Debtfree Magazine November 2018

DTI RESEARCH
FORUM
DCASA LAUNCH
INVESTIGATION INTO
NCA SECTION 71
Though you may not have
heard about it yet the
Department of Trade & Industry
are holding a research forum
during December into current
trends and the impact of the
debt counselling industry
in South Africa. The Market
Research and Trend Analysis
Chief Directorate of the
Consumer and Corporate
Regulations Division of the
DTI will be holding a forum
on the 6th of December in
Gauteng (Sunnyside Pretoria).
The forum will focus in on
the current trends, challenges
and the overall impact of
debt counselling since it
was introduced in 2007.
Those wanting to attend
have been asked to RSVP to
LMorwamohube@thedti.gov.za
The National Credit Act allows
consumers who are under debt
review, who pay off all their
smaller credit agreements, to
leave debt review and continue
paying off their large debt (such
as a bond).
This change was made after
it was realised that previously
the wording of the NCA meant
that a consumer who had
a bond should stay in debt
review until all debts were
settled. This would then mean
that consumers with a bond
would potentially be in debt
review for many years, possibly
decades. Since this was clearly
not the intention of the Act an
amendment was made.
Now any consumer, who pays
off their short term credit and
perhaps a vehicle loan and is