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Debt review is a legal process designed to help over-indebted consumers manage their finances and avoid legal action. If you find yourself struggling to meet monthly debt repayments, debt review can provide a lifeline. However, it’s essential to understand how it works, when to consider it, and what the process involves.You may need debt review if:<ul><li>You’re struggling to meet monthly debt repayments. If you're unable to pay your bills in full and on time every month, it might be a sign that you're over-indebted.</li><li>If creditors are threatening legal action and have started sending final demands or threatening to repossess assets, it's time to act quickly.</li><li>You’re using credit to pay for essentials. When you rely on credit cards or loans just to pay for necessities like groceries, rent, or utilities, it's a sign that your financial situation is unsustainable.</li><li>Your debt exceeds your income. If your total monthly debt repayments are higher than your net income, it's nearly impossible to keep up without assistance.</li></ul> Before jumping into debt review, here are some important considerations:<ol><li>Check if you're eligible. Debt review is intended for consumers who are over-indebted and unable to repay their debts. Your debt counsellor will assess your financial situation and determine if you're a good candidate for the process.</li><li>Understand the long-term commitment. Debt review is a structured, long-term plan that reduces your monthly payments, but you must follow the plan until all your debts are settled or you're declared no longer over-indebted by the High Court.</li><li>While under debt review, you cannot take on any new credit until the process is complete and you’ve received a clearance certificate.</li><li>Ensure your debt counsellor is registered. Only registered debt counsellors can offer legitimate debt review services. Verify that the company you're working with is accredited by the National Credit Regulator (NCR).</li></ol>What does the process look like?&nbsp; In terms of the National Credit Act, The process of debt review is regulated by the National Credit Act (NCA) to ensure consumers are protected. Here's a breakdown of the steps involved:Assessment by a Debt Counsellor: The first step is to approach a registered debt counsellor. They will evaluate your financial situation by comparing your income to your monthly expenses and debt obligations. If the counsellor finds that you're over-indebted, they will recommend debt review. Debt Counsellor Submits an Application (Form 16): You will fill out Form 16, which provides the debt counsellor with authority to act on your behalf. You’ll also provide supporting documents like pay slips, bank statements, and a list of all creditors. Debt Counsellor Notifies Creditors: The counsellor will inform all your creditors and credit bureaus that you have applied for debt review by issuing Form 17.1 and obtaining certificates of balances (COBs). A Form 17.2 will be sent thereafter informing the credit providers that you’re accepted for debt counselling. During this period, creditors are restricted from taking further legal action against you. Debt Repayment Plan: The counsellor will negotiate with your creditors to come up with a reduced monthly repayment plan based on your affordability. This proposal is then submitted to the National Credit Triunal (NCT) or Magistrate’s court for a court order.&nbsp; NCT or Court Order and Payments: Once the order is granted incorporating the repayment plan, it becomes a binding agreement. You will make a single monthly payment to the Payment Distribution Agent (PDA), who will distribute the funds to your creditors.&nbsp; Completion of Debt Review: After all your debts have been repaid, the debt counsellor will issue a clearance certificate, and your credit record will be updated to reflect that you are no longer under debt review. Things to Watch Out For<ol style="list-style-type: lower-alpha;" data-mce-style="list-style-type: lower-alpha;"><li>Beware of hidden fees. Make sure the debt counsellor is transparent about all costs involved, including administration fees, fees charged by the Payment Distribution Agent, reckless lending investigation fees and legal costs for the order.</li><li>Understand the impact on your credit. Debt review will negatively affect your credit profile during the process, but it’s a temporary measure. After receiving your clearance certificate, your credit profile will be restored. Be patient. Debt review can take several years depending on the amount of debts you have and the monthly repayments you are making.</li><li>Make sure you understand if all your proposals have been accepted or not as this affects the interest rates applicable. If a credit provider did not accept a proposal, that means you’ll be paying a reduced fee but at the original (not reduced rate) and the result is that you will take longer to settle or pay that debt in full.</li><li>Debt review can provide much-needed relief if you're drowning in debt, but it requires a long-term commitment. Make sure you fully understand the process and work with a reputable, NCR-registered debt counsellor. If done correctly, debt review can help you avoid the stress of legal action and get back on the path to financial stability.</li></ol>If you're unsure whether debt review is right for you, reach out to an attorney that understands the process or reach out to a debt counsellor to get an expert opinion on your financial situation.Yonela Ndila | Operations Manager and Admitted AttorneyFor more, visit: <a data-mce-href="https://www.caveatlegal.com/" href="https://www.caveatlegal.com/" target="_blank" rel="noopener">Caveat Legal</a>

Understanding Debt Review: When you need it and what to look out for.

