28 November 2014
Bridge, a provider of short-term unsecured credit, today (Friday 28 November) announced that more than 90% of debenture holders have voted in favour a business rescue plan that will see them fund the continued operation of the business. The business rescue plan will now proceed in terms of the relevant legislation and regulation that applies to business rescue proceedings.
The meeting of parties affected by the entry of Bridge into business rescue was held in Pretoria on Friday (28 November) to discuss and vote on the business plan that was circulated on 14 November.
The business rescue plan set out options that ranged from liquidation at about 18 cents in the Rand, to a proposal that will see existing funders provide further support that will enable Bridge to continue operating in its niched of the unsecured lending sector.
Two groups, Bridge debenture holders and Onecor investors, voted on the options set out in the business rescue plans. A total of 98.56% of Bridge debenture holders voted in favour of providing further funding to the business. Investors of Onecor, a funding structure discontinued in 2012, voted 91% in favour of supporting continued operations of Bridge rather than liquidation. The voting process was overseen by PWC.
Bridge chief executive Emile Aldum welcomed the vote. “This decision by debenture holders empowers Bridge to continue reorganising and adapting the business model to the new realities of the market. We believe that we have the right strategy and organisation structure in place for Bridge to emerge from this tough period in a better position.”
Aldum points out that the executives of Bridge have direct personal stakes in the success of the business rescue plan because they, too, are debenture holders. “Our interests are clearly and directly aligned with the people we have asked to support our plan.
“We believe that opting for business rescue relatively early was a sound decision that is enabling us to reorganise and restructure Bridge before we experienced any permanent effects of the changing conditions in unsecured lending,” says Aldum.
Bridge entered the business rescue process in September as a result of difficulties in the unsecured lending industry and the challenging local and global economic climate.
The business rescue process is being run by senior business rescue practitioner George Nell who was been appointed to implement the stringent statutory business rescue process. The business rescue process has no effect on current or future clients with loans from Bridge.
Contact at Bridge: Annemarie Truter, Communication Manager E-mail: firstname.lastname@example.org Office: 086 111 2754
BRIDGE ENTERS BUSINESS RESCUE TO ENSURE LONG-TERM FUTURE
19 September 2014- Bridge, a provider of short-term unsecured credit, today announced that it had applied for business rescue proceedings as a result of current difficulties in the unsecured lending industry and the challenging local and global economic climate.
Bridge said that it believed this was the best process to ensure the group’s long-term future and to preserve its investors’ capital. The company views the business rescue process legislation as a positive and powerful mechanism for securing future funding and safeguarding current investors.
The decision to apply for business rescue was taken at a board meeting on Monday 15 September. The company officially entered business rescue on Tuesday 16 September. Senior business rescue practitioner George Nell has been appointed to implement the stringent statutory business rescue process.
The business rescue process has no effect on current or future clients with loans from Bridge.
The short term impact will be felt mainly by debenture holders who will see interest payments reduced from 19% or 12% to 6% during the business rescue process. In total about 1 200 investors are affected. Bridge distributed e-mail letters to investors and other affected parties on Friday 19 September.
Executives of Bridge are themselves also among the investors who will be affected.
The business rescue process allows for a legal framework to restructure Bridge to enable it to continue as a sustainable business.
Bridge chief executive Emile Aldum said the decision to apply for business rescue had not been taken lightly. “The turmoil in the unsecured lending sector following the placing of a major player into curatorship meant that Bridge struggled to secure funding for the business.
“We were in advanced discussions with a number of funders who decided to pull back as the problems for a major player in the market emerged in the past few months,” said Mr Aldum.
Mr Aldum said it would remain business as usual for Bridge while this process was unfolding.
“Bridge has a secure and robust business model. We have a track record of 20 years during which we have built a successful business that has provided short term loans to millions and good returns to thousands of investors. We believe that Bridge will emerge from this process stronger and better able to adapt to changing market conditions,” said Mr Aldum.
Mr Aldum stressed that investors’ money was safe during this time. He also urged all affected parties to contact the company directly to be certain they understood their rights and their role in the business rescue process.
“My executive team and I are available to answer any questions from affected parties and we will be on call over the week-end should they need to speak to us.”
Traditionally, women had to rely on their spouses to earn the bulk of the household income as well as to manage the family’s finances. Their main focus had always been to take care of their family at home. Now, women can have exciting careers and earn an income that is on par with that of men – in some instances, wives now even receive a higher salary than their husbands.
Juggling the traditional role of family caretaker and income provider can prove very difficult at times. Women still find themselves ending their careers midway to start and raise a family. Some feel that they don’t have the skills to handle their own finances, and opt to leave the nitty-gritty of it to the men in their family.
Other problems women often experience are:
• Overspending: they try to keep up with friends/ family who have a more luxurious lifestyle
• Placing themselves second: they spend their whole income on their family and don’t invest in their own future (education, pension fund).
Alexander Forbes’ Head of Retail Legal Support, Jenny Gordon, says women have to take responsibility for their finances because:
• Women have a greater life expectancy than men. This means women spend a longer time in retirement and need to have saved more retirement capital.
