CREDIT INDUSTRY FORUM BEGIN FEE DISCUSSIONS

The National Credit Regulator (NCR) host a forum called the Credit Industry Forum (CIF).

The idea behind the forum is to bring industry role players together to meet and discuss industry issues. These discussions and agreements reached help the NCR formulate guidelines (or non binding opinions) which they share with the industry on various topics.

The hope is that these non binding opinions help shape the decisions of the industry role players when dealing with matters not directly covered in the National Credit Act.

One such item is how much debt review services should cost. The Act and Regulations are silent on the topic.

Over the years only the Debt Counsellors Association of South Africa (DCASA) and the NCR have issued a suggested fee structure. Most practices voluntarily stick to these guidelines.

The NCR are now looking at their fee structure again and have called on the CIF for input as they reconsider their non binding opinion on the topic.

The NCR have concerns related to the use of legal fees and the high number of consumers who drop out of the process in the first few months. The NCR hope to make suggestions that guide the industry to address these topics. Though the NCR has no jurisdiction of the legal fraternity or over consumers behavior directly they hope to drive or incentivise Debt Counsellors to try adjust the behavior of both attorneys and consumers.

At present, the discussions are in the very early phases (like agreeing what different terms mean).

Debt Counsellors suggestions are normally submitted to the CIF via DCASA, NDCA or the IDDC. If you have suggestions, please approach the NCR or one of these parties to submit them in advance of future discussions.

Our members are invited to attend the Debt Review Awards DC|CP Meet Up on 19 October 2023.

Please enquire about details.

facebook.com/groups/allprodc www.allprodc.org

Debt Counsellors Collective

Our members are invited to attend the Debt Review Awards DC|CP Meet Up on 19 October 2023.

Please enquire about details.

Email: Alanm@moneyclinic.co.za

Our members are invited to attend the Debt Review Awards DC|CP Meet Up on 19 October 2023.

Regional Meeting

Free State - 10 Nov

Gauteng - 14 Nov

KZN - 10 Nov

W Cape - 14 Nov email: dcasa@dcasa.co.za www.dcasa.co.za

NDCA are ready to help consumers who are struggling with debt. Visit our site for more information. ndca.org.za

Tel: +27 12 140 0602

Email: info@collectnetpda.co.za

Web: www.collectnetpda.co.za

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