National Credit Bill to Assist Consumers in Repaying Debt
According to the Department of Trade and Industry, amendments to the National Credit Bill have been signed into law by the President.
The new amendments are according to Wikus Olivier, debt counsellor at DebtSafe, consumer orientated. Placing the consumer in a favourable position to address their debt problems.
Areas that are influenced by the National Credit Amendment Bill include; Section 129 notices, affordability assessments, how the National Credit Regulator (NCR) combats reckless lenders, prescribed debt, removal of negative and adverse consumer credit information as well as Alternative Dispute Resolution Agents (ADR).
In this Insurance Gateway article Wikus discusses the amendments of the National Credit Bill and explains what it means for the over-indebted consumer.