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Industry News

The NCR’s CIF met on the 6th of December 2024 to review progress in regard to the various sub-committees working on industry topics.

Currently, the CIF sub-committees are working on guidelines around reckless lending, fixing challenges with massive loans and DCRS, some guidelines for Alternative Dispute Resolution Agents and the timing of fees for debt review. Each sub committee has made some progress but also face various challenges.

In regard to reckless lending, some changes coming down the line have forced a review or progress already made.

In regard to ADRs, Debt Counsellors want to ensure there is no room for ADR service to be used to offer debt review services.

In regard to DCRS the amounts now being offered in massive loans continues to be a challenge and there is concern over building in cascaded payments.

In regard to the fee timing discussion, there are concerns that the timing is impossible to consider while not knowing if any new fees or adjustments to amounts will take place.

It is likely that, while some sub-committees will meet sooner,  the CIF will officially meet to review progress again in March 2025.