Cabinet,
yesterday (05/09/2013) approved the proposal for the credit amnesty. It is
still unclear what the exact terms of the amnesty will be other than debts
which have been paid up will be removed.
Cabinet
spokesperson Phumla Williams said, “The key to the option is to ensure that
those that have settled their debt and they are able to afford debt should be
allowed to do so.”
For
your ease of reference, the 3 options proposed by The Department of Trade and
Industry (dti) and National Credit Regulator (NCR) and presented to Parliament
were:
Option
1
·
Removal
of all adverse listing less than R10 000 (irrespective of non-payment)
·
Removal
of all Paid Up adverse listings on an ongoing basis
·
Removal
of all Paid Up judgements on an ongoing basis
·
Number
of consumers impacted: 1,516,960
Option
2
·
Removal
of all adverse listing irrespective of value and irrespective of non-payment
·
Removal
of all Paid Up adverse listings on an ongoing basis
·
Removal
of all Paid Up judgements on an ongoing basis
·
Number
of consumers impacted: 1,605,763
Option
3
·
Removal
of all judgements and adverse listing irrespective of value and irrespective of
non-payment
·
Removal
of all Paid Up adverse listings on an ongoing basis
·
Removal
of all Paid Up judgements on an ongoing basis
·
Number
of consumers impacted: 2,180,774
It
is vital to understand; the amnesty will affect defaults and possibly
judgements but not the underlying [rental] payment profile. It is to the
benefit of all credit bureau members to ensure you contribute in a positive and
meaningful way by ensuring your tenant / debtor data is loaded and up-to-date
on the TPN credit bureau.
In
conclusion, TPN will keep our members updated on the process, we will assist in
suggesting changes to your tenant / client take on process you should consider
as and when more details become available regarding the exact terms of the
credit amnesty. You are not powerless – you have the power to contribute in a
meaningful way by loading your tenant data accurately, monthly and on all
tenants good and bad.
Warm regards,
Michelle
Dickens Managing
Director Tenant Profile Network (TPN)
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