PKG Debt Management Specialists

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Credit Report Clearance, Debt Management and Debt Counselling and Training

30/08/2018

The year 2018 came as a huge knockdown for a lot of South African consumers. The increase of VAT to 15% and the rapid increase of petrol has left consumers feeling the financial pinch. This has led to South African consumers finding themselves using their credit cards, personal loans and other credit facilities.

The average South African finds themselves paying plus minus 80% of their salary to debts. Leaving them with less to make it month to month. Bread and Milk can roughly cost you close to R50 alone so you can just imagine how much a month’s grocery can cost you with an average net of +/- R2000 left after having paid debts.

This leads to consumers going for extra credit to help them make it through the month, which leads to being over-indebted and affects your credit profile for future credit, employment, enrolling a child for school and applying for leasing through real estate agencies.

debt counselling, debt counselling in south africa, financial literacy and debt counselling

In 2007, the Nation Credit Regulator (NCR) introduced a debt relief known as debt counselling/ debt review. This is where a consumer applies to go under Debt Review by consulting a registered Debt Counsellor (DC) who will go through all your debts, monthly expenses and income to determine how indebted you are. Debt counselling comes with pros and cons. The Cons are that,

You will not be able to access credit as your profile will be flagged as under Debt Counselling with all the South African Credit Bureaus that are registered with the NCR. (Transunion, Compuscan, Experian, Clearscore just to mention a few)
You will be liable to pay the debt counsellor fees over two months ( The first month will go towards paying the DC and the second month will go towards paying for Legal fees), you will be liable to pay an aftercare fee to your DC every month until you have finished paying.
Once you have been declared indebted you can no longer be able to come out of the plan until you have finished paying off all of your debts or if you can prove that you can now be able to pay all of your debts and you are in a better financial state, through an attorney at your local Magistrate court.
Due to the fact that your monthly repayments are reduced, your term of payment can be a bit stretched longer

30/08/2018

The Pros that come with being under the plan are:

You will be legally protected by your DC from your credit providers taking any legal action against you. These actions may include blacklisting, judgements, summons, garnishee orders and more. Provided that such has not been put under your name before you go under debt review.
You will no longer need to make an arrangement or respond to your creditors’ letters, phone calls or threats as they will be communicating with your debt counsellor as your middleman.
Your possessions (vehicle on finance, bond, furniture etc) are legally protected from being repossessed. Provided that a court order has not been sent to you to collect your assets before you register with a debt counsellor
The DC’s plan can help you save money. The reason of going under the plan is to reduce your debt commitment to an amount that you can afford. This plan can help you get out of your financial mess while ensuring your ends meet.
You will receive a monthly statement from a payment distribution agency (PDA) for you to see how your money is being split to your creditors.
Please note that the debt counsellor cannot take the payment directly from you. A PDA does the collection, distribution and statements. Before going under the plan, ensure to verify this information as a lot of consumers have found themselves being scammed of their monies.

The stats of young black people finding themselves under strenuous amount debt and going under debt counselling is shocking. Especially because of the lack of financial literacy and the inability to manage their finances the proper way. Young people need to be taught about saving and budgeting, which will help them avoid finding themselves being under financial stress.

Financial Literacy is a process that one needs to learn and keep as a lifestyle in order to be in a better financial standing. When applying for credit ensure you read the documents and inquire if you do not understand. Seek advice and calculate how the debt will affect you.

22/02/2018

No need to suffer in silence:

Make that move today.......

Are you struggling to get finance approval?

Do you have adverse listings on your Credit Report?

Would you like to improve your Credit Score to qualify for better terms of lending?

Let us Clear your Credit Report so you can qualify!

Call us on 011 0249225 or email [email protected] for more info.

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South African taxpayers who are ready to submit their tax return and claim a tax refund can do it now, the opening date ...
26/07/2016

South African taxpayers who are ready to submit their tax return and claim a tax refund can do it now, the opening date was on 1st July 2016 and the deadline is 21 November 2016. To avoid the long SARS queues make use of the E-filing system it is quick and user friendly. We encourage you to be honest when completing your tax returns, by not overstating the number of dependents or expenses for medical claims. Beware it is a criminal offence.

To consumers that do get a tax refund we urge you not to waste these funds. Rather, use these funds to pay your debt in order to relieve you from Distress Debt.