This year’s South Africa Auto Week 2024, hosted at the Cape Town International Convention Centre, marks a monumental moment in the country’s automotive industry. Under the centenary banner of NAAMSA | The Automotive Business Council, industry leaders gathered to reflect on the progress made since 1924 while envisioning a future of innovation and sustainability. Among the high-profile attendees was President Cyril Ramaphosa, who lent his presence to this prestigious event, further cementing the importance of the automotive sector to South Africa’s economy.The excitement in the room was palpable, as discussions around alternative NEV powertrains and the benefits of hydrogen technology took center stage. The future of cleaner fuel technologies and innovative energy funding solutions sparked an exchange of bold ideas, all focused on shaping the road ahead for South Africa’s automotive industry.Amidst the thought leadership, a pinnacle moment arrived during the third annual NAAMSA Accelerator Awards. Volkswagen Group Africa (VWGA) emerged as the undeniable star of the day, taking home several top honors. The esteemed awards recognize those in the automotive industry who have gone above and beyond in driving excellence, innovation, and sustainable growth.<figure id="figure-lqwy2p3swqm2iz2b5v"><img id="lqwy2p3swqm2iz2b5v" src="https://cdn.durable.co/blocks/30g0XNNthmKGr7znu8oKQsqY77bvt56vI0tvKrWYremcuINV1s13vRPG9QtyKOqZ.png" alt="blank magazine mockup on green marble stone coffee table , shadow overlay" title="blank magazine mockup on green marble stone coffee table , shadow overlay" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="The Volkswagen team celebrating their achievements." data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/30g0XNNthmKGr7znu8oKQsqY77bvt56vI0tvKrWYremcuINV1s13vRPG9QtyKOqZ.png" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"><figcaption class="body-normal text-gray-500 mt-2">The Volkswagen team celebrating their achievements.</figcaption></figure>Volkswagen’s success was nothing short of remarkable, with the iconic VW Polo sweeping three prestigious awards:<ul><li>Top Locally Manufactured Vehicle of the Year – VW Polo</li><li>Top Exported Vehicle of the Year – VW Polo</li><li>Passenger Car of the Year – Polo Vivo</li></ul>In addition to these wins, Volkswagen received a special certificate honoring the company’s 73-year-long contribution to the development and upliftment of local communities. This recognition not only highlighted Volkswagen’s manufacturing excellence but also underscored its role as a key driver of socio-economic progress in South Africa."We are incredibly proud of our team and the relentless passion that has brought us here," said Martina Biene, from Volkswagen. "These awards belong to every part of our business - from the factory floor to the dealership, and of course, to our loyal customers who continue to believe in us."As Volkswagen celebrates this extraordinary success, the company reaffirms its commitment to pushing the boundaries of excellence. With its eyes set on the future, VWGA remains a leader in innovation, driving South Africa’s automotive industry forward into its next 100 years.For more about VW, visit: <a data-mce-href="https://linkstre.am/volkswagensa?fbclid=IwY2xjawGDJaRleHRuA2FlbQIxMAABHXOqRTYbkkpFmxJQyxEpheM9KiJ0uyragCxrPK-e6fksaFSR66wOrM85DQ_aem_yU3DNsC12GoXxvRXFBfloQ" href="https://linkstre.am/volkswagensa?fbclid=IwY2xjawGDJaRleHRuA2FlbQIxMAABHXOqRTYbkkpFmxJQyxEpheM9KiJ0uyragCxrPK-e6fksaFSR66wOrM85DQ_aem_yU3DNsC12GoXxvRXFBfloQ" target="_blank" rel="noopener">VWSA</a>

Volkswagen shines at NAAMSA Auto Week: A celebration of excellence and innovation.

