Debt Review – A discussion by Debt Counsellors
13 October 2005 Minister Rob Davies addressed parliament during the second reading of the National Credit Bill. He specified that the promulgation of this Bill marked another milestone in the government’s effort to build an economy that meets the NEEDS of ALL South Africans. He stressed that the credit market that developed over the past decades was inappropriate for the economic and social context of South Africa in the 20th century.
One of the Bill’s objectives are consumer rights and the fact that a consumer has the right to apply for debt review as a remedy when he does not have the ability to meet all his financial commitments at the end of a month before the credit providers may execute their rights.
The Bill had to ensure protection for consumers as well as redress for unacceptable practices. A great number of submissions made during process, lauded the emphasis on the protection of consumer’s rights in the Bill. The Bill heralded a new era for consumers by establishing rights like the right to apply for credit and protection against discrimination in respect of credit as well as the protection of consumer credit rights.DEBT REVIEW - A DISCUSSION BY DCS