MPC announcement to be made on Thursday
Jawitz Properties CEO Herschel Jawitz discussed what this may mean for people in SA and how this will affect the residential property market.
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The Citizen
10 minutes ago
- The Citizen
The 16-minute scam: How a cold call nearly put me under debt review
When companies can access your financial data illegally without consequence, privacy law is a farce. Sixteen minutes. That's how long it took me from receiving a cold call from a woman claiming that I 'qualify' for a 60% discount on my monthly loan repayments to being on the verge of being put under debt review. She never once mentioned the term debt review, however, at the same time, she had access to very personal information, including my ID number, phone number, and home address, and illegally accessed my credit profile. Had I not interrupted her just as she was about to cancel the mandates on my debit orders and revealed my identity as a journalist, I would have been put under debt review. The debt review industry is already viewed negatively, but this case study suggests it is fundamentally flawed. The regulations aimed at protecting South Africans are not working. Through a basic desktop search, I discovered that I was not alone; several other consumers had been placed under debt review without their knowledge, apparently by the same debt counsellor. But let's start at the beginning. I have been inundated with unsolicited marketing calls for months. I would sometimes get three calls a day. I always block these numbers afterwards. However, when I received this particular call recently, my phone was hooked up to my computer, and I could record the call. I decided to humour the call and play along to ascertain what personal information the caller had and where she had obtained it. Big was my surprise. ALSO READ: Debt Review: The good, the bad and the ugly This is what happened. I received an unsolicited call from a woman who identified herself as 'Rhadia'. She claimed she was from a company called Smart Group, 'a financial company empowered by the NCR (National Credit Regulator), as well as associated with the five major banks in South Africa.' She referred me to the website of My Debt Assistant ( Rhadia stated that the call was to inform me 'that we did get a request from Capitec Bank that you do qualify for the 60% discount upon the accounts or loans which you are paying for'. In response to a question about how this is possible, Rhadia responded: 'The bank (Capitec) has noticed, sir, that they were overcharging you too much high on the interest rate.' This is despite my not having any retail banking relationship with Capitec. I then questioned her on how her company would benefit from this offer to reduce my monthly repayments, and she said the company would not benefit at all: 'We do not get paid by or through a consumer. We do get paid by the government, as we are associated with the five major banks. We do get paid by the banks as well. You do not pay us on a monthly basis, sir.' The interaction continued, and it was quickly clear she had all of my relevant personal information. She read my ID number and asked me to confirm the last three digits. Then, the interaction spiralled out of control. ALSO READ: Debt review: should you or shouldn't you? Within seconds, she accessed my credit profile, reciting my monthly payments to the cent without ever asking for my consent. A few minutes after the call, I received an SMS from the credit bureau confirming that My Debt Assistant had accessed my credit report, citing 'Affordability Assessment' as the reason. This confirmed that the company was behind the call and served as proof that they had unlawfully accessed my confidential financial information without permission. Rhadia then claimed that she could reduce my monthly payments by 27%, as well as my outstanding bond and vehicle finance balances by 21%. In both cases, she quoted the amounts by which the actual payments and capital would be reduced. When pressed again on how this was possible, she stated: 'Like I said, sir, we do, they do negotiate with the credit providers to remove the interest rates.' I asked where she accessed this information, and she responded: 'It is on the system, sir.' The conversation continued until Rhadia stated that she was about to cancel the current debit order mandates on my accounts and that I would receive a schedule of the reduced payments by email. This was 16 minutes into the call, and I then realised she was about to put me in debt review. At that point, I disclosed that I was a journalist to stop the entire process. When I confronted her about why she had not informed me that she was about to put me under debt review, or even mentioned the term during the conversation, she said she would still explain it. Suddenly, she began experiencing difficulties with the connection, and our call ended. ALSO READ: Leaving debt review too early could come back to bite you My Debt Assistant I started researching the company, My Debt Assistant. It is based in Cape Town, and the registered debt counsellor