Reading Time: 2 minutes

Credit Industry Forum- Latest

The National Credit Regulator (NCR) has communicated with all Debt Counsellors updating them on progress at the Credit Industry Forum (a forum where credit providers and Debt Counsellors meet and discuss aspects of the day to day debt review process). The CIF makes recommendations to the NCR who can then set these as industry guidelines for different procedures and situations.

Update

Recently the CIF discussed End Balance differences that occur when credit providers and Payment Distribution Agencies show different figures while tracking the progress of payments via debt review. They have now reached a conclusion and the NCR will soon publish guidelines.

The topic of how consumers can withdraw from the debt review process and how Debt Counsellor can do the same was discussed but the sub committee at the CIF could not reach agreement. The NCR will now be getting a legal opinion on the topic. They will try source a “service provider” for this or put this out to tender etc.

Next sign

New CIF Sub-Committees formed

 

Three new CIF sub-committees have been set up to try draft guidelines in regard to Section 103(5) of the National Credit Act (commonly called InDuplum), the credit provider software system for calculating debt review proposals called DCRS and Credit Insurance for people in the debt review process. Associations have already called for comment from their members on these topics but the NCR are now also inviting all Debt Counsellors (associated or not) to make submissions on their views or concerns about these topics.

 

Submissions need to be in by the 6th of June and should be sent to: cif@ncr.org.za