• Retirement ages in many SA companies have been reduced from 65 to 60. If women’s life expectancy is around 83, it means that we will live more than one third of our lives in retirement.
• Job changes can impact on our retirement savings. Make sure that when we change jobs we keep our retirement savings. Otherwise each time we start a new job we are starting all over again and have less time for compound interest to work its magic.
How can women overcome some of these problems?
• Only buy what you can afford and don’t rely on credit cards. Try to avoid getting into debt as far as possible
• Look at you bank charges. You can save a lot if you have a bank account that is suited to your individual needs.
• Keep a budget and stick to it!
Source: Bona Magazine, October 2013 issue
The seven-day race, which follows a different route each year, will take participants over 550km through three different eco-regions in South Africa’s Western Cape province – the Great Karoo, the Klein Karoo and the Garden Route. This year’s edition will be the first as a UCI-graded event, which ensures minimum standards relating to the racing end of the field, including prize money amount and depth, as well the awarding of UCI rankings points to top finishers.
While the new UCI status of the event will attract more big name professionals and offer improved benefits to the top racers, the bulk the entrants, who are simply aiming to complete the event, will continue to enjoy the Cape Pioneer Trek’s trademark benefits, including the warm small-town hospitality.
The route for the 2014 edition will be announced next month. Although it changes every year, it will still include event’s trademark mountaintop finish of Stage 2 (Day 3), which sees riders ascend the formidable, majestic Swartberg Pass. This will be the first year that the first women’s team to the summit finish will receive the same prize money as the men.
Bridge, the event’s title sponsor, has committed a total of R250 000 (about US$25 000 to the stage, with the first men and women’s teams each receiving R125 000 (about US$12 500). It’s the richest single stage prize in mountain bike racing.
“I’m absolutely delighted about the news of the equal prize money on the big mountain-top finish stage,” said Swiss Marathon champion, Ariane Kleinhans, who, with RECM teammate Anika Langvad, won the event’s Queen Stage and the women’s race overall in 2013.
“It is a demonstration of the organisers’ respect towards us ladies’ performances and their motivation to increase female participation in our great sport. Equal prize money will attract more top riders to the race and push us to a higher level. Us ladies will definitely do our best to make it an exciting race,” added Kleinhans.
“Each year we fine-tune the Bridge Cape Pioneer Trek to be even more rider-focussed. Our riders aren’t only our clients, but also have become our friends and we want to ensure they feel as at home and comfortable at the Cape Pioneer Trek as possible,” said Carel Herholdt of Dryland Event Management, the company that founded and manages the event.
“At the Bridge Cape Pioneer Trek, our focus is on quality, not quantity. Our stages aren’t long just for the sake it. They’re designed to offer as much reward as they offer challenges. They’re real mountain biking routes that include some of the Karoo and Klein Karoo’s greatest natural spectacles,” added Herholdt.
Photo: Anika Langvad (left) and Ariane Kleinhans of Team RECM approach the finish line on Stage 2 of the 2013 Bridge Cape Pioneer Trek at the summit of the Swartberg Pass. In 2014, the first women's team to the summit will earn the equal prize money to the first men's team to the summit. With a total of R250000 (about US$ 25000), it's the richest stage in mountain bike stage racing © Zoon Cronje/Nikon
It is not always possible to buy goods with cash and therefore we sometimes need to buy on credit. That’s why Bridge Loans is there for you when you require a small personal loan. Bridge Loans will help you bridge the gap between what you need and what you can have.
Bridge Loans has developed its product range specifically to meet changing market demands. But most of all, we constructed it to be affordable.
We currently have four short-term loan products:
|Bridge Loan Product||Maximum amount||Repayable period|
|AdvanceONE||R 7,100||1 month|
|AdvanceFOUR||R 7,100||4 months|
|AdvanceSIX||R 7,100||6 months|
|TopUP||This applies to existing Bridge Loans clients. When additional credit is extended to you on an existing loan.|
A credit check and an affordability assessment will be performed as part of the application process and this will determine the amount you qualify for. The latter will also determine your repayment period.
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A personal loan is a small, short term loan that you can apply for whenever you are in need of money for personal use. Bridge Loans grants their clients access to unsecured personal loans with options tailor-made to suit their financial needs. A personal loan is: • Unsecured – you don’t have to provide collateral like your home or vehicle to qualify. • Small – you can’t borrow more than R15 000. You won’t be able to use it for “big” things like buying a house. • Versatile – you can use it any way you want. People often use personal loans to refurbish their home, fix their car, pay school fees, cover medical expenses or go on a well-deserved holiday. • Fixed – your repayment amount won’t suddenly change after a few months. • A temporary solution – it allows you to get out of a bad financial situation quickly, but it is still up to you to manage your finances responsibly. When you borrow money from a registered credit provider, like Bridge Loans, you enter into an agreement with us. This agreement states: • How much money you are borrowing • How long it will take for you to pay it back • How much you have to repay every month • What will happen if either party can’t honour the agreement Personal loans are a great way to move your finances forward when you are stuck in a rut. Just make sure you meet the requirements of your credit provider before applying and stick to the terms and conditions of your loan agreement.
