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Quarterly Report Reminder

The National Credit Regulator (NCR) requires that registrants (like Debt Counsellors) send them regular information about how many people have asked for advice or help with their debts. They also require Debt Counsellors to let them know what kind of people have been asking for debt review and how far along their matters have proceeded.

Each quarter (3 months) Debt Counsellors fill in forms and send them to the NCR with this information. The next such report for Debt Counsellors is due on the 15th of February 2020 and will cover the months of 1 October 2019 – 31 December 2019.

Interestingly, every day the NCR also get the same information from Debt Counsellors on their online database called the NCR Debt Help System. This is because Debt Counsellors are required by the NCR to also update this information and capture these statistics (basically live) on an ongoing basis online. There is obviously a duplication of work here and it is unclear if the Debt Help system is simply unable to produce reports for the NCR with these required statistics. Regardless, the obligation lies on the Debt Counsellor in terms of Regulation 69(1) & (2) of the National Credit Act to send the information or they will receive censure from the Regulator.

The next such report for Debt Counsellors is due on the 15th of February 2020

Debt Counsellors also have to fill in a short form once a year called a Form 41 in regard to compliance.