Did you know? Not everyone needs to submit an income tax return
NO need to file your return if your total salary earned during 1 March 2015 - 29 February 2016 for the 2015/2016 year of assessment is not more than R350 000 (before tax)
You only have one employer (but remember if you have two employers or income sources e.g. late spouse / partner pension income, exam markings income, rental income, moonlighting income etc. you do need to file even if the total is still under R350 000)
You have no car allowance or other income
You are not claiming tax related deductions (e.g. medical expenses, retirement annuity contributions, travel expenses etc.)
The documents that will be required
IRP5/IT3(a) certificate(s) from your employer or pension fund
Medical aid contribution certificates and receipts
Retirement annuity fund certificates
Certificates you received for local interest income earned
Logbook and other documents in support of business travel expenses
Any other relevant income and deduction information.
Bank account details

Do you know what is your credit score? what affects your credit score? how does your credit score affect your applicatio...
18/04/2016

Do you know what is your credit score?
what affects your credit score?
how does your credit score affect your application for finance?
have you ever drawn a credit report?

let us help you improve your credit score move from 0-605 to668- 999. Stand in line to be eligible for finance and pay low interest rate on your loan
Contact us 0110249225.....0836851379
email [email protected]

How many people were aware of this warning from MMM's subscription page? so now that the scheme is collapse they want to...
13/04/2016

How many people were aware of this warning from MMM's subscription page? so now that the scheme is collapse they want to play victims. Please make it a habit of reading fine print, disclaimers or T&C's

12/04/2016

However, MMM Global South Africa refuted the claims that it was a Ponzi scheme or that it was collapsing on Monday.

“In the MMM community there are many different countries,” a member of the MMM SA team said in a Facebook message to Fin24 on Monday.

“One of them was the Republic of Bitcoin. It was a ‘synthetic’ country which united participants from many different countries who provided and received help with bitcoins.

“Sometimes it created confusion for the people, they asked whether they should join the Republic of Bitcoin (RB) or MMM SA, RB or MMM France, etc.

“We decided to dissolve the Republic of Bitcoin and people will continue to participate in their specific countries. So, those South Africans who participated in the Republic of Bitcoin will be moved to MMM South Africa. And people will be able to continue to participate and will continue to receive help on the South African Platform.”

MMM South Africa calls itself “a community of ordinary people, selflessly helping each other” on its colourful website. “The goal here is not the money. The goal is to destroy the world’s unjust financial system.”

The anonymous member told Fin24 that MMM does not receive payment and does not pay its members, so therefore cannot be classified a Ponzi scheme. “MMM is a platform for the exchange of donations where people send money (pay) to each other.”

“When you call the MMM Community a Ponzi scheme, it creates a misunderstanding,” the person said. “In MMM people donate (not invest) money to each other without any promises or guarantees. MMM does not offer any return or an interest rate.

“MMM honestly tell people how it really works and do not promise people any return on the investments. As a donation programme, how is it possible to lose your donation? In MMM people ask each other to help them. It depends on the members themselves to maintain the continuation of the process of the provision of help to each other.

“MMM does not make any promises and do not claim to generate any return as Ponzi schemes do. On the MMM website, it is written with capital letters that there are no promises or guarantees.

After MMM members donate money, they may be rewarded with Mavro (the bitcoin currency), the person said.

“Usually Mavro grows 30% a month. Mavro is not an asset or currency, Mavro is a motivation instrument. With Mavro, MMM motivates its members to help each other by providing financial assistance.

“Because Mavro is not a financial instrument, its growth rate can be easily adjusted to balance PH (providing help, inflow) and GH (getting help, outflow). The flow of provided assistance and assistance received will always be kept in balance.

“The MMM Community has been operating for many years. More and more people are joining now. Unfortunately, sometimes there is a misunderstanding when people try to present MMM as an investment project or money making scheme.”

12/04/2016

MMM SA defends operation

However, MMM Global South Africa refuted the claims that it was a Ponzi scheme or that it was collapsing on Monday.

“In the MMM community there are many different countries,” a member of the MMM SA team said in a Facebook message to Fin24 on Monday.

“One of them was the Republic of Bitcoin. It was a ‘synthetic’ country which united participants from many different countries who provided and received help with bitcoins.

“Sometimes it created confusion for the people, they asked whether they should join the Republic of Bitcoin (RB) or MMM SA, RB or MMM France, etc.

