There may be major negative unintended consequences to credit amnesty The near-certain decision by government to introduce a second “credit amnesty” after the spectacular failure of the first one in 2006-2007, will only provide temporary relief to deeply indebted consumers and drive many into even more profound indebtedness requiring debt counselling. Although the envisaged amnesty […]
Credit amnesty will only provide temporary relief to deeply indebted consumers. The near-certain decision by government to introduce a second “credit amnesty” after the spectacular failure of the first one in 2006-2007, will only provide temporary relief to deeply indebted consumers and drive many into even more profound indebtedness requiring debt counselling. Neil Roets, CEO […]
More South Africans are falling into the debt trap and last year was one of the worst for a long time with record numbers seeking protection under debt counseling. Debt Rescue CEO Neil Roets says more than double the number of deeply indebted individuals applied for relief in 2012. Roets says most consumers seeking help […]
No plans by the National Credit Regulator to remove home loans from debt review Any attempt to remove bonds from the debt counselling process would be against the spirit and the letter of the National Credit Act (NCA), according to Unisa Professor Michelle Kelly- Louw, who assisted with the drafting of the legislation. Claims that […]
Any attempt to remove bonds from the debt counselling process would be against the spirit and the letter of the National Credit Act (NCA), according to Unisa professor Michelle Kelly-Louw, who assisted with the drafting of the legislation. She says South Africans did not enjoy much in the line of protection against over indebtedness and […]
More South Africans are falling into the debt trap yearly and 2012 has been one of the worst, a national debt counselling firm revealed on Tuesday. Debt Rescue Chief Executive Officer Neil Roets said last year the number of deeply indebted individuals who applied for relief under the National Credit Regulator’s debt review process was […]
More South Africans are falling into the debt trap yearly and this past year has been one of the worst for a long time with record numbers seeking protection under debt counselling legislation. CAPTION: Cartoon by Yalo RELATED ARTICLES ‘Consumers are getting into debt to cover basic needs’ Neil Roets, CEO of national debt counselling […]
WHEN over-indebted people enter the debt-counselling process, their creditors are supposed to obey the letter of the law in allowing that process to unfold. Although the system is for the most part effective in addressing the needs of both parties, some creditors bend or break the law in an attempt to force the person out […]
Good news for deeply indebted South Africans. Banks and other credit grantors will no longer be able to hoodwink people who are under debt review to opt out in favour of voluntary debt mediation stripping them of their legal rights and placing their property at risk of repossession. In a statement issued on Thursday the […]
As the Banking Association announces plans to cut interest rates for people under debt review, one can’t help but question the sincerity of SA’s biggest lenders. It would be “extremely helpful”, but it remains to be seen whether they would do so without any preconditions said Neil Roets, CEO of debt review counselling company Debt Rescue. […]
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