Debtfree Magazine September 2019
The September 2019 issue of Debtfree Magazine. SA's Free debt counselling and debt review magazine. We discuss a court case that changes it all as well as possible changes to the NCA & Regulations.
The September 2019 issue of Debtfree Magazine. SA's Free debt counselling and debt review magazine. We discuss a court case that changes it all as well as possible changes to the NCA & Regulations.
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
ISSUES WITH NEW NCA AMENDMENTS<br />
WHY DEBT INTERVENTION<br />
IF DEBT REVIEW<br />
ALREADY EXISTS?<br />
The NCR has recommend a set of fees for Debt Counsellors to charge.<br />
Many politicians and perhaps the DTI seem to think these fees are<br />
expensive (even though they are built into the process over many months<br />
and are only what the consumer can afford).<br />
The NCR also recommend that Debt Counsellors try to settle debts within 60<br />
months of people starting the process (eg. through DCRS). For consumers<br />
with little or no means, this could be impossible. The NCR and many courts<br />
(and credit providers of course) do not think that repaying debts for long<br />
periods of time (as is done in other countries, like the UK) is a good idea. So,<br />
they effectively encourage Debt Counsellors not to help such consumers.<br />
Even though almost 20% of people in debt review fit into this income and<br />
debt profile, the law makers and regulators are pretty sure that the new<br />
NCR offered service won’t have much of an impact on the existing debt<br />
counselling industry.
Change language