can be a bit of an emotional rollercoaster sometimes – there are many things to be happy about, quite a bit to frown about and lots of challenges we have to face as a nation on a daily basis. However, when it comes to our National Credit Act, we have it very good. South Africa’s NCA is seen as one of the most progressive in the world, and has been tailored to look out for the consumer.

Father’s Day 2019 is right around the corner – have you decided on a gift for the special dad in your life? If you’re feeling a little cash-strapped and unsure about how to find a suitable gift that won’t leave you broke, we’ve got great news. At Libertine Consultants we always advocate for budget-friendly gifts – after all, no parent in the world would want their kids to go into debt to show their love and appreciation. To this end, we’ve rustled up a few gift ideas that are easy on the pocket.

In the 3-month period between December 2018 and February 2019, the number of default judgments for debt recorded had increased by 3.5%. Do you know what a default judgement is and how it affects your credit profile?

At Libertine Consultants, one of the services we offer is credit analysis, which offers our clients a report of their credit history so they may understand how potential creditors view them. One of the first things a loan institution will look at is whether you have a default judgement.

When Finance Minister Tito Mboweni delivered his budget speech in parliament on 20 February 2019, there was one group of South Africans who were listening avidly, and a second group who were busy sticking their heads in the sand as far as it would go. If you form part of the second group, we get it 100% - it can be very disheartening to get bad news every time you switch on the evening news. This is why soapies and cooking shows are so popular; it whisks us away from reality to enjoy a brief reprieve.

However, if you want to stay on top of your financial planning in South Africa in 2019, it pays to know what’s cooking in the national budget. Here are a few key take-outs from the Minister Mboweni’s speech in March to get you up to speed:

We recently published a summary of the most pressing changes that were addressed during the 2019 South African Budget Speech. While some of these shifts were positive, and others were less so, the fact remains that consumers have to be nimble in their response to the national budget allotment if they want to remain ahead of the curve and keep their spending in check. Here are a few simple ways in which finance pros are adjusting their spending after the 2019 Budget Speech (and you can too!):

If you have ever been in a situation where you felt unable to handle your debt, you will know what it would mean if someone was willing to throw you a lifeline that might enable you to walk away from the whole mess unscathed. It would give you the opportunity to start from scratch and rebuild you life without the looming shadow of countless creditors. Sound too good to be true? This is exactly what the South African government is planning to do for a certain group of indebted consumers.

Here’s a concise summary of the National Credit Amendment Bill, which was passed by the National Council of Provinces, and is now on its way to President Cyril Ramaphosa, who will be the one to sign it into law.

Valentine’s Day may have come and gone, but that doesn’t mean there’s no more need for romance for the rest of the year. At Libertine Consultants, we realise that it can be a little tough to treat your partner to some quality time if your budget is tight. Fortunately, we know of a few ways to enjoy a fun and affordable date without breaking the bank.

Valentine’s Day is right around the corner, and we’ve got some great news – this year you don’t have to spend a ton of money to treat your partner to something special! At Libertine Consultants we always advocate living within your means, so we’ve made a list of budget-friendly gift ideas that will show your love without taxing your wallet. Here are a few of our favorites’:

The holidays are over and with schools back in session, it’s back to reality for most South Africans. January is a notoriously tough month for consumers everywhere, and 2019 has certainly not been any different. At Libertine Consultants, we are in the process of assisting many overindebted consumers who spent too liberally over the festive season, and now need to take their finances in hand to ensure that they can make ends meet for the rest of the year.

Whether or not you overspent over the holidays, there are quite a few reasons to keep your budget in check in 2019. Here are three of the most important reasons why South Africans should be tightening their belts this year:

Inflation is one of those buzzwords that often make its way into conversations about money and budgeting. Do you know what inflation is and how it affects your bottom line? There is no need to feel bad if you don’t – according to recent report less than 25% of all South Africans knew the exact definition and impact of this financial phenomenon. Today we give you a concise rundown on the most important things you need to know about inflation in South Africa and why you should keep an eye on it when you calculate your household budget.

A happy 2019 to one and all! At Libertine Consultants, we are very excited about the year ahead. Our hope is that we will go on to help as many overindebted South Africans as possible to overcome their financial struggles, so they may lay the groundwork for a more prosperous future. Are you wondering what you should be doing to safeguard your livelihood and make sound financial decisions in 2019? Here are a few financial challenges that are coming our way in the year ahead:

It’s the most wonderful time of the year! The holidays are here, school is out – it’s time to kick back, relax and spend some time with your loved ones. However, if you’re feeling the pinch of a strained wallet this festive season, the thought of all the revelry and gift-giving ahead could be stressing you out. Fortunately, there are ways to enjoy a cost-effective festive season without having to feel like a Grinch.

In our previous blog, we started to look at how you can plan for your financial future in your thirties. This included saving a percentage of your salary every month, harnessing the power of compound interest and spending less than you earn. Today we take a look at two further ways in which you can build wealth my making wise decisions in your prime earning years.

If you’re currently in your thirties, you may be wondering whether you should start saving for your old age. The answer to that question is a resounding yes. At Libertine Consultants, we often assist individuals who are unable to keep up with their debt in their later years, and wish they had made provision for it earlier. Here are a few ways to get started, so you may pave the way for a financially prosperous future.

In our previous blog we discussed why we normally recommend that our clients follow a financial reboot with some health-boosting selfcare. At Libertine Consultants, we believe that once the pressure of debt has been removed, you should take care of your mind and body and implement long-term lifestyle changes that will pave the way for a happier, healthier life in general.

Here are a few simple lifestyle changes you can make to improve your mental and physical health during and after debt review:

One of the most gratifying parts of being in the debt counselling business is walking the road with a client to get to the point where they are free of the financial burdens that weighed them down when they sought our services. The sheer joy and relief of being free from the shackles of debt is a wonderful thing to behold.

As debt-counselling professionals, we normally recommend that our clients follow a financial reboot with some health-boosting self-care. Here’s why: