The contentious National Credit Amendment Bill has been the topic of much debate in recent months, and is expected to have a significant impact on the lives of thousands of ordinary South Africans as well as large parts of the finance and banking sectors because of the wide-scale debt relief it will provide.

Originally the proposed bill made provision for debt intervention for consumers earning a maximum of R7,500 per month and with less than R50,000 in unsecured debt.

“If the National Credit Regulator is of the view that the applicant requires assistance, a single member of the National Credit Tribunal can suspend all qualifying credit agreements in part or in full for a period of 12 months,” explained Eugene Bester of law firm Cliffe Dekker Hofmeyr.

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Tags: Financial Literacy