Debt review not ready for rate hike Business Day
A FAILURE to remedy defects in the debt review system could leave it ill- prepared to cope with a wave of overindebted consumers when interest rates start rising again, warns the head of SA’s largest debt counselling agency.
Visionary but insufficient legislation and poorly trained debt counsellors without suitable IT systems are some of the problems hampering the industry created under the National Credit Act, says Ian Wason, CEO of Cape Town-based IDM Holdings.
In addition, an industry seemingly prey to corruption — Business Day revealed this month that one debt counsellor had offered parties and women for sex to regulator staff in an apparent inducement to send business his way — risks losing credibility among the very public it is set up to serve .
"There’s an increased need for debt counselling, but a very bad public perception of (the industry) at the moment is stopping people from applying," says Mr Wason, whose company owns Debtbusters, which at the end of March had an active client base of 5562 .
Daughter Darling - Absconding
Off the Sweet Shadows album. One of the most beautiful songs ever made... In the visions of the dark night I have dreamed of joy departed But a ...
absconding debtors act - News
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How the world is dealing with the issue of debtors - The National How the world is dealing with the issue of debtors It wasn’t until the Bankruptcy Act of 1869 that debtors were set free. “No person shall be arrested or imprisoned for making default in payment of a sum of |
