Black List Amnesty
Parliament Select Committee on Trade and International Relations has proposed an amnesty on credit black lists to be put in place by the middle of 2013. The committee has also stated its intention to conduct a review of the National Credit Act in the early part of 2013 to cater for a more detailed implementation of a credit black listing amnesty. Outstanding debt would still have to be repaid and those consumers who are under debt review would not be able to benefit from the amnesty since they would still not have access to credit.
Regulator's concerns about unsecured lending
Based on the outcome this month of the latest research of the National Credit Regulator there is an increase in unsecured personal loans. The Regulator is requiring a probe into the growth of such unsecured lending and is calling for tighte assessment tools on the granting of unsecured loans.
Arrest of Credit Providers
A number of credit providers in KZN were arrested for alleged unlawful retention of pension cards, bank cards, identity documents and identity numbers of their clients for debt collection purposes. The operation was carried out by the Regulator, SA Social Security Agency and the police.
If you have any queries contact Simone Monty at Eversheds on 011 775 6335 or email SimoneMonty@eversheds.co.za