“We decided to dissolve the Republic of Bitcoin and people will continue to participate in their specific countries. So, those South Africans who participated in the Republic of Bitcoin will be moved to MMM South Africa. And people will be able to continue to participate and will continue to receive help on the South African Platform.”

MMM South Africa calls itself "a community of ordinary people, selflessly helping each other" on its colourful website. "The goal here is not the money. The goal is to destroy the world's unjust financial system."

Not a Ponzi scheme - member

The anonymous member told Fin24 that MMM does not receive payment and does not pay its members, so therefore cannot be classified a Ponzi scheme. “MMM is a platform for the exchange of donations where people send money (pay) to each other.”

“When you call the MMM Community a Ponzi scheme, it creates a misunderstanding,” the person said. “In MMM people donate (not invest) money to each other without any promises or guarantees. MMM does not offer any return or an interest rate.

“MMM honestly tell people how it really works and do not promise people any return on the investments. As a donation programme, how is it possible to lose your donation? In MMM people ask each other to help them. It depends on the members themselves to maintain the continuation of the process of the provision of help to each other.

“MMM does not make any promises and do not claim to generate any return as Ponzi schemes do. On the MMM website, it is written with capital letters that there are no promises or guarantees.

"After MMM members donate money, they may be rewarded with Mavro (the bitcoin currency)," the person said.

“Usually Mavro grows 30% a month. Mavro is not an asset or currency, Mavro is a motivation instrument. With Mavro, MMM motivates its members to help each other by providing financial assistance.

“Because Mavro is not a financial instrument, its growth rate can be easily adjusted to balance PH (providing help, inflow) and GH (getting help, outflow). The flow of provided assistance and assistance received will always be kept in balance.

“The MMM Community has been operating for many years. More and more people are joining now. Unfortunately, sometimes there is a misunderstanding when people try to present MMM as an investment project or money making scheme.”

12/04/2016

Alleged SA Ponzi scheme MMM’s global pyramid collapses
Matthew le Cordeur | Fin24
07:57 12/04/2016
Cape Town – Russian convict Sergey Mavrodi has allegedly gone into hiding after announcing that his Bitcoin-based MMM Global scheme had failed and was shutting down this weekend.

MMM South Africa – its local branch - is one of nine companies being investigated for being an alleged Ponzi scheme by the South African Police Service’s Specialised Commercial Crimes Unit, after the National Consumer Commission’s initial probe in 2015.

The South African “community” has been growing in numbers over the years, as South Africans seek ways to escape debt and poverty. It has even been described as a stokvel by some, and has become an emotive topic for those who buy into it.

“We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed,” the last Facebook entry on MMM Global states. “We turned out not to be able to pay 100% per month.”

The South African branch offers 30% returns. The alleged scheme is based on the bitcoin currency, which is a digital asset and a payment system.

MMM Global cannot sustain paying

A website that investigates multi-level marketing schemes predicted the collapse a few days before it happened.

On April 9, it revealed the implosion. “The financial apocalypse is upon us, MMM Global has collapsed,” BehindMLM reported.

“MMM Global’s Ponzi clones offering a lower percentage haven’t ‘proved’ themselves any more than MMM Global did,” it said.

“MMM Global cannot sustain paying out more than is invested. And as long as affiliate investment is the only source of revenue entering the scheme, any MMM Global scheme will ultimately collapse.

“They’ll continue to pay ROIs (return on investments) until withdrawals exceed the rate of new investment, and then run out of money all the same. One only needs to look at the collapse of MMM China for evidence of what’s to come.

“Unfortunately for most MMM Global investors, the collapse is the end of the line. Those unlucky enough to live in countries where MMM Global runs secondary scams (like South Africa), were informed their accounts would be transferred over.”

Mavrodi has executed his exit strategy - claim

BehindMLM said Mavrodi “executed his exit strategy a few weeks ago. On March 20th Mavrodi informed investors there would be no more news updates published to the MMM Global website”.

“Mavrodi has not been heard from or seen since, and is presumed to be on the run. It’s highly likely he withdrew and/or transferred out as much of the money he stole from investors before fleeing.”

Financial Times reported on Monday that, while it is yet to confirm with its Mavrodi sources, “if internet reports are anything to go by it looks like Mavrodi’s latest scheme … dubbed a ‘mutual aid social network’ … collapsed over the weekend, with thousands of investors (a lot of them in emerging markets) locked out of investment accounts they had been promised would yield them 100% returns per month”.

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