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Green Light for Credit Amnesty

 

The proposed and somewhat misleadingly named “Credit Amnesty” has been approved by Cabinet. This follows after a lot of debate on the topic. The Banking Association of South Africa were particularly vocal in their resistance to the amnesty as it was originally proposed. Over time the proposals have changed and the latest draft has been approved by Cabinet.

This means that soon the amnesty will come into effect.

It is hoped that this will help some consumers get past their past bad debt payment history, especially where they have remedied the situation. This will further the thought of no more “blacklisting”.

Some who are opposed tot he amnesty have said that the misnamed credit amnesty is simply an election ploy to try improve public perception and gain popular favour.

Debtfree will have an article in the Sept issue discussing the amnesty in more detail. Be sure to catch that in 2 weeks time.