Who is OneLaw?
OneLaw is a company which provides a variety of services to attorneys in the debt collection industry, who are instructed by several of the largest financial institutions in South Africa to recover unpaid debt.
The Cambist Online Platform is developed, maintained and managed by OneLaw.
Who are the company directors and what is the company registration number?
OneLaw (Pty) Ltd, registration number 1999/022818/07.
The sole shareholder and director of OneLaw is Corné Aldum.
What type of product is Cambist?
Cambist is an online platform, developed and maintained by OneLaw.
The Cambist Online Platform allows registered Cambist buyers to purchase contracts from their current owners, at an agreed discount. The buyers are entitled to recover the full amount outstanding on these agreements which allows the buyers to make a profit or return of 19.5% per year.
The buyers thus become the new owner of the agreement (an Active Debt Contract or Cellphone Financing Contract).
OneLaw facilitates the entire debt collection process as a specialist service provider to attorneys in the debt collection industry. The buyer is in no way involved in the actual debt collection process nor in personal communication with the debtors / consumers.
Why is it called an Online Platform?
The Cambist platform exists in cyberspace and buyers enter the platform electronically online, via an internet connection.
All actions are completed electronically. Buyers decide which contracts to buy directly on the website and also pay for them online. In the event of a buyer wishing to regain his funds before the contract period expires, he may do so by selling his debt contracts (previously purchased on the platform) online.
Cambist is not an investment platform. In other words, a person cannot invest in Cambist. Cambist simply provides a platform for the buying and selling of active debt contracts.
Who benefits from the Cambist Online Platform?
All parties benefit from the Cambist Online Platform.
The original financial owner of the debt contract enjoys an immediate cash-flow benefit by earning the outstanding capital faster, albeit at a discount.
The attorneys enjoy the benefit of immediately earning their professional fees.
OneLaw enjoys the benefit of immediately earning fees on the services it renders to the financial owners of the debt contracts.
The Cambist buyer enjoys the opportunity to earn an effortless income on his active debt contract.
The debtors’ position remains unaffected.
What is the return on my input amount?
You will receive 19.5% per year on the total outstanding debt amount of your contracts purchased.
What is the failure rate of emolument attachment order?
According to the most recent actuarial calculations, the failure rate of emolument attachment orders (EAOs) payment is 1.53%.
In order to ensure that a buyer on the Cambist platform is not affected by this eventuality, a business trust acquires contracts in its own name and if an EAO does not perform, the trust buys the non-performing contract from the current owner and sells a performing contract from its reserves to him or her.
The buyer’s aggregate position consequently remains unchanged.
What are the details of the trust that buys back non-performing debt contracts?
The River Bush Property Trust (registration number IT 574/10) buys back non-performing contracts from buyers on the Cambist platform. Buyers are refunded for the outstanding amount.
The trust obligation is created when the agreement of sale is entered into. In other words, the trust has a legally binding contractual obligation towards the Cambist buyer.
The trust is subject to standard auditing procedures, which are regulated. The trust is solvent, so as to ensure its ability to honour its obligations.
Are there any additional costs added to the debtor's debt during the court order process?
The debtor remains liable for his debt and costs as per the court order.
No additional costs are added to the debtor’s account as a result of the Cambist platform.
The Cambist process does not affect the debtor’s position at all. The only change that occurs is that the repayment instalment made by the debtor’s employer is now paid over to the new financial owner of the debt contract.
Legal fees are charged strictly in accordance with the National Credit Act and the Magistrates Court Act.
I am interested in participating in the Cambist Online Platform. What do I need to do now?
The registration process is very simple and everything is done online.
Simply log on to our Cambist Online Platform and take it from there!
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