The Annual Debt Review Awards
The Debt Review Awards is an industry Awards Program which is specific to the Debt Counselling and Debt Review Industry. All NCR Registered Debt Review Industry Parties are invited to participate and are in line to be considered for Awards.
Each year the Debt Review Awards organizers call on the industry to share their feedback on the various Payment Distribution Agencies, more than 1700 active registered Debt Counsellors and over 8300 registered credit providers. With the use of online software, the industry is able to pool their knowledge and experience to reflect the current level of performance of various industry role players.
For more information on the Debt Review Awards process: Click Here
Who Can Win Awards?
Over several months the industry is invited to apply their industry knowledge and expertise as they consider possible candidates and narrow the field to a shortlist of nominees using online software. The nominees are then considered in more detail and winners in the following 5 categories are announced on the night of the Debt Review Awards Gala:
Boutique Debt Counsellor
1 debt counsellor
Less than 100 clients
Small Debt Counsellor
1 or more Debt Counsellors
100 – 300 clients
Medium Debt Counsellor
1 or More Debt Counsellors
300 to 1000 clients
Large Debt Counselling Practice
More than 1000 clients
More than one debt counsellor in the company
Regional or National operation
National Debt Counselling Practice
More than 4000 clients
More than one Debt Counsellor in the company
Single or Multiple branches
* Note: Individual operations are reviewed in terms of their own merits and are categorised in the most appropriate category based on the running of their firm. The criteria that best fits the debt counsellors operation is used. The description given is thus a general description. Not each point mentioned might apply to every company in the category.
Debt Counsellors are evaluated on the following criteria:
Collection ratios, Client retention, Proposal Quality, Query resolution, Communication and Staff Knowledge, Adherence to timelines, Consumer education, Balancing the needs & rights of the consumer and credit provider, Court & NCT Activity etc.
Payment Distribution Agencies
Payment Distribution Agencies handle the money in the debt review process. They receive a single payment from consumers and split and distribute the payment in accord with the consumer’s debt counsellors plan (and granted court order) each month. Over the years 5 PDAs have operated with service level agreements with the NCR. At present firms are busy registering with the National Credit Regulator because of changes to the NCA. After the passing of the National Credit Amendment Act 2014 in March 2015, PDAs are now embedded in SA Law. All firms wishing to distribute funds for consumers have registered or are applying. Only firms with existing service level agreements or completed registration will be considered in this year’s awards process.
* No PDA staff member participates in the peer review in this category.
PDAs are evaluated based on the following criteria:
Collection and Payment capacity and accuracy, Consumer/CP/DC support, Industry support, Query resolution, industry engagement and participation, promotion of DC businesses and the debt review industry, usability of software, adaptability of software, payment distribution.
Credit providers are divided into the following categories:
- Short-Term Credit Provider
- Retail Finance Credit Provider
- Large Non-Bank Credit Provider
- Bank (Unsecured)
- Vehicle Finance (VAF)
- Bank (Secured Credit – Bonds)
* No Credit Provider staff member participates in the peer review in this category. It is thus not possible for Credit Providers to award prizes to their own companies.
Credit Provider CRITERIA
CPs are evaluated based on the following criteria:
Adherence to industry timelines, Cancellation of Debit Orders, Client treatment, Query resolution, documentation provision, CoB timelines, Counter Proposal frequency and necessity, frivolous legal activity, enactment of court orders, Staff training, Communication and industry support etc.
Auditing the Industry Peer Review Process