August 2021 IDM Special Edition

DEBT VADER
The last task team report about debt review was done all the way
back in 2009, over 12 years ago. Unscrupulous Debt Counsellors,
who are well known to credit providers and other hard working Debt
Counsellors, still somehow manage to operate in the industry. Greedy
and inefficient credit providers still get away with debiting consumers
after they applied for debt review, and courts seem to just add more
and more requirements daily due to the Act not being amended to
address such issues.
These are just some of the reasons why so many consumers are still
not getting court orders. There are others, of course. The result is that
so many who have entered the process and are loyally paying off their
debts can unfortunately end up thinking the process is not working
(even though it actually is). This can make them think about dropping
out of the process – which is an incredibly bad idea.
All parties in the debt review industry have an obligation to try
and help desperate, debt stressed South African consumers. It will
take a concerted and ongoing effort focused on solving problems
rather than personal rights or convenience to ensure that the NCA’s
envisioned process is actually achieved. The question is, will it happen
or will these issues simply continue to drag on and on?
*The views expressed by Debt Vader do not necessarily reflect those of the Debtfree
Magazine team. The purpose of the article is to spark debate and conversations around this
topic for the betterment of the industry.
To give Debt Vader a piece of your mind, send us a message for him at:
DebtVader@debtfreedigi.co.za