WORLD’S FIRST MOBILE DEBT COUNSELLING SOLUTION
In a landmark deal that is a world first for South Africa’s largest debt counselling agency DRS, the company has signed a deal with Debt Breaker to bring mobile debt counselling to indebted consumers through popular e-media like MXit and Google Talk.
With the global credit crunch putting increasing financial pressure on ordinary South Africans, consumers can now look as far as their cellphone to find answers to their debt problems.
Debt Breaker is an innovative cellphone service developed by Cape Peninsula University of Technology lecturer Marlon Parker, which can be used by over-indebted consumers to access advice and support remotely through MXit, Google Talk, Fring, Nimbuzz, Mig33 and other chat applications.
In a landmark deal that is a world first for South Africa’s largest debt counselling agency DRS, the company has signed a deal with Debt Breaker to bring mobile debt counselling to indebted consumers through popular e-media like MXit and Google Talk.
With the global credit crunch putting increasing financial pressure on ordinary South Africans, consumers can now look as far as their cellphone to find answers to their debt problems.
Debt Breaker is an innovative cellphone service developed by Cape Peninsula University of Technology lecturer Marlon Parker, which can be used by over-indebted consumers to access advice and support remotely through MXit, Google Talk, Fring, Nimbuzz, Mig33 and other chat applications.
It is estimated that 60% of about 19 million consumers require assistance in South Africa.
The DRS and Debt Breaker association will offer direction, education, support and advise on debt related issues to thousands of debt stricken mobile phone users. About 7000 vehicles and 2500 homes are being auctioned on a monthly basis. Credit Bureaus are reporting that 53% of all consumers reflect impaired credit ratings, yet less than 100 000 consumers applied for Debt Review thus far.
“I saw an opportunity to reach the masses using mobile and web technologies to address the debt problem. This also allowed us the opportunity to be the world‘s first providers of live debt counselling, education, advice and support over cellphones using instant messaging ,” Parker said.
With Debt Breaker, consumers will be able to get free advice with regard to debt-related issues and practical remedies will be suggested. Debt Breaker needed a reputable Debt Counselling organisation with a strong national footprint to manage all the referrals generated through this free and confidential service.
According to Jean Botha, CEO of Debt Restructuring Services (DRS) the company is excited about partnering with Debt Breaker and to be taking their message of hope to this largely untapped market.
“With South Africa‘s largest mobile instant messengers (MXit, Mig33, The Grid, Fring) boasting combined numbers of over 15 million users of which the majority are between the ages of 18 and 35, it presented itself as an ideal medium to support the masses,” says Botha.
“We believe that the South African consumer is still largely unaware of their legal rights when it comes to dealing with debt. They don’t realise that the law has been changed to protect and assist them and that debt counselling and the debt review process holds a myriad of advantages for them. By associating with the Debt Breaker team we are encouraging open discussion on the topic and letting people know that there is a viable get-out-of-debt option available to them. We are hoping that a faceless, nameless, safe space to communicate will encourage more people to reach out for help” .
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