Debt Counsellors To Hand In Reports
Debt Counsellors are to hand in their Form 42 quarterly statistical returns to the National Credit Regulator (NCR) by the 15th of February 2018. The NCR uses this information in conjunction with the information which each Debt Counsellor enters onto their website database to collate statistics regarding credit use and debt review in particular. Handing in this information is part of the requirements for all NCR registered Debt Counsellors.
Also Debt Counsellors are also reminded to fill in and return their annual Form 41 which asks if they will still practice. Don’t Forget!
New Fee Structure Coming On April Fools Day?
It is said that the NCR will be releasing a new fee structure guideline on what they recommend people charge for debt review services shortly which will go into effect on April Fools day (April 1st 2018). Members of the industry recently gave comments on a proposed structure which the NCR published which showed that Debt Counsellors will earn less for each consumer they help. The NCR has been under pressure for several years to adjust their suggested fee gguidelineas Debt COunsellors have been asked to do more and more work and face the same economic pressures as other sectors such as inflation.
It is unclear if the suggested fee structure which will soon become available has perhaps in the wake of many complaints about the proposal been adjusted to keep Debt Counsellors earning the same (or even help with an increase in income) or not. At present, guidelines published by the NCR, Debt Counselling organisations or credit providers are not binding and each Debt Counsellor can agree, in a contract, with their client as to what the costs will be. This allows for a significant competitive edge.