a close up of a cell phone with various app icons

What changes when you stop being a slave to notifications?What would change in your life if you focused on what truly matters instead of letting notifications rule your time?Take a moment to reflect on this quote:"The ability to simplify means to eliminate the unnecessary so that the necessary may speak." —Hans HofmannTrigger Warning: You Have Notifications.For many, WhatsApp notifications trigger anxiety. We rush to clear every message and those little green dots. But at what cost?We get sucked into this idea that everyone needs an instant reply. That if we don’t respond immediately, we’ll miss something critical.But honestly, that’s not true.How many times have you looked back at a day and thought, "What did I even achieve today?" Chances are you got stuck in the quicksand of instant messaging, thinking, “I’ll just respond quickly” ... and 40 minutes later, you're still there.The solution? We need to eliminate what’s unnecessary so that the necessary can shine.Setting Boundaries:One of the first steps is setting boundaries around your time. It’s learning to believe that your time is more important than that notification. That "instant messaging" doesn’t mean "instant reply."Resist the urge to respond immediately. It may feel strange at first, but ignoring a message can become your superpower. One client says she mentally “puts it in a box for later.” This reduces anxiety.Time Boxing Works:Try scheduling time for communication just like you do for meetings. It’s a set window to respond and resolve messages, preventing them from lingering in the background.For example, I scan my messages between meetings. I mentally triage: Is it my wife? Is it about my next client? If not, it waits until my designated communication time.Key Takeaways:1. Set Communication Boundaries: Scheduled messaging reduces stress and improves focus.2. Prioritize: Not all notifications need immediate attention.3. Respect Both Sides: Intentional communication shows respect for both you and others.Simple solutions, but they work wonders when you implement them.<h3>"Focus is a matter of deciding what things you're not going to do." —John Carmack.</h3>Coach Colin at <a data-mce-href="https://www.thealternativeboard.com/" href="https://www.thealternativeboard.com/" target="_blank" rel="noopener">The Alternative Board</a>&nbsp;Coach | Facilitator | Change Agent

Notification nonsense

Being a successful business owner doesn’t automatically make you a business leader. Ownership and leadership are two different roles, each with distinct responsibilities. Owning a company is the starting point, but leadership is where the real growth happens.The first step to becoming a business leader is learning to work on your business rather than in it. This means moving beyond the day-to-day operations and allowing yourself to think bigger and more strategically. Leadership isn't about being in the trenches—it’s about having a vision and making it a reality.True business leaders inspire those around them. They create a culture where people want to work and perform at their best. Leaders align their teams, motivate their employees, and create a sense of forward movement.So, how can you tell if you're a business owner or a business leader? Here are four key differences:1. Business Leaders Think Strategically: Owners often get stuck in daily operations, reacting to problems. Leaders, on the other hand, think ahead. They plan for the future, focusing on the wellbeing of the organization and the team.2. Business Leaders Inspire: Owners may have a vision but often lack the ability to inspire their team. Leaders understand that their people are key to success. They foster alignment, promote learning, and encourage innovation across the entire company.3. Business Leaders Adapt: Owners may stick to one way of running things. Leaders, however, know when to pivot. Their ability to adapt was crucial during the pandemic and continues to serve them in changing environments.4. Business Leaders Build Relationships: While owners often have transactional relationships, leaders build genuine connections. They foster positive interactions with employees, customers, and partners alike.If you’re a business owner looking to evolve into a business leader, consider joining a TAB Board. It’s a peer advisory group where you can learn how to think strategically, lead effectively, and take your business to the next level.Coach Colin at <a data-mce-href="https://www.thealternativeboard.com/" href="https://www.thealternativeboard.com/" target="_blank" rel="noopener">The Alternative Board&nbsp;</a>Coach | Facilitator | Change Agent

Are you a business owner or a business leader?

