‘Delays in debt review process harming consumers’

2009-12-18 08:50

The debt review process must be consistent and reliable, debt

counsellors Debtbusters said today.

“Consumers who sincerely want to get their finances in order are

being hindered by court delays and reluctant credit providers,” said managing

director Luke Hirst.

It was fitting that the National Credit Regulator (NCR) had set up

a task team to find possible solutions to the numerous inconsistencies the

current debt review process was facing, he said.

“Granted, inexperienced debt counsellors have also played a role in

the numerous issues, but this just emphasises the need for a task team who will

deal with the entire procedure from a consumer facing perspective,” Hirst

said.

Gabriel Davel, CEO of the NCR, said it was expected there would be

teething problems in implementing the two-and-a-half year old National Credit

Act.

However, the NCR “needed to act decisively to bring the situation

under control“.

According to Statistics SA, the number of people who applied for

debt counselling in November 2008 was 36?246 compared with 132?291 in November

2009.

“This is a significant increase and evidently the debt review

process needs to be consistent and reliable,” he said.

The task team would be in force for a period of six months and its

members had been chosen according to experience and competence.

The ultimate objective of the task team should be to accommodate

the over indebted individual, creditors and the debt counsellors, Hirst

said.

“There should be no bias towards either party and the process

should be as fair as possible.”


Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.