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The Credit Industry Forum

NCR Logo

The National Credit Regulator (NCR) has launched a new initiative called the CIF or Credit Industry Forum. It is a forum where all industry role players can meet and discuss industry concerns in regard to Debt Review and Debt Counselling. The first meeting will be held on the 1st of October 2014

 

 

Who will be CIF members?

 

The NCR have invited as many role players as they can. This is an especially good move when considered against the past history of the DRAC ( Debt Review Advisory Committee) the former committee that met to discuss debt review matters. Only 1 debt counsellors association had representation on DRAC. Now the Alliance of Professional Debt Counsellors, Black Debt Counsellors Forum and the Debt Counsellors Association of South Africa have all been invited to join others such as the Banking Association of South Africa and MFSA in the forum.  This inclusion should ensure a more universal representation for consumers and Debt Counsellors alike.

 Those who will miss out

It is however still a reality that many Debt Counsellors are not members of any association. It is impractical to invite all such DCs to forum meetings and as such these Debt Counsellors are losing out on having their opinions heard at this level. The NCR has been pushing for all Debt Counsellors to be forced to join or form an association. It remains to be seen if this requirement will make it into the DTI final Amendment Bill for the NCA in one form or another.

 

Opening channels of communication

Members of the Debt Counsellors associations have been asked to gather issues that can be tabled at CIF for discussion. Of course,  this does not mean that the issues will be resolved, just discussed. One example of how a matter can be discussed almost endlessly without being resolved is how DRAC discussed Section 103(5) for ages without any commitment by BASA members on applying the Section in practice. But the forum will at least enable role players to express their concerns and discuss matters in an effort to reach consensus.