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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.