On Saturday 10th June, the debt review industry will be holding it’s breath to see who the big winners in this year’s Annual Debt Review Awards will be. The event is the debt review industry’s mini “Oscars” and helps identify which firms consumers can trust. There are over 700 active debt counsellors in South Africa trying to service the needs of half of all credit users, who the NCR report are in serious debt trouble. These 10 Million Plus credit users often wonder who to turn to for debt assistance.
The annual Debt Review Awards recognises the top 15 debt counselling firms in South Africa, along with those banks, vehicle finance credit providers and even short-term lenders who are leading the way with regard to debt review. The results of a 6-month long peer review are announced at a modest black tie event, held this year in Gauteng.
The gala evening is attended by, among others, the National Credit Regulator, Banking Association of South Africa and the Debt Counsellors Association of South Africa. Credit providers such as Nedbank, ABSA, FNB and Capitec as well as Payment Distribution Agents DCM, DC Partner and Hyphen PDA all help cover the costs of the event.
Consumers too get to share their stories about their personal journey through debt review with the audience. Debt review is a legal process which helps consumers and credit providers find more reasonable and manageable repayment amounts each month which allow consumers to cover their household needs each month. Consumers who come out of the process are debt free and enjoy a clean credit record. Hearing these stories helps keep those attending focused on the all-important consumer looking for debt relief through the process.
With only a few days till the gala, anticipation is building in the industry as people wait to find out all the results. Once again the top debt counselling firms in the country will square off to see which firms will take the top spots and who will take home a Golden Piggy Bank.