South Africans could have their debt written off soon

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The National Credit Amendment Bill aims to provide relief to low-income earners, by erasing part or all of their debt.

For more on this, we’re joined by Norton Rose Fulbright Attorney’s Riccardo Petersen.

Courtesy #Dstv403

Comments

Zerg Radio Free Music says:

More than likely white South Africans more than likely will not be included. Racist SA govt.

Alwyn de Beer says:

A claim against a private debtor by a private company/individual is an asset in the estate of the creditor. The government has no authority to extinguish such debt and no legislation may be enacted with retrospective effect. In fact, the constitution protects a creditor against such interference. This is a piece of legislation which will receive much attention in the next 37 days in the run up to the election with the ANC promoting all the things they are doing for the poor, but ultimately knowing that it will neve pass constitutional scrutiny and will be struck down eventually as unconstitutional.

GPJ says:

Brilliant plan. Then we can start making new bad debt. Everything then is free except food and fuel. Viva ANC. Viva

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