Reading Time: 1 minute
NCR Issue New Guidelines for Form 16
In their recent explanation document which the National Credit Regulator issued about the way consumers can withdraw from Debt Review they have said that Debt Counsellors are required to add the following clause to the Form 16 signed by the Consumer when they apply for Debt Review:
A Consumer who has applied for Debt Review can withdraw from Debt Review only before the recommendation of over-indebtedness (Form 17.2) has been issued by the Debt Counsellor.
After the recommendation of over-indebtedness (Form 17.2), a Consumer can only withdraw from Debt Review after the Form 17.W application has been granted by the Court.
A Consumer who has been issued with a Clearance Certificate or where a Court Order has been obtained indicating that the Consumer is no longer over-indebted and no longer under Debt Review will also be withdrawn from Debt Review.
Make Sure Your Clients Understand
The reason they want Debt Counsellors to add the new wording is to inform consumers of the consequences and implication of applying for debt review at the time of application and to help them see that there is a formal process for leaving debt review.
Download the Explanation Guide here:
NCR EXPLANATORY TO THE WITHDRAWAL GUIDELINES
Reading Time: 1 minute The Debt Review Awards 2015 Below are even more shots from the 2015 Debt Review Awards gala which was held in Gauteng this month. Debt Counsellors, Credit Providers, Attorneys, Trainers, Media, consumers and Payment Distribution Agencies all came together to … read more
Reading Time: 2 minutes Can you be Sequestrated while under Debt Review? The National Credit Amendment Act says clearly that it is not an act of insolvency to go under debt review. However this has not always been the understanding by some parties … read more
Reading Time: 2 minutes FNB Debt Review Centre Workshop – Western Cape FNB are hosting a workshop in Cape Town for Debt Counsellors on the Friday before the Debt Review Awards Gala. All Western Cape Debt Counsellors (and those in CT for the Awards) … read more
Reading Time: 1 minute Debtfree DIGI May 2014 Now Out You can read the May 2014 issue of Debtfree DIGI now. CLICK HERE What is in the May issue? This issue has articles on the … read more
Reading Time: 2 minutes 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 … read more
Reading Time: 3 minutes Securitisation The idea of securitisation has slowly become public knowledge as organisations such as NewERA and the DCU talk to the media about the subject. There have been TV shows and Mainstream magazine and newspaper articles on the subject. So, … read more
Reading Time: 1 minute DCASA NEC The Annual General Meeting of DCASA took place this week and the following people have been voted onto the 2014 DCASA National Executive Committee: E. Cilliers; PJV. du Toit; E. Fouché; H. Hodgson; A.J. … read more
Reading Time: 2 minutes NCR Swoop on Creditors granting Reckless Credit The National Credit Regulator and the SAPS have been busy again raiding the premises of various credit providers this month looking for instances of reckless credit granting. The Raids are the latests in … read more