National Credit Amendment Bill Hearings
Next week sees a series of public hearings on the topic of the amendment to the National Credit Act (in the form of the National Credit Amendment Bill). The Department of Trade and Industry (The DTI) have previously taken comments on the Draft Bill they put forward and now Parliament will hear comments on the finished product.The hearings will be held at Parliament in Cape Town.
Having a Say
Several organisations will be making presentations over the 3 days of the hearings such as The Banking Association, the Credit Providers Association, various large banks and the Debt Counselling Industry (theDCI).
TheDCI will be representing the concerns of Debt Counsellors in regard to items that may be missing from the amendment. Many Debt Counsellors would like to see a clarification of what happens when a consumer withdraws from the process before it is finished or if a Debt Counsellor feels a consumer is not co operating with the process (ie. not making payments) and wishes to withdraw their services, something that is not clearly handled in the NCA. None of the Debt Counsellor Associations have a scheduled time slot to make presentations. So it might be that theDCI will have the chance to represent all DCs unless the NDMA do so as well. The National Debt Mediation Association, who have been very subdued over the last few months will also be making a presentation late on Wed or early Thursday.
After many years of representing Credit Providers the NDMA have now switched sides and are offering ADR and Debt Counselling assistance to consumers. They have cut their Credit Provider funding in an effort to distance themselves from the perception that they are merely a front for the banks trying to lead consumers away from debt review.
Debtfree will be attending the hearings and reporting on them. Follow us on Twitter for all the details.