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Debt Counsellors Must Attend

The National Credit Regulator, along with the Credit Bureau Association, are hosting mandatory online training for Debt Counsellors.

Don’t miss the last session tomorrow.

Training On the New Portal

The NCR and Credit Bureau Association are working closely together to ensure accurate data abotu peoples debt review status is being captured at the credit bureaus.

This is important as consumers who finish up debt review would liek to get access to credit again in the future and do not want old inaccurate data showing at the various credit bureaus.

When under debt review a flag (or indicator) shows on credit reports about the debt review. Once all the debt review debts are paid up (maybe with exception of a big home loan) then this indicator or flag can be removed.

This is done after the consumer and Debt Counsellor procure proof that all the debts have been settled with the various credit providers.

This is done by getting what are called paid up letters from the credit provider. These show the debt is settled.

Then the Debt Counsellor can issue a Form 19 or Clearance Certificate. This is a form that shows the debts are settled, and debt review is over and done. It is the ultimate goal of anyone starting debt review.

With help from the Credit Bureau Association an effort is being made to ensure that credit bureaus receive the correct information about paid up accounts in a safe and PoPi compliant manner. 

With this in view, the old way of sending lots of emails back and forth is being closed down and the new way will be via the CBA’s SFTP portal.

In an hour and half long training session, Debt Counsellors were shown how the system works (it seems simple enough) and got to ask questions about weird and wonderful situations that make crop up and make issuing clearances tricky.

One thing to note is that anyone adding fake or fraudulent information to the system will face prosecution by the National Prosecuting Authority (NPA) and also the NCR who will apply for their deregistration (if they are a Debt Counsellor, ADRA or Credit Provider).

Circular Coming Soon

Additional documentation (along with the presentation itself) will soon be shared with all in the industry as the NCR tries to tighten up an area that has been problematic in the recent past.

It is exciting to see how things are progressing, and no doubt this will help consumers who have genuinely finished paying up their debts.

The NCR and CBA have said they anticipate some teething problems as with any new system but have done extensive testing with 5 bigger Debt Counselling practices already (and ironed out many issues).

Some helpful tips and tricks

All Debt Counsellors recently had to update their details on the NCR Debt Help system (and confirm with Timmy) in advance of this roll out. These updated details will be used to get all Debt Counsellors registered on the system over the next 2 weeks. Then Debt Counsellors will have some time until the start of next year to play with the system and get familiar before the final live implementation (go live) date comes into effect.

Don't Miss The Final Training Session

So far, around 1000 Debt Counsellors have attended the Training.

Any Debt Counsellor who misses the training will soon find themselves in trouble so if you have not already attended and may not get to the training tomorrow, then you should contact the NCR in advance (Mr Timmy VD Grjip).

There is talk of a final additional special session for those who may be in hospital or travelling or tied up in court in the near future.

Be sure to check your emails and attend the training if you are a NCR registered Debt Counsellor.