Debtfree DIGI December -Editor’s Note

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Editor’s Note



2015 was a hectic year for consumers and the economy alike.  With the NCR issuing non binding opinions on various topics, the CIF making a big splash and various workshops and conferences held across the country all about debt review the industry was abuzz with all the activity. Big court cases about debt review provided further clarity on how the process needs to be handled. Throughout the year thousands of people signed up for debt review each month (over 12 000 many months) making 2015 one of the busiest years in debt review.


The NCR saw highs and lows in the press, as they continue to fight for prominence and position as the pending Twin Peaks regulatory process nears. They issued lots of guidelines, based on CIF recommendations. The NCR also made several news splashes with raids and investigations against credit providers throughout the year. All that investigating and all those CIF meetings were expensive and the NCR say they ran out of funds during the year and could not conduct a promised review of the debt review fee structure as a result. That said, the NCR still played a big role in the industry this year. Be sure to check out our year review articles to find out who got on their bad side and found themselves in trouble at the NCT.

 National Credit Amendment Act

The big winner this year was the National Credit Act itself, which was finally amended (after a long wait since the 2014 announcements of what the changes would be). Sure the DTI minister had to delay some aspects but the amendments make debt review a lot easier for consumers, debt counsellors and credit providers.  What is clear is that one of the largest impacts was the sudden reduction in unnecessary “terminations” – where credit providers try to start a second legal collections process instead of cooperating with the debt review process.  This meant more consumers were helped and less work and expenses for all parties.

 Keep Going

The biggest loser this year was probably the economy, with so many things placing further stress on an already embattled system.  Ratings fell, rates went up, the Rand got destroyed against the Dollar, China cut their orders and more. Fortunately for many consumers the debt review process was in place to help them deal with the fall out all that created. If you were one of the over 100 000 consumers who entered the process this year then we commend you for being proactive and making a realistic plan to sort out your situation. If you are one of the hundreds of thousands of consumers already under debt review then we urge you to not skip any payments this month or in Jan. Keep up the good work and keep progressing toward being debt free.


– This article taken from the December 2015 Debtfree DIGI Magazine READ IT NOW

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