Help for debt-stressed consumers

2010-09-08 09:10

A campaign to assist debt-stressed consumers was launched today by the Banking Association of South Africa, the National Credit Regulator and the Debt Counselling Association of South Africa.

The campaign aimed to “address adverse consumer behaviour trends as well as promote a better understanding of debt counselling, including expected conduct by consumers”, said a joint statement.

Two target audiences had been identified for the campaign: consumers who were debt-stressed but not yet under debt review, and those who were already under review.

“As a starting point, we would like to invite debt-stressed consumers to contact banks when it comes to dealing with over-indebtedness before applying for debt counselling, and preferably before actually defaulting.”

According to the Debt Counselling Association of South Africa, debt counselling was not achieving its aims as outlined in the National Credit Act.

Limited cases were being resolved and there were high levels of default by people receiving counselling.

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