Credit act bill aims to provide debt forgiveness
Bill amending the National Credit Act gets the go-ahead by the National Assembly
The National Assembly has given the trade and industry portfolio committee its unanimous go-ahead to develop a bill amending the National Credit Act to provide indebted consumers with debt relief. The aim of the bill would be to provide capped debt relief in the form of debt forgiveness to help heavily indebted consumers and promote change in borrowing and spending habits. The proposed bill would also provide for simpler and more vigorous enforcement of the act, the criminal prosecution of lenders who contravene the law, legal certainty on the application of the in duplum rule and effective debt counselling for low-income consumers.