Debt Intervention Misinformation Already Starting
It seems that the NCR is in for a very hard time in the weeks and months ahead as consumers and the media grab hold of the Debt Intervention concept mentioned in the Portfolio Committee on Trade & Industry’s Draft amendments to the NCA Bill.
The Bill is being discussed at parliament in oral submissions of comments on the draft bill at the end of Jan and start of February.
Already the Banking Association of South Africa (BASA) is reported to be saying that they anticipate as many as 5 Million consumers trying to apply for Debt Intervention. Media outlets are running stories with headlines like: ‘Is it possible that in 2018 your debts may be written off?’
‘they anticipate as many as 5 Million consumers trying to apply for Debt Intervention’
Misinformation about who would qualify and how the process will work is already beginning to spread like wildfire and the National Credit Regulator will be the one to bear the brunt as potentially millions of curious consumers begin to contact their switchboard looking for more information of help.
At present, the NCR has 2 switchboard operators.