14 June 2017
IDM has secured another round of victories at the annual Debt Review Awards gala event, held on Saturday evening in Johannesburg. Celebrating business excellence and recognising those who have made valuable contributions and improvements to the debt counselling industry, awards are given to debt counsellors, credit providers and payment distribution agencies from South Africa who have gone above and beyond the call of duty.
Echoing the success of last year’s Debt Review Awards, this year the best ‘Large Debt Counselling Company’ award went to Consumer Debt Help and the most prestigious award for the best ‘National Debt Counselling Company’ went to DebtBusters, South Africa’s largest and most trusted debt management company. Both are subsidiaries of the Intelligent Debt Management (IDM Group).
Ian Wason, CEO of IDM Group, acknowledges the important role our partners and clients play: “Consumer Debt Help has now won four years in a row, and DebtBusters has won three out of four. We are truly head and shoulders above our competitors, through the hard work of our team. This was possible due to our partners and, most importantly, due to our clients for placing their trust in us to get them on the road to debt freedom.
We promise we will continue to better ourselves every day and keep delivering the best client service in the industry.”
Congratulations to all category winners and we look forward to another year of working together to ensure South Africans are able to better manage their finances and be guided on the road to being debt free.
26 June 2016
The 3rd annual Debt Review Awards Gala was held on Saturday evening, in recognition of outstanding achievements in the Debt Counselling industry for 2015.
It came as no surprise as once again, DebtBusters and Consumer Debt Help, both subsidiaries of Intelligent Debt Management (IDM Group) scooped the most anticipated awards of the evening, with Consumer Debt Help winning best ‘Large Debt Counselling Company’ and DebtBusters bringing home the best ‘National Debt Counselling Company’ award.
This has started to become somewhat a formality at the Gala Awards, with IDM grabbing top honours at the Debt Review Awards since the inaugural Debt Review Awards were first held in 2014.
Ian Wason, CEO of IDM Group dedicated this recognition to the staff at IDM.
“This is testimony of the incredible work everyone at IDM has done over the last year. You can all be very proud of yourselves at IDM. It is always difficult as the market leader, as you constantly need to compete with yourself and keep improving on your previous performances”.
In addition, Payment Distribution Agent, Hyphen grabbed all major honours, winning all the awards in their various categories, including Industry Support, Software Integration, Customer Service and Payment Distribution.
IDM maintains a close working relationship with Hyphen PDA, with both companies leading the industry in terms of innovation and maintaining market leadership.
Huge congratulations to the IDM Group on their achievement!
Debt Counselling is a debt rehabilitation process which caters for higher earning over-indebted South African consumers, as the legal fee structure outlined by the National Credit Regulators’ fee guidelines, makes the process costly and difficult for debt counsellors to run a profitable business model if not followed.
Ian Wason, CEO of Consumer Debt Help (which sits under The IDM Group umbrella, along with Debt Management Company DebtBusters) states, “Over the years, the demand for debt counselling for lower-income earning South African consumers has drastically increased. The bulk of credit active consumers who earn less that R10,000 pm and bear the full brunt of rising costs of living are left to fend for themselves as they cannot afford existing debt counselling services to remedy their debt problems.”
The IDM Group felt a responsibility to the South African consumer and established Consumer Debt Help (CDH), an innovative and streamlined debt counselling service, specifically for these low-income earners.
Ian Wason adds, “Clients entering into the debt counselling process and earning less than R6,000 per month are financially crippled, as the average interest rate for their unsecured credit agreements is 24%. This income group needs over 160% of their net monthly income to service their debt. They have no money left at the end of the month for basic living expenses.”
On 13 June 2015, South Africa’s top debt counselling experts gathered at the 2nd Annual Debt Review Awards Ceremony in Johannesburg to recognise the outstanding achievements of debt counsellors dedicated to combatting over-indebtedness in South Africa. Consumer Debt Help walked away with two awards and was acknowledged as ‘The Best Medium Sized Debt Counsellor,’ by both The Debt Counselling Industry Panel and The South African Public. Over the past two years the business has experienced extensive growth and now has over 2,000 active clients. This is a great accolade for The IDM Group.
Ian Wason goes on to say, “We were able to leverage off our well-oiled debt counselling machine, DebtBusters, to set up Consumer Debt Help. But, the astonishing fact is it was set up as a corporate social responsibility initiative and it is heavily subsidised by The IDM Group.”
The first ever Debt Review Awards was held on 19 July 2014 in Cape Town, to celebrate business excellence in debt review and to make heroes out of those who are responsible for leading the industry. Credit providers, debt counsellors and payment distribution agencies from South Africa were nominated in order to ensure that all parties in the industry were acknowledged for their efforts. The awards were separated into two categories; Public Voting Awards and Industry Panel Awards. The IDM Group, the holding company for both DebtBusters and Consumer Debt Help, is proud to announce that both respective companies walked away with awards.
Awards voted for by South African consumers:
The public voting awards winners were determined by the amount of votes each nominee received from the public. The public could vote for their favourite Payment Distribution Agency, Credit Provider and Debt Counsellor according to the size of the corporations.
Payment Distribution Agency and Credit Provider awards went to Hyphen Technology PDA, First National Bank, Mr Price (Favourite Retail Store Credit Provider) and Wesbank (Favourite Vehicle Finance Credit provider), First National Bank (Favourite bank).
The award for the favourite medium-sized debt counsellor went to Consumer Debt Help.
Consumer Debt Help is one of The IDM Group’s greatest success stories. In February 2013 The IDM Group, which also manages DebtBusters, South Africa’s largest debt counselling business, launched Consumer Debt Help to assist the growing number of low-income earning South African consumers who cannot afford existing debt counselling services and are more importantly not being serviced by existing debt counsellors as they are unprofitable clients, due to the regulated fee structure.
Whilst debt counselling is a financial phenomenon assisting thousands of over-indebted consumers back to financial health, it is an integrated, cumbersome and legal process, than can only be done by a well-educated workforce, and therefore incurs costs.
The innovative process used by CDH debt counselling services reduces the interest rates on unsecured credit from an average of 22% (and as high as 60%) to 3%, extends the debt repayment terms up to 60 months and cancels the credit provider fees which can become very costly over time; resulting in a more affordable payment plan for consumers.
Ian Wason, CEO and founder of The IDM Group, states, “Consumer Debt Help prides itself on being a key player in shaping the development of the industry and this is helped by our extensive relationships with credit providers and payment distribution agencies. Our business operations have improved leaps and bounds since the inception of Consumer Debt Help in 2012.”
Consumer Debt Help provides over-indebted consumers with tailored debt solutions to meet clients’ specific needs. All clients are adapted to the new debt counselling process under the Debt Counselling Rule Set (DCRS) – 96% of our clients’ renegotiated credit agreements are accepted by credit providers. Consumer Debt Helps operational process has specialised individuals focussing on each step of the debt counselling process. Consumers are given optimal care throughout their debt review.
Ian Wason goes on to say, “The Debt Review Awards should not be viewed as merely ‘a competition’. It is most certainly more than that. It is about encouraging South African Debt Counsellors and supporting parties to develop an extraordinary standard of debt counselling excellence throughout the country. All debt counsellors need to make a concerted effort to ensure that the best interest of the consumer is a priority. We need to equip the over indebted consumers in South Africa with the means to responsibly pay back their debt and guide them to building a brighter financial future.”