Sunday, 14 December 2014

Voluntary Debt Mediation NOT supported by National Credit Regulator November 2014

Voluntary Debt Mediation or ADR NOT supported by National Credit Regulator November 2014

1. The National Credit Regulator (NCR) is aware that the Banking Association
of South Africa (BASA) and other industry associations are in discussions with
various stakeholders to introduce voluntary debt mediation. The NCR stopped
the implementation of voluntary debt mediation in 2012 because it undermines
the National Credit Act 34 of 2005 (NCA) and statutory debt counselling and will
prejudice consumers.
2. The NCA makes provision for debt counselling and a mechanism for voluntary
debt restructuring in section 86 which must be supported and used by all credit
providers. These mechanisms protect both consumers and credit providers by
ensuring debt restructuring which ensures that all credit providers are eventually
repaid.
3. The NCR does not support voluntary debt mediation and will not approve it
under any circumstance. The NCR has written letters to BASA and other industry
associations to cease all work relating to voluntary debt mediation.
4. Credit providers, debt counsellors, credit bureaus and payment distribution
agents are requested not to participate in discussions to introduce voluntary
debt mediation. In particular, credit providers must continue using statutory debt counselling and allow all consumers to use statutory debt counselling. 


What our clients say

What our clients say...

" you literally saved my life, I was paying more than R8000 per month on debt counselling, now more than 80 % is legally written off and the balance I can pay off at R1700 per month. Thank you, thank you, thank you"
Steven from Durban vgl

"For 3 years I have been under debt counselling and my debt just increased. In 90 days my debt was wiped out and I could make a fresh start. Thank you Eugene"
Louise from Kempton Park

"I had more than R300 000 in debt. Now I have zero"
Thato from Durban

"On debt review by debt kept increasing, now I have a consolidated reduced debt that I can settle in easy monthly installments.
JP Smit Kempton Park

"Ek het my huis en kar verloor en die bank het nog steeds betaling gesoek. Sekwestrasie het dit gestop"
Danie Pretoria