Debtfree Magazine September 2019

emorse and fail to follow through without being helped to clearly see the
benefits over and over again. Now more than ever it seems it is time to only
bring people on board who will complete the process.
Credit providers should be increasingly wary of issuing 86(10) terminations
as it may now mean they end up trapping consumers in limbo unable to
ever become a customer again in a time when banks are desperate to
retain clients.
For those who already dropped out the process, perhaps even years ago,
they should avoid been scammed for fees for any ‘debt review status
removal’ services. This ruling makes it clear that such services cannot work.
These consumers should rather focus on finally repaying their debts. If they
do not pay off these existing debts then they will continue to be considered
over indebted and be locked out of accessing new credit.
It seems that the NCR and DTI need to seriously consider making amendments
to the National Credit Act to help the many hundreds of thousands of
consumers who are trapped outside the credit market. Changes have been
made to the Act in the past to allow consumers to leave debt review without
being trapped in the process for 30 years with a bond. Perhaps new changes
could be made to address this issue.
For now, if you have entered debt review it seems that the only way out is
through.