For employees:

• To provide assistance with their financial challenges and ultimately improve their financial well-being.
• To reduce total debt and increase monthly disposable income.

For employers:

• To equip employers with a free financial wellness program, serving as a holistic solution for managing employee debt.
• By addressing employee over-indebtedness, our program effectively mitigates numerous adverse impacts on employers, including increased resignations, workplace theft, financial stress, decreased employee productivity, and increased absenteeism.

• From an HR perspective, when there is an increase in absenteeism, due to staff not having the finances to travel to work, or frequently asking for increases or salary advances, it is a sign that they might be over-indebted, and need assistance with their debt through the debt solution. 
• Another indicator is a number of garnishee orders or administration orders received by HR department.
• Employees who regularly change bank account details and contact details (especially mobile numbers)

No, there is no monetary cost involved for the employer. We only require the employer to facilitate a payroll deduction service.

• The profile data must include salary range, financial status (debt review / debt administration/ defaults etc), ID numbers, leave records, employment status ie. Permanent or Contract etc.
• Having this information at our disposal will assist Welltec to tailor financial and debt solutions appropriately, yet appropriate lending policies, and ensure the debt solution aligns with employees' affordability and needs.
• The profile will also assist in delivering relevant financial literacy to the right segment.

Yes, there is a limit. Our system includes strict rules to ensure compliance with deduction regulations, including your own deduction policies. We never deduct more than 25% of the employee’s net salary for rehabilitation loan instalments (including a credit life premium). One of our key rules is to prioritise and settle any existing payslip obligations, ensuring that this 25% cap is not exceeded. Should we offer other insurance products, the deduction will generally not exceed an additional 15% of the employee’s net salary.

No, the employer will not have any liability once the employee leaves their employment. We would, however, need the employer to inform us when an employee resigns or is terminated (retrenchment, dismissal, medically unfit etc.). From there, we will liaise directly with the employee to determine the way forward. Each credit agreement is linked to a credit life insurance policy, which covers the employee under certain conditions. Alternatively, we would transition the account to Debicheck payments.

We believe that employees who find themselves in debt traps often suffer from a lack of basic financial literacy.

Introducing a financial literacy and education program for employees will equip them with essential knowledge and tools to effectively manage their finances, thereby reducing the likelihood of relapsing into debt traps after financial rehabilitation.

By signing an SLA with a payroll deduction agreement, your employees gain access to our comprehensive debt solution.

The repayment for the rehabilitation loan is deducted from the employee's salary via payroll deduction.

This approach is necessary due to the nature of the loan. Employees who are already experiencing financial strain may not qualify for this solution if it were offered through a debit order, as it poses greater risk for the provider. By facilitating repayment through payroll deduction, we mitigate this risk, enabling us to offer a lower interest rate compared to retail providers.

Welltec is a licensed FSP in terms of the FSCA. For this reason, we are required by the FIC Act to conduct due diligence to verify and establish the identity of any person or business we engage with.

Definitely. Even though our head office resides in Gauteng, we have corporate consultants nationally and will allocate corporate consultants to all your sites outside of Gauteng.

The term debt consolidation can refer to a variety of strategies, and the specifics of each can differ. Debt Review for example is a method of consolidating debt into one reduced instalment and prohibits the member from taking up more debt until all debt has been paid up, While a consolidation loan settles debt, and so forth. All are methods of debt consolidation but follow different processes.

Debt Review:

• Process: Debt review involves a debt counsellor negotiating with creditors to lower monthly instalments, making it easier for the member to manage their debt. All payments are consolidated into one monthly instalment, which the member pays to a Payment Distribution Agency (PDA), appointed by the debt counsellor. The PDA then distributes payments to all relevant creditors.
• Legal Implications: During the debt review process, the member is legally protected from direct contact by creditors and repossession of assets due to non-payment.
• Credit Restrictions: While under debt review, members cannot take on additional credit until their debts are fully repaid and they are officially withdrawn from the debt review process.

Our Loan Offering:

• Rehabilitation Loan (a type of consolidation loan): Our primary debt management product is not debt review but a "Rehabilitation Loan". This loan is used to settle the member’s debt that is negatively impacting them.
• Settlement Negotiation: Unlike debt review, where the total debt balance remains the same with only lower instalments, our approach includes negotiating a reduced outstanding balance and settling it with a loan.
• Credit Report Fix: If a member has adverse information on their credit report, such as being under debt review or having judgment accounts, we offer a "Credit Report Fix" to improve their credit profile as part of the loan package.

Credit Restrictions: There are no credit restrictions to the member after taking up the loan, we in fact use the loan to increase affordability and put them in a better financial position.

Competitive Advantage: While debt review is part of our offering, it's integrated into a broader rehabilitation journey rather than being a standalone solution. Our holistic approach offers more than standard debt review, incorporating multiple options to support members' financial recovery.

The maximum debt amount that we can settle amounts to R200,000. However, this can vary based on several factors, including the individual's earnings, employment position, and tenure at their company.

We approach each case individually and can adjust these limits if necessary to ensure we can assist as many individuals as possible. Our primary goal is to help members improve their financial situation, and we have robust rules and policies in place to ensure that our solutions do not inadvertently worsen anyone's financial position.

This flexibility allows us to tailor our services to each member's unique circumstances, always aiming for a positive financial outcome.