Mauritius is an increasingly popular destination for wealthy South Africans looking for a contingency plan when developments in South Africa make them nervous, specifically crime and the destabilisation Zimbabwe might bring to the region. Mauritius is only too happy to oblige these highly skilled workers who are in demand worldwide.
With pressure mounting on banks to make their products more comparable, a website that capitalises on the Competition Commission’s recommendations has been launched. The site, www.thinkmoney.co.za, reviews banking products and calculates comparative pricing based on the individual’s banking behaviour.
After comparing packages, I discovered that I could save R40 a month by porting to MTN. Although this does not sound like a lot, over a two-year contract I will save R960. As my Vodacom contract was about to end, I decided to port. I had to complete a new application form, with all the Fica requirements, which was a real hassle. At that point, I wondered whether it would not have been easier to stick with my current provider.
Younger people will face the biggest financial losses if they do not have enough insurance to replace their income should they become disabled or ill — simply because they have a longer life span during which they need to draw an income. When we are in the prime of our youth we might feel invincible, but the reality is that 20% of disability claims are a result of car accidents, which tend to affect younger people.
Porting to another network — while keeping your number — means you can shop across networks for the best deal. According to Mark Taylor, managing director at Nashua Mobile, the first step a subscriber should take when selecting a package is to look at his or her monthly call costs and budget. This information can be used to evaluate packages according to their cost and the benefits they offer.
Satrix managers will be listing a new and exciting exchange-traded fund (EFT) at the end of the month. The Satrix Divi will track the FTSE/JSE Dividend Plus Index, comprising the 30 highest dividend-paying companies on the JSE (based on the McGregor BFA Survey), which is a consensus of one-year dividend forecasts made by stockmarket analysts.
In terms of the new National Credit Act, insurance companies, under prescribed conditions, can access consumer credit information to assess applications for insurance. However, consumers must give their consent before an insurance company is allowed to pull their credit data from credit bureaux for insurance assessment purposes.
At a National Credit Act conference held recently, National Credit Regulator Gabriel Davel warned credit providers the regulator would undertake a survey of loans that had been rejected and compare them with the credit bureaus’ ratings scores to see if there is a racial undertone in lending ÂÂpractices. Davel says the third-biggest complaint to the regulator in the two months since the Act has been in force has been about the rejection of credit applications.
The National Credit Act came into affect on June 1. The Act is aimed at curtailing reckless lending and encourages debt counselling for people who find themselves in a debt trap. Owing to changes brought about by the Act, consumers will now have to be far more aware of their credit risk, because this will determine the rate at which they can borrow.
There has been a ruckus recently because Discovery Health Medical Scheme has continued to fail to meet its 25% solvency ratio required by law. The question Discovery Health members are asking is: are their benefits safe? Can Discovery Health meet member claims?