The need for an urgent safety intervention in and around Nelson Mandela Bay’s tourism hot spots must be a top priority. One Voice, a tourism collective that represents the member-driven tourism bodies in the Metro, protested on the beachfront and handed a memorandum to a representative of the Speaker’s office of the Nelson Mandela Municipality. 200 members of the tourism industry met to demand that the negative spiral in the Metro’s second largest employer be elevated to a top priority and acted upon within weeks. Safety is the largest element that handicaps efforts to reach the tourism potential in the Metro and is the main cause of the extremely poor international visitor recovery since COVID. The Metro recover percentage is half of the national average and had led to the loss of thousands of jobs and the closing of many businesses. Extra-ordinary measures are required to bring back the confidence of tourists, visitors, tour operators, event organisers and all who are involved in bringing tourism to our Metro. We require an urgent and coordinated response to maximise the focus of people, resources and partnerships to respond to the current situation. The One Voice group of tourism member-based organisations in Nelson Mandela Bay petitioned the Speaker’s Office to acknowledge and lead an intervention.<figure id="figure-4pbe9howvm20r6t5n" class=""><iframe id="4pbe9howvm20r6t5n" src="https://www.youtube.com/embed/rAPqSNljoig" class="w-full bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9;" allowfullscreen="" data-url="https://youtu.be/rAPqSNljoig" data-corners="default" data-fullwidth="false" data-mce-src="https://www.youtube.com/embed/rAPqSNljoig" data-mce-style="aspect-ratio: 16/9;"></iframe></figure>The One Voice grouping believes strongly that: • A tourism crisis exists and will get worse unless an urgent Action Plan is created that declares tourism safety to be the top priority for the Municipality and its fellow law enforcement agencies. • There are both community and economic aspects to safety. • We acknowledge the dire social need for the deployment of safety resources to the community areas of the Metro. • We, however, believe that the economic impact caused by the crisis in tourism raises this to being the top priority for the Metro. • Tourism is the second largest employer in Nelson Mandela Bay and these jobs have a major effect on the wellbeing of our communities. • By way of perspective, one tourism job is created for every 18 international visitors. • Tourism is the most significant pro-poor sector and majority of those employed in tourism come from our community areas. • Every rand spent by tourists generates another R2 of spending in the non-tourism businesses throughout the Metro. • Nelson Mandela Bay’s percentage recovery from 2019 is little more than half of the national average for international visitors. • This has cost our Metro thousands of jobs and the downward spiral of visitor numbers is resulting in further job losses. • The main contributor to the sluggish recovery and continued job losses is the safety &amp; security incidents in our tourism areas. Every mugging, hijacking and scam of our tourists results in damaging social media posts shared thousands of times and affects the perceptions of our potential future visitors. In the minds of these prospects, perception equals reality (whatever we think of some of those posting) and the tourism tour operators are the same. The positive or negative reputation of a destination gathers momentum and causes more and more job and business losses. Nelson Mandela Bay is currently in this negative spiral.<figure id="figure-0xqja7ts7m20r8jbt"><img id="0xqja7ts7m20r8jbt" src="https://cdn.durable.co/blocks/27xBbZYQ8RTLLLGSJfSZg5PkFvFyCq4SFl94iAtlxQxNXuLvztnantIOUixScTFa.png" alt="Woman with a cup of tea reading a magazine" title="Woman with a cup of tea reading a magazine" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/27xBbZYQ8RTLLLGSJfSZg5PkFvFyCq4SFl94iAtlxQxNXuLvztnantIOUixScTFa.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Organisations such as the Beachfront Safety Forum, Neighbourhood Watches, Discover Mandela Bay, the Nelson Mandela Bay Business Chamber, tourism establishments and others have made a huge difference with cameras that are monitored by control rooms, solar lighting, MOU’s between national, provincial, regional and local authorities, and other initiatives. The Metro is rolling out their cameras and SAPS are doing their best while the long wait continues for a dedicated SAPS Tourism Unit that is nationally funded. The 2022 Summer Season Safety Initiative showed what could be done when tourism is prioritised, and public private partnerships focus passionately on safety. Not a single tourist incident was reported during those 6 weeks. This is what could be achieved throughout the year. Despite all of these initiatives, for example, 5 delegates from 4 recent conferences were stabbed. Social media spreads the news of these extremely disturbing incidents and both delegates and their social media contacts become our detractors rather than our promoters. This is made even worse by the strong possibility that conference &amp; event organisers will not bring events to the Metro again. So, the tourism industry’s appeal is to dramatically escalate the urgency and top prioritising of tourism safety in the tourism hot spots of the Metro. The City Manager needs to drive a strategy where an extraordinary and unconditional series of actions are implemented by the end of October and continue for 12 months of each year. Tourism business has demonstrated its willingness to work with government partners and be part of both the planning and implementation. The One Voice message from this demonstration is simple. Our communities need to keep their jobs and others need employment. The downward spiral of tourism in the Metro involves the potential loss of thousands of jobs. Nothing short of a concerted intervention from the City Manager and the various Municipal departments is needed to solve this problem. One Voice represents, amongst others, DMB, FEDHASA, HistScoPE, PEMBBA, SAACI, SATAVITO, SATSA, Skal, TGAMB, SACIA and the Metro Tour Guides organisation.

