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Thread: New proposed amendments to the National Credit Act

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    Cool New proposed amendments to the National Credit Act

    New Proposed sub committees to be promoted (1 July 2016)

    The NCR has proposed a few new sub committees to manage debt review processes better
    Here are the new proposed committees and their proposed functions
    National Credit Amendment Act

    The sub-committee was established to address
    operational difficulties that come with the following
    sections of the Act:
    • Section 71 (i.e. end balance disputes, classification of
    long-term agreements, whether court orders must be
    rescinded or not and others).
    • Section 86(10) (i.e. what should happen if the matter is
    in court and the consumer is not making payments).
    • Section 126B (i.e. process on how to indicate whether
    the credit agreement has prescribed or not. This is a
    requirement by various magistrates).
    • Any other matter you would like to raise, which poses
    operational difficulties since implementation of the Act.
    Reckless lending

    The sub-committee was established to clarify and review
    the process to be followed in terms of Section 136(1)
    of the Act when lodging complaints alleging reckless
    lending with the National Credit Regulator (“the NCR”).
    Joint bonds

    The sub-committee was established to address
    operational difficulties that comes with joint bonds in debt
    review applications, considering the following:
    • The inclusion or exclusion of joint bonds in an
    application for debt review with reference to the
    applicable marital regime governing the consumers.
    • The effect of inclusion or exclusion on consumers who
    are not married.
    • The effect of inclusion or exclusion on the signatory
    who has not applied for debt counselling.
    • The effect of inclusion or exclusion on a Debt
    Counselling Rules System (DCRS) proposal.
    • Any other matter you would like to raise, which poses
    operational difficulties on joint bonds.
    Court order template

    The sub-committee was established to develop a
    standard and uniform debt review court order template
    for the industry.
    Data

    The sub-committee was established to:
    • Deal with data challenges relating to the
    Debt Help System (DHS).
    • Develop the credit reporting framework
    for credit providers in line with Regulation 19(13).
    Last edited by Dave A; 16-Jul-16 at 08:06 AM.

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