Reading Time: 3 minutes

NCR Task Team 2.0 Coming

There has been a growing push for a review of the old 2009 NCR Task Team with the view of identifying and solving current industry challenges.

The NCR has now approved the inclusion of the project at CIF level.

NCR Task Team 2009

When debt review was in its infancy there were many challenges for the new industry.

Many processes needed to be clarified and new challenges were identified after the new Act came into effect in 2007.

Many debt review matters were snarled up at the courts and different credit providers and Debt Counsellors all had different ideas about how to handle matters not clarified in the NCA.

In an effort to address the issues and ensure consumers debt review matters were successful the NCR commissioned a small team of industry experts to form a Task Team.

The Task Team was highly successful in identifying common issues and made numerous suggestions on how these could be overcome.

Most of the suggestions made in the NCR Task Team report were soon implemented by most industry parties and the gears of debt review started to turn more freely.

‘the gears of debt review started to turn more freely’

Later (in 2014) the NCR adopted the Task Team recommendations as guidelines they recommended to all credit providers and Debt Counsellors.

 

New Solutions To New Problems

So many of the issues that were around back in 2009 are now a distant memory and the economy and industry have changed and matured.

New challenges have arisen and there is once again a need for a way to address these challenges swiftly.

With this in mind the NCR’s Credit Industry Forum (CIF) at it’s latest meeting held in June 2024 decided to include an updated look at the NCR Task Team and current industry challenges in an official capacity.

‘New challenges have arisen and there is once again a need for a way to address these challenges swiftly’

The idea is to engage with as many role players and get input on (1) the current role of industry participants, (2) the challenges facing the industry (3) a range of possible solutions and then identify which can be swiftly implemented to streamline the process for consumers.

While not all suggestions might be able to be immediately implemented it will be good to have a working document containing a wish list of future goals and solutions and perhaps an annual review of the document.

This document or report and the NCR’s take on the suggestions could then be set before the DTIC, who make regulations and can even help drive amendments to the National Credit Act.

 

Benefits For Consumers & The Industry

Ultimately, the goal of the NCR Task Team 2.0 is to make debt review an even more attractive solution for those with debt troubles and enable them to make use of the process to turn their situation around.

At present around 12 000 people enter the process every month and around 240 000 people are active in the process right now. The industry would like to see this number grow as more consumers are helped to sort out their debt problems with credit providers.