Guiding consumers since 2009

Free financial advice for fire victims

By Angelique Ruzicka

Victims of last month’s fire which raged through Knysna, George and surrounding areas now qualify for free financial advice thanks to a new initiative launched by the Financial Planning Institute (FPI). The FPI’s Disaster Assistance Pro Bono Programme will be available to victims for a three-month period starting from 1 July 2017.

The free service is being offered to those who can’t afford a financial planner’s fees and will help to sort out insurance claims and implementing financial strategies to help homeowners to recover in the medium and long-term.

“Many families have had their homes destroyed and their lives severely impacted by this disaster. We believe that financial planning is a key part of recovering from such a disaster.  We would therefore like to offer our support to help victims in the affected areas re-build their lives both near and long-term,” said Godfrey Nti, CEO of the FPI.

“Over 300 CFP professionals countrywide have responded to FPI’s call for action and agreed to volunteer their time, and expertise, in support of this initiative. We expect more members to join in the coming weeks and months,” added David Kop, CFP, head: public policy and consumer affairs at the FPI.

It is estimated that approximately 600 homes were destroyed which resulted in the displacement of over 10, 000 people. Reports say between R4-R6 billion worth of damage could have been inflicted by the fires but now experts estimate this could be even higher.

The Knysna, Plettenberg Bay and Cape Town disasters have resulted in an initial estimate of approximately R100 million in claims for Standard Insurance Limited. Meanwhile, Alexander Forbes Insurance estimates its losses from the Knysna fires at R46 million from the 65 claims reported so far.

To be paired with an FPI volunteer near you and receive free financial planning advice, Southern Cape residents must call 086 1000 FPI (374) or email help@fpi.co.za.

Recent Articles

Featured What are the three phases of money laundering?

Money laundering seems like the kind of thing that’s only a concern in blockbuster films. However, South Africa is, in fact, considered a hotspot for money laundering. So, what does this actually entail, and what are the consequences of this illicit practice?

Asset repossession: What banks want you to know

When you’re facing financial strain, it can be difficult to keep up with your debt. Unfortunately, if you refrain from paying your debt, your creditors have the right to take legal action against you. This includes repossessing your assets. But before you hand them over, here’s what you should know.

How to spend a lumpsum for great returns

Imagine you win the lotto. Anyone in this position would be ecstatic! But once your excitement settles down, you’ll have to consider what’s the best thing to do with this money.

How to identify an investment scam

Many people invest a lot of money for their future and that of their offspring. Unfortunately, some of them never reap the benefits because the investments were scams. Luckily, there are ways you can find out if an investment opportunity is too good to be true.

Deals

Get 50% off your friend’s treatment at Mangwanani Spa

Price: from R250
When: Until 30 August
Where: KZN and JHB

Telkom LTE lockdown Deal

Price: R369 per month
When: Until 31 August 2020
Where: Nationwide

Save up to 20% on your car insurance with MiWay

Price: Available on request
When: Daily
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions