Finwellegal - Wealthtec Holdings

Business model and product offering

A Financial Wealth Assessment (FWA) forms the basis of our customers’ journey to financial freedom.

It is like a doctor who has to perform a health check-up before he can diagnose a patient’s problem. So, before specific solutions can be tailored to our customers’ needs, we need to perform a Financial Wealth Assessment. Think of it as a financial health check. This product is only a once-off cost.

How does this work?

■ One of our Credit Legal Specialists will engage with a customer telephonically, and explain that this is the first step in the process.

■ Only after doing the Financial Wealth Assessment (FWA), can they discuss further options with the customer.

■ If the customer agrees to starting the process, they will be requested by our Credit Legal Specialist to approve the once-off payment using their cellphone. NO unauthorised deductions can take place since we use the DebiCheck system. DebiCheck is a secure debit order payment system that allows the customer to electronically approve their debit order details. This will prevent fraudulent debit orders from being processed, giving them more control over their finances.

■ After our Credit Legal Specialist has done the Financial Wealth Assessment, the customer’s credit report will be sent to them and the Credit Legal Specialist will again call them to discuss and explain further options going forward.

■ The customer has the option to accept or decline any proposed solutions going forward.

NB – even if the customer declines further actions to improve their financial wellness, they are still liable for the once-off cost of the Financial Wealth Assessment. It is similar to the consultation fee that they would pay to a doctor.

*** Some of the most popular options that are proposed going forward are:

Affordable Distribution

This package authorizes us to receive and distribute an affordable amount to the customer’s respective creditors after negotiating lower payments on their behalf, and saving the customer money. Finwell Legal Services works closely with Bornman Marlow Attorneys, who assist with negotiations and legal matters arising from our dealings with the creditors. Bornman Marlow Attorneys is registered with the Legal Practice Council.

Adverse / Default Removal

If and when an Adverse listing is paid up, Finwell Legal Services will start the process of removing the Adverse listing from the customer’s profile.

Judgements Removal

This is for paid up Judgements to be removed from the 4 credit bureaus. Finwell Legal Services will assist the consumer to obtain the paid-up letter; if not available.

Debt Review Cancellation

With this package we go through a process to remove our customers from Debt Review and renegotiate an affordable instalment with their creditors. Once short-term debt is paid up, long-term debt is up to date (bond/property) and we can prove that the customer is in a better financial position, we can update their credit record with all 4 credit bureaus and ensure that their credit profile is no longer flagged. By rendering this service we can get the customer economically active again.

Prescription / In-duplum

In the case of prescription: ■ Last payment date is 3 years and over. ■ No communication in the last 3 years. ■ No acknowledgement of debt in the last 3 years. ■ No judgment granted on the account. ■ We investigate then remove the customer’s accounts once confirmed prescribed. In the case of the in-duplum rule being exceeded ■ The customer has been charged too much arrears interest