Urgent call for safety measures to protect Nelson Mandela Bay’s Tourism sector.

What does a corporate commercial lawyer do?In short, a corporate commercial lawyer plays a vital role in shaping and safeguarding the business’ operations. In essence, they are responsible for negotiating, drafting and reviewing agreements, terms and conditions, finance terms and other business-related documentation.Company law governs the structure, rights, relations, obligations and conduct of businesses, whether it’s a sole proprietorship, partnership or a public or private company. Company law determines the consequences that flow depending on the form or entity through which a business is conducted.&nbsp; With a broad understanding of contract law and business regulations, corporate lawyers are skilled at identifying potential risks in provisions and propose compromises that protect their client while being agreeable to the other party. Their experience and practical knowledge of the types of provisions found in contracts allows them to assess the practical implications of legal provisions, ensuring that business objectives and transactions are lawful, with minimal exposure to risk.&nbsp;<figure id="figure-i04zeks3m9m1yxrg81"><iframe id="i04zeks3m9m1yxrg81" src="https://www.youtube.com/embed/8SRqf_rAaSo" class="w-full bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9" allow="autoplay; encrypted-media" allowFullScreen="" data-url="https://youtu.be/8SRqf_rAaSo" data-corners="default" data-fullWidth="false"></iframe></figure>The benefits of having a corporate commercial lawyer for your business?As the business grows and becomes established in the market, it becomes more and more important to use the services of a specialist lawyer. Here are some of the key advantages of using an experienced corporate lawyer for business transactions:<ul data-mce-style="list-style-type: square;" style="list-style-type: square;"><li>Expert Legal Guidance: Corporate commercial lawyers have extensive knowledge of the law and can provide guidance on a wide range of legal issues. Their expertise helps businesses navigate complex legal situations and avoid costly mistakes, ensuring that transactions and daily operations comply with relevant laws and regulations.&nbsp;</li></ul> <ul data-mce-style="list-style-type: square;" style="list-style-type: square;"><li>Proactive Risk Management: One of the core roles of a corporate commercial lawyer is identifying potential risks and helping businesses manage and mitigate these risks associated with your business and any proposed transactions. By proactively addressing legal issues, you can avoid potential lawsuits and other legal problems such as regulatory penalties.</li></ul> <ul data-mce-style="list-style-type: square;" style="list-style-type: square;"><li>Tailored Contract Drafting and Negotiation: Corporate commercial lawyers are skilled at drafting and negotiating a variety of business-related contracts that protect business interests. Whether it’s a supplier agreement, partnership engagement deal or employment contract, they ensure that the terms align with the company’s goals and strategies.</li></ul> <ul data-mce-style="list-style-type: square;" style="list-style-type: square;"><li>Regulatory Compliance: Corporate commercial lawyers can help you stay compliant with applicable laws and regulations. This can include corporate governance, securities laws, antitrust or competition laws, &nbsp;environmental regulations and more. Corporate commercial lawyers ensure that businesses adhere to these regulations., reducing the risk of fines and penalties.</li></ul> <ul data-mce-style="list-style-type: square;" style="list-style-type: square;"><li>Effective Dispute Resolution: If your business is involved in a legal dispute, a corporate commercial lawyer can represent the business. They handle negotiations, settlements, or court proceedings to resolve disputes efficiently, resolving the matter as quickly and cost-effectively as possible. &nbsp;</li></ul>In a rapidly evolving business environment, having a corporate commercial lawyer ensures that your business stays legally sound, reducing risk and enhancing decision-making.&nbsp;Yonela Ndila | Operations Manager and Admitted AttorneyFor more, visit: <a data-mce-href="https://www.caveatlegal.com/" href="https://www.caveatlegal.com/" target="_blank" rel="noopener">Caveat Legal</a>

Business News

Understanding Debt Review: When you need it and what to l...

Volkswagen shines at NAAMSA Auto Week: A celebration of e...

Notification nonsense

Are you a business owner or a business leader?

Urgent call for safety measures to protect Nelson Mandela...

5 Reasons Why You Should Hire a Corporate Commercial Lawyer