Consumer Gaurd

27/01/2025

17/08/2020

VACANCY OPENING !!!

looking for a debt review admin official.

Job type: permanent
R5000 per month
6 months to a year experience of debt review
Must be able to work under pressure
Good ethics, Honesty and Integrity

if you that is you contact 021 205 3523 or 072 977 8743 (whatsapp)
you can also email your CV to [email protected].

14/10/2019

A draft bill giving the National Consumer Tribunal the power to extinguish debt in certain circumstances has been published for public comment by Parliament’s trade and industry committee, which formulated it. The targeted group for debt relief are individuals earning a gross monthly income of not more than R7,500, who have no readily realisable assets (excluding exempted items mentioned in the bill), are not subject to debt review and have debt of less than R50,000. The draft National Credit Amendment Bill also provides for mandatory credit life insurance on all credit agreements longer than six months with a value of less than R50,000. The committee spent many months preparing the draft bill which arose out of its concern over the level of overindebtedness in the country. Also of concern was the fact that certain categories of consumers who had no hope of extricating themselves from their debt burden were excluded from existing debt intervention measures because of their high cost..

02/09/2019

16/08/2019

Ramaphosa signs 'debt relief bill'
22:57 15/08/2019
President Cyril Ramaphosa has signed into law the National Credit Amendment Bill which is geared to provide relief to over-indebted consumers.

The legislation, also known as the “Debt Intervention Bill”, will enable low-income workers to extract themselves from debt through a process of debt restructuring if they earn a gross income of R7 500 or less per month, have unsecured debt of R50 000, or have been found to be critically indebted

One of the clauses on the bill require debt counsellors to report suspected reckless lending, in an attempt to discourage registered financial service providers from engaging in reckless extension of credit.

bill also allow intervention for over-indebted consumers earning R7 500 per month or less. The first step in the intervention process involves debt restructuring, giving consumers five years to pay their debt, as well as the extinguishing of debt.

14/08/2019