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Cas Coovadia on why debt forgiveness is a bad idea

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Cape Town – The Banking Association of South Africa (Basa) does not support the principle of debt forgiveness, its managing director, Cas Coovadia, said on Tuesday.

The Banking Association was one of the entities that made a presentation to Parliament’s portfolio committee on trade and industry about measures to provide debt relief to over-indebted South Africans.

The portfolio committee mooted the idea of debt forgiveness in March this year when the National Credit Regulator briefed MPs on the state of South Africa’s credit market.

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