COMPILED BY ANGELIQUE RUZICKA
STANDARD BANK LAUNCHES STUDENT CROWDFUNDING PLATFORM
Standard Bank has introduced Feenix, a crowdfunding platform that allows members of the public to fund students’ tertiary education.
Jayshree Naidoo, Standard Bank’s interim CEO of the Feenix Trust, says: “It is a public benefit organisation. Students can create their profile and people can choose their student to fund.”
Currently, only a 5% administration fee is charged to financial donors. The initiative began with Standard Bank staff members initially testing the platform and funding the students.
“There has been R120 000 raised with staff to date, with Standard Bank matching this amount,” says Naidoo.
Students are vetted using a three-tier system. It’s accessible to anyone who earns less than R600 000 a year. However, Standard Bank checks if the student is registered with a university and if fees are outstanding, and ensures that the funds are paid directly to the tertiary institution.
You can choose to support a specific student or donate money to the Feenix Pool Fund. To support a student or to ask for funding, go to feenix.org.
FOSCHINI INVESTIGATED OVER CLUB FEES
The National Credit Regulator (NCR) has announced that it has referred Foschini Retail Group to the National Consumer Tribunal following an investigation.
The NCR revealed that Foschini has charged consumers a club fee on credit agreements. The club fee charged by Foschini is reflected in consumers’ credit agreements and is not permitted as part of the National Credit Act. The NCR is asking the tribunal to:
Order Foschini to refund the affected consumers the club fees that were charged;
Order Foschini to conduct an independent audit into its loan book to determine the number of consumers who need to be refunded;
Interdict Foschini from charging consumers a club fee on credit agreements; and
Impose an appropriate administrative fine on Foschini.
DEBTBUSTERS LAUNCHES GARNISHEE AND EAO INVESTIGATIVE SERVICE
Debt counselling firm DebtBusters is introducing a service that will investigate potentially unlawful salary deductions.
Marc Naumann, new business development director at IDM Group, says: “We saw the need to help more clients. Too many South Africans don’t know where to turn for help.”
Aside from investigating garnishees and emolument attachment orders (EAOs), the service will also investigate judgments to check if legal processes were followed, if debt has been paid off, if the common law rule called in duplum has been reached and if the terms were affordable for the client.
“Most clients are not aware that a judgment has been taken, so the first step is to draw a credit report. There are several technical areas that need to be looked at, such as if the client stays in Cape Town and if the judgment order was granted in Pretoria, this is not the correct process,” says Naumann.
The service will cost R500 excluding VAT for the initial investigation. If a judgment needs to be removed, a further R500 excluding VAT will be charged to facilitate the removal of this and to renegotiate terms.
NCC BEGINS TIME SHARE INDUSTRY PUBLIC HEARINGS