DF Issue 201811 FINAL IDM (002)
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DTI RESEARCH<br />
FORUM<br />
DCASA LAUNCH<br />
INVESTIGATION INTO<br />
NCA SECTION 71<br />
Though you may not have<br />
heard about it yet the<br />
Department of Trade & Industry<br />
are holding a research forum<br />
during December into current<br />
trends and the impact of the<br />
debt counselling industry<br />
in South Africa. The Market<br />
Research and Trend Analysis<br />
Chief Directorate of the<br />
Consumer and Corporate<br />
Regulations Division of the<br />
DTI will be holding a forum<br />
on the 6th of December in<br />
Gauteng (Sunnyside Pretoria).<br />
The forum will focus in on<br />
the current trends, challenges<br />
and the overall impact of<br />
debt counselling since it<br />
was introduced in 2007.<br />
Those wanting to attend<br />
have been asked to RSVP to<br />
LMorwamohube@thedti.gov.za<br />
The National Credit Act allows<br />
consumers who are under debt<br />
review, who pay off all their<br />
smaller credit agreements, to<br />
leave debt review and continue<br />
paying off their large debt (such<br />
as a bond).<br />
This change was made after<br />
it was realised that previously<br />
the wording of the NCA meant<br />
that a consumer who had<br />
a bond should stay in debt<br />
review until all debts were<br />
settled. This would then mean<br />
that consumers with a bond<br />
would potentially be in debt<br />
review for many years, possibly<br />
decades. Since this was clearly<br />
not the intention of the Act an<br />
amendment was made.<br />
Now any consumer, who pays<br />
off their short term credit and<br />
perhaps a vehicle loan and is
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