is Washeemah Isaacs. Her NCR debt counsellor number is NCRDC3989. I attempted multiple times to contact her directly. I emailed the address and called the phone number listed on the NCR register. I also phoned the number and email address listed on the My Debt Assistant website. I sent several messages to a WhatsApp number, but received no response. The experience I encountered is not isolated. Numerous other consumers have complained on HelloPeter that My Debt Assistant placed them under debt review without their knowledge or consent. ALSO READ: Credit providers must not delete your whole credit history after debt review — NCR The NCR responds Following the call, I sent detailed questions about the interaction to the NCR. From their response, it is clear that debt counsellors are not permitted to cold call members of the public, and that accessing my credit profile without my consent was illegal. The NCR refused to disclose whether other consumers have lodged official complaints against Isaacs or if any enforcement actions have been taken against her, citing this information as 'confidential'. In response to a question about whether the NCR has oversight mechanisms in place to monitor debt review companies' cold calling and marketing tactics, the NCR responded: 'The NCR have several oversight mechanisms being used to regulate and oversee debt review companies. This includes compliance monitoring both on-site and desktop, complaint investigations and special investigations where compliance monitoring indicates possible prohibited conduct.' The NCR also invited me to lay an official complaint, 'to ensure that the conduct described in your email under reply receives the attention it deserves.' ALSO READ: Debt counselling – this is what you are letting yourself in for Debt review industry The debt review industry already suffers from a poor reputation, and this case study suggests that the perception may well be justified. I do not know whether 10% of debt counsellors are giving the other 90% a bad name, or whether 90% are giving the 10% a bad name, but what is clear is that the NCR must become far more proactive in identifying and expelling counsellors who engage in this kind of conduct. The behaviour I experienced represents blatant misrepresentation and possibly outright fraud. Consumers are lured in under false pretences, duped by the illegal use of their personal information, and placed under debt review without their consent, believing they are being offered savings or 'discounts'. Adding insult to injury is the failure of regulations designed to protect consumers. For instance, the Protection of Personal Information Act (Popia) has become little more than a punchline when companies can so easily access sensitive financial data without consequence. Until there is visible enforcement and meaningful accountability, consumers will continue to fall victim to these practices. It is a joke. Stay vigilant! This article was republished from Moneyweb. Read the original here.
IOL News
40 minutes ago
- IOL News
How the US's 30% trade tariffs are easier for South Africa's property sector to absorb amid rate cuts
The positive outlook for property as an investment is underpinned by several key perceptions among South African consumers. Over half (53%) believe that property consistently gains value over time, while 52% see it as offering good returns. Image: Timothy Bernard/Independent Newspapers US President Donald Trump's economic policies, particularly the trade tariffs, are easier for the local property sector to absorb in a rate-cutting environment. This was as the president of the world's largest economy announced that South African products exported to the US will be hit by a 30% tariff from August 7. It is important to remember that the economy operates through upward, downward, and lateral linkages, all of which are influenced by external shocks, says Dr Farai Nyika, an academic programme leader at the Management College of Southern Africa (MANCOSA). He said that many businesses affected by tariffs may experience cash flow pressure, but the lower interest rates could ease the burden of servicing property loans. 'This also extends to the rental market. As some workers face reduced hours or even job losses in tariff-impacted industries, lower interest rates may help soften the blow. In such cases, landlords may indirectly benefit from fewer income disruptions among tenants, reducing the likelihood of costly rental defaults,' Nyika said. The Reserve Bank's decision to reduce the repo rate by 25 basis points to 7.00% is a positive move in the current climate, says Dr Omolola Arise, also an academic programme leader at the Management College of Southern Africa (MANCOSA). 