Retailers have joined the banks in opposing prescriptive "one-size-fits-all" debt-relief measures, arguing that debt review and debt counselling provide a "robust framework" for consumers to seek voluntary debt relief. The argument was made in a submission by the National Clothing Retail Federation of SA to Parliament’s trade and industry portfolio committee which is considering whether legislation on debt relief is necessary. The committee expects to reach a decision before Parliament goes into recess in two weeks’ time. Speaking on behalf of the federation, Foschini Financial Services MD Jane Fisher emphasised that standardised debt relief for predetermined groups of consumers such as farmers or students would foster a culture of nonpayment among these groups and drive up the cost of credit. Where retail customers became overindebted, retailers offered personalised and customised repayment options to assist in rehabilitation. These took into account individual circumstances and in...

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