If you still do not keep to the arrangement, the matter will be handed over to attorneys, who shall implement the standard legal collection process, to collect all outstanding amounts, which shall include interest and legal costs. This may impact negatively on your ability to obtain credit in the future.
When it comes to repaying personal loans, South African based credit providers differ in terms of how much flexibility they offer regarding how and when customers pay back their cash loans. If you’ve been missing repayments on your personal loan, it’s a good idea to pay it off early to improve your credit record. Missing payments can seriously harm your ability to get credit in the future. There are lots of other forms of debt, like credit cards and store cards that charge higher interest rates than personal loans. You should always pay off higher-interest debt first. If you receive some cash, it’s a great idea to pay loans off early. Before you pay off your debt early, make sure you contact your credit provider to discuss paying off your personal loans. South African credit providers usually offer a settlement of debt figure that will help you save on interest and fees.
Every registered credit provider has certain terms and conditions you have to adhere to when applying for a loan. These requirements are backed by the National Credit Regulator to ensure that the dealings between a credit provider and client are fair and within the law. When applying for a personal loan, it is required that you are: • A South African citizen • Older than 18 years • Not under debt review or administration at the time • Permanently employed You also need to have a valid bank account where your money can be transferred into and your monthly repayment deducted from. When applying for a loan for the first time, we will need the following documentation from you: • A valid ID document • Bank statements • Payslips • Loan application forms Bridge Loans supports responsible lending and we can’t grant you a loan if you can’t afford it, or if you provide false information. Thus, after receiving all your documentation, we will: • Verify your personal information • Check in with your employer • Do an affordability check • Do a credit check If your application receives a “clean bill of health”, we will let you know and continue to process your loan. If we encountered any problems, we will notify you that your application had been unsuccessful. You will have the opportunity to correct any mistakes made and to re-apply at any time. To avoid your loan application receiving the “thumbs down”, make sure that: • You meet all the requirements of the credit provider • All the info you provided is correct • You attached all the required documentation • You completed all the compulsory fields on the application forms Once the process has been completed, you will receive a notification and the loan amount will be transferred to your bank account.
Depending on the repayment period you choose, you have to repay your loan within 1 month to a year. Repayment is usually done via a debit order against the client’s bank account.
To make the lives of our clients just so much easier, Bridge provides a variety of ways to apply for a loan: • You can visit your nearest Bridge Loans branch where a friendly consultant will assist you. We have branches all over South Africa in most of the major towns and cities • Online through our website or via your mobile phone • You can contact our telesales department • You can make use of any of the Bridge Loans affiliate agents
All online personal loan applications are encrypted with SSL technology. SSL, or Secure Sockets Layer technology, is used to encrypt the sensitive information in your loan application. Using this advanced technology, private information can be sent on the public internet from your home computer to the credit company. A 128 bit encryption for example is so powerful that it would take an experienced hacker a trillion years to find the exact code to unlock your sensitive information. The loan company is the only entity that is able to decipher the online personal loan application that you’ve sent to them. That’s why it’s so important that you look for the certificate banner on their website. This security technology is used worldwide to prevent hackers or hacking programs from breaking into the site and causing havoc. You’ll see that most sites that use SSL technology are the ones that do direct payments. An online personal loan application is only safe when this encryption technology is available on the site. Whenever you are prompted to send personal information on the internet, it can be a major concern. But you can rest assured that your online personal loan is safe and secure at Bridge Loans thanks to SSL technology.
Applying for personal loans online is a little different from walking into a credit provider's office and applying for a loan in person. You can apply for a loan, get it approved and get your money without running around like crazy, standing in queues or completing mountains of paperwork. The process of applying for an online loan at Bridge Loans was designed to be simple, easy and convenient. Online loan applications process: Step one: make sure you qualify for an online loan before you apply. Bridge Loans requires you to be older than 18, a South African citizen, have a bank account and not be under debt review or administration at the time. Step one is to make sure you qualify for an online loan before you apply... Step two is when you actually apply for a loan. If you’d like to see what your repayment options might be, use our loan calculator. This calculator will help you understand the repayment terms. Fill in the Bridge Loans application form and submit it. You’ll be asked to sign a secure digital webpage. Make sure all your details are 100% correct. The application is paperless and no documentation is required. Step three involves your personal loan approval. Bridge Loans will verify your details and information and also do a quick check on your payroll circumstances. When your loan is approved, you’ll be notified by SMS. Step four happens when the loan process goes smoothly. When you apply for a loan, the money will arrive in your bank account after approval. Did you ever think that applying for personal loans online could be so easy? An online personal loan is a great way to secure finance when you don’t have the time or the means to physically visit a credit provider. If you’ve been looking for a solution to your current situation, then apply for an online loan today.
Your online personal loan application contains important information about your finances, so it’s understandable that safety is a concern. With the modern advances in online safety and encryption technology, preventative measures have been put in place so your personal information won’t end up in the wrong hands. It’s 100% safe to fill in an online personal loan application. Bridge Loans has ensured that our forms are protected from programs and people that would use this information for other reasons.