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COMPILED BY AN­GELIQUE RUZICKA

CityPress - - Business -

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

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