Results 1 to 2 of 2

Thread: Need Advice For Debt Consolidation

  1. #1
    Join Date
    Apr 2009
    Thanked 0 Times in 0 Posts

    Need Advice For Debt Consolidation

    Hello All Member,

    I Need Advice For Debt Consolidation !!!!!!!!

    Please share your suggestion here .......

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Durban, South Africa
    Thanked 2,577 Times in 2,174 Posts
    Blog Entries
    Well here's some news:
    An initiative that will attempt to drag millions of overindebted consumers out of the mire is to be launched by the Banking Association of South Africa and other credit providers in May.

    This comes after the latest Credit Bureau Monitor for the quarter to December showed that only 10.2 million consumers were in good standing.

    The figures were released by the National Credit Regulator (NCR).

    The number of consumers more than three months in arrears with repayments or with adverse judgments against them increased to 7.3 million, comprising 41.6 percent of total credit active consumers in December, compared with 40.5 percent in September.

    Cas Coovadia, the managing director of the banking association, confirmed yesterday that the organisation and other credit providers had established a separate institution called the National Debt Mediation Association (NDMA) to manage the initiative.

    "We will be working with other credit providers on how we can restructure as much of the debts of individuals as possible," he said. The initiative "will be launched with the rest of the credit industry at the end of May".

    In response to the suggestion that individuals could approach banks themselves to restructure their debt, Coovadia said individuals did not only have bank debt, but also had retail cards. The NDMA would bring all the credit providers together to restructure this debt.
    full story from Business Report here

Similar Threads

  1. Some advice please
    By CharTalbot in forum General Business Forum
    Replies: 2
    Last Post: 12-Sep-08, 05:02 PM
  2. Battery + inverter advice required
    By daveob in forum Electrical Load Shedding Forum
    Replies: 12
    Last Post: 24-May-08, 04:05 PM
  3. Teachers need detailed salary advice
    By Dave A in forum General Regulatory Compliance Forum
    Replies: 0
    Last Post: 07-Dec-06, 08:45 PM
  4. FNB taken to court over investment advice.
    By Dave A in forum Business Finance Forum
    Replies: 0
    Last Post: 22-Nov-06, 03:49 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts