A trusted name in property since 1996.

Don't see what you're looking for?

Let us know what you require and we?ll get back to you.

Login / Create Profile

Creating a profile allows you to automatically request contact regarding a property without you having to re-enter your details each time.

Linprop News

Consumers to be relieved of credit burden

Following a Cabinet meeting on the 4th of September 2013 Cabinet spokesperson Phumla Williams said: "Denying previously black-listed consumers credit hinders growth."

She said this as many South Africans struggle to access credit either due to negative rating due to late payments on their study loans, default judgements from unpaid clothing or furniture accounts and those who approach the National Credit Regulator to get help with the management of their debt.

“The key to the option is to ensure that those that have settled their debt and are able to afford [taking up more] debt should be allowed to do so. They shouldn’t be disadvantaged by the five years waiting period because, if you may be aware, currently what tends to happen is that even if you have settled your debt, you still have to wait for a period of five years.

“The proposal that has been made is to ensure that those that have settled their debt are able to continue their lives in terms of doing the business that they may wish to engage in,” she said.

This proposal will soon come into effect after the Cabinet approved the recommendations of the Select Committee on Trade and International Relations following a report from the Removal of Adverse Credit Information Project.

The report’s recommendations were first discussed in Parliament last year after it was noted that denying credit to those that were previously blacklisted without considering affordability was detrimental not only to consumers, but also to the economy.

Williams said the Department of Trade and Industry still needed to conclude internal processes before the Cabinet’s decision can come into effect.

National Credit Amendment Bill approved

Meanwhile, Williams also said Cabinet had approved several other Bills, including the National Credit Amendment Bill for introduction to Parliament with an aim of assigning the national regulators more powers to implement and enforce critical credit provisions.

“The Bill aims to strengthen the capacity of the National Credit Regulator (NCR) to address certain challenges especially around court processes and to strengthen enforcement and implementation of the provisions of the National Credit Act 34 of 2005,” Williams said.

She also said that central to the challenges that led to the amendment to the Bill was that while the regulator would give consumers amnesty, there were loopholes that would see consumers being trapped in spiralling debt when they, for example, applied for more credit cards while they are undergoing debt counselling. – SANews.gov.za

Published in: Linprop news


<< News

News powered by BriefYourMarket.com

Linprop can bring it to the attention of a targeted audience, facilitate the deal, manage the property or take care of your rental administration.

We can help you find the home, flat, town house or stand of your dreams!

Linprop specializes in the sale, rental and management of properties in Linden
and the following surrounding areas:
Auckland Park . Blackheath . Blairgowrie . Berario . Cresta . Darrenwood . Emmarentia . Fairlands . Ferndale
Greenside . Jacanlee . Linden . Linden Ext. . Melville . Malanshof . Montgomery Park . Montroux . Northcliff
Pierneef Park . Pine Park . Risidale . Robindale . Robin Hills . Roosevelt Park . Westdene

Property For Sale: All Property for Sale Gauteng
Property To Rent: All Property to Rent Gauteng
Developments for sale: All New Developments for Sale Gauteng

Real Estate Powered By CyberAgent