Don’t pin your hopes on debt relief
The process isn’t in place yet — and write-offs aren’t available for everybody
If you’re pinning your hopes on getting your debts being written off now that the National Credit Amendment Bill — or debt-relief bill — has been signed into law, don’t.
There’s no commencement date for the controversial legislation, and even if applications were open and you were found to be eligible for it, you won’t necessarily have your debts extinguished or even suspended. Instead, you might be placed in a form of debt review administered by the National Credit Regulator (NCR)...