'With inflation now well within target and domestic demand still subdued, the cut provides some much-needed relief to consumers, homeowners, and businesses. It's a cautious but thoughtful adjustment that reflects the SARB's ongoing commitment to balancing price stability with growth. "Given ongoing global uncertainties, including the threat of new tariffs, this decision keeps the door open for future flexibility, should the economic outlook deteriorate,' Arise said. Nyika said that although interest rates remain higher than they were during the peak of the recent pandemic, the current downward trend is encouraging. He said the latest cut should help restore confidence in the property market amid severe economic turbulence. Arise said a slightly more decisive move, such as a 50-basis point reduction, could have delivered a stronger boost, particularly for South Africa's struggling property sector. The academic said a deeper cut would have more significantly lowered borrowing costs for both existing and prospective homeowners, improved affordability and access to credit, and stimulated developer activity and new investment. 'It would also have sent a clearer signal of support at a time when global economic uncertainty continues to weigh on sentiment,' Arise said. In addition, Arise said forward guidance from the Reserve Bank would have been especially valuable, offering much-needed clarity on the interest rate outlook. 'This kind of certainty is crucial for building investor and consumer confidence in sectors like property, where long-term planning and stable conditions are key to growth.' Today's decision by the SARB to cut the repo rate by 25bps reflects a measured approach to the delicate balancing act the MPC is currently navigating, says Justin Davidson, a stockbroker at Anchor. He said with June's inflation print of 3.0% YoY at the bottom end of the SARB's 3% to 6% target range, the decision aligned with easing price pressures, even amid geopolitical and policy uncertainties. 'The local property sector remains resilient, underpinned by strong operational performance and credible distribution growth guidance. The 25bps rate cut offers welcome funding relief and may ease balance sheet pressure for more highly geared REITs. The move supports stability and is positive for both sentiment and long-term sector positioning,' Davidson said. The stockbroker said the 25bps cut was both ideal and welcome. 'With inflation well anchored, the decision signals easing funding pressures and a boost to investor sentiment. For the property sector, it further supports valuations, reduces debt costs, and potentially unlocks additional growth opportunities.' Davidson added that it is encouraging to see renewed signs of equity issuance in the listed property sector, a signal that capital markets are beginning to re-engage. 'With reduced rates and improving operational fundamentals, the environment is becoming increasingly conducive to selective capital raising and long-term positioning, ' Davidson said. Independent Media Property
The South African
40 minutes ago
- The South African
South Africans in THIS city pay more for groceries than anywhere else
The cost of groceries in South Africa's major metros continues to soar, with Johannesburg once again emerging as the most expensive city for groceries in July 2025. This marks the third consecutive month that the city has held the unenviable top spot, according to the latest report by the Pietermaritzburg Economic Justice and Dignity (PMBEJD) group. The price of the average household food basket in Johannesburg hit R5 656.43 last month – R213.71 more than the national average of R5,442.72 and a 2.2% increase year-on-year. The basket comprises 44 essential items reflecting typical urban household consumption patterns. Cape Town followed closely behind with a July basket price of R5 371.35, while Durban remains the most affordable metro at R5 358.09, despite also seeing a steady increase. Nationally, the annual cost of the household basket rose by 3.6% – higher than the current consumer price index (CPI) inflation rate of 3.0%. Month-on-month, the basket price saw only a marginal dip of 41 cents, offering little relief to cash-strapped South Africans. Driving the increase is a surge in meat prices, especially beef. According to Stats SA, stewing beef rose by 21.2% year-on-year, the sharpest increase since January 2017. The jump is attributed to a combination of foot-and-mouth outbreaks and rising feed costs. Prices for vegetables such as beetroot, lettuce, and carrots also climbed sharply. While Durban remains the cheapest city to fill a grocery basket, prices there rose by 0.9% month-on-month and 2.8% year-on-year. Cape Town saw the highest annual increase among the three cities at 6.7%, despite a 0.5% monthly decline. The rising cost of groceries is compounding broader cost-of-living pressures and is particularly hard on lower-income households. 'This consistent rise in food costs is not just about numbers – it reflects growing household insecurity,' said a PMBEJD spokesperson. The report has renewed calls for urgent interventions to curb food inflation and address food security, especially in urban areas. Johannesburg: R5 656.43 R5 656.43 Cape Town: R5 371.35 R5 371.35 Durban: R5 358.09 R5 358.09 National Average: R5 442.72 As South Africans grapple with rising prices and economic strain, food affordability remains one of the most pressing challenges facing the country's urban population. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
