National Credit Amendment Act Confernece
Conference on the New NCAA2014
The DTI in conjunction with the National Credit Regulator (NCR) are holding a conference in Boksurg tomorrow (19th March) at the Birchwood hotel.
Speakers at the conference will include the straight talking Ms Joan Fubbs who chaired the portfolio Committee on Trade and Industry who held meetings at Parliament last year about the NCA and possible amendments. Also speaking on the day will be Ms Zodwa Ntuli and Ms Susan Mangole of the DTI.
Panels to Answer Questions
The Conference will feature a Panel discussion regarding EAOs (also commonly called garnishee orders). “prof” Haupt of the University of Pretoria Law Clinic will be on hand to answer some questions along with Ms Kalayvani Pillay of the Dept. of Justice and Ms Jeannine Naude Viljoen of the CBA. A big topic will be what consumers can do to prevent the abuse of EAOs and how the courts will now be assisting in this regard. Creditors use Emolument Attachment Orders to recover funds directly from consumers pay slips.
EAOs and Prescribed Debt
In the past there was talk about credit providers refraining from use of EAOs but these promises where hollow as so much of the “bad debt” book is collected via these means. While use of ‘garnishee orders’ has slowed down and some courts have put a throttle on them the use has continued much as before. recently it has become even harder for companies who specialise in debt collection (particularly older debt) to collect on these debts. With the National Credit Amendment Act coming into effect last week on friday the 13th (scary for these collection companies) it is now illegal to sell or buy old debt which has prescribed. Debt generally prescribes after 3 years (most types but not all) if the consumer does not acknowledge the debt and if the credit provider does not take legal steps to collect. these legal steps normally end up with either the repossession of an asset or an EAO on a consumers salary.
Other Speakers
Later in the day the audience will be able to pose questions to Ms Nomsa Motshegare (CEO of the NCR) and Mr Rene an Wyk of the Reserve Bank as well as the chairperson of the National Consumer Tribunal Ms Diane Terblanche.
Ms Terblanche and Ms Motshegare at the 2014 Debt Review Awards
The conference takes place all day from 8am till 5 pm and attendance was by RSVP only. Debtfree will attend and report back to our readers. Friday this week will see the NCR hosting another workshop (this time specifically for Debt Counsellors) in the Western Cape where much of the same information will be made available.
