Ntombi Sangweni is regretting the day she signed surety for her son to obtain a student loan.

A consumer who entered into debt counselling via WhatsApp has been released from the process after her debt counsellor admitted to a number of serious misdeeds, including not explaining to her the consequences of going into debt counselling and allowing people who aren’t registered debt counsellors to perform these services.

You can now pay a merchant or service provider via electronic funds transfer (EFT) without having to download another payment app which munches up your data and space on your phone. Mobile payment apps such as Snapscan, Zapper and Masterpass all take up space on your phone and to use them to pay a merchant, you must have data.

Stokvel members need funeral cover and people with funeral cover also have a need to save. Imbewu StokVest thinks it makes sense then to offer funeral cover and savings in a product that looks like a stokvel. Imbewu StokVest is an app which works like a funeral stokvel that was launched recently by Kunene Makopo Risk Solutions (KMRS), a registered financial services provider that offers medical and short- and long-term insurance solutions to companies.

If you’ve been “blacklisted” with the credit bureaus for paying your bills late, failing to pay or due to a credit provider having taken judgment against you, that information lives on your credit report for a prescribed period. So, be wary of companies that offer to repair or clean your credit report.

Protect your minor children from guardians who are bad at managing money or keen to help themselves.

Beware of social media adverts that promise to reduce your debt repayments by up to 60% and “loan-free debt relief”.

Debt counselling, the process through which your debts are rearranged, with the agreement of your creditors, so that you can repay them in a manageable way, comes at a cost. As such, it does not cater for people who are unemployed and without an income. The costs include you paying the debt counsellor an upfront fee and ongoing fee, and another fee if you make your repayment through a distribution agent.