First Payment Distribution Agency Registered with the NCR
Hyphen PDA is the first of the 3 NCR recognised PDAs who have been successfully registered with the National Credit Regulator (NCR). PDAs have long been around and espoused by the NCR however it is only recently that they have been captured in the National Credit Act itself (when amended).
PDAs handle the money side of debt review for consumers and assist Debt Counsellors with software to calculate and make proposals with to creditors. PDAs also track the rough repayment amounts as per the court orders and assist consumers in reconciling any payment issues they have with creditors throughout the process.
Recently the PDAs (members of the PDA association PDASA) have been in discussion with the NCR and DTI regarding recent fee structure changes which are binding on NCR registered PDAs. Hyphen PDA is now the first PDA to receive it’s official NCR Certification after completing the rigorous (and expensive) registration process. AS yet there has been no adjustment to the Fee structure as published. It remains to be seen if PDASA will follolw the example of MFSA in taking maters to court in an effort to ensure profitability and sustainability for it’s members.
Congratulations to Hyphen PDA (registered as NCRPDA1).