The law forbidding creditors from collecting on prescribed debts which falls under the National Credit Act 34 of 2005 (NCA) is well known.

The aim of this law is to safeguard consumers against unfair and exploitative practices by creditors and has been in effect for a number of years.

Despite the legal requirements and the guaranteed protection they offer consumers, Reana Steyn, the Ombudsman for Banking Services (OBS) warned that the OBS is still receiving, investigating and resolving complaints from bank customer’s relating to prescribed debts.

In some cases, banks have been found guilty of engaging in this illegal practice. This may sound all complicated, but the Ombudsman for Banking Services Reana Steyn is here to simplify it for all of us.

For more news, visit sabcnews.com and also #SABCNews on all Social Media platforms.

Debt Review Awards Founder, Zak King chats with Debt Counsellors Alan Manshon (The Money Clinic), Seb Alexanderson (NDA) and Attorney Quintin Zimmerman (Liddles) about criteria that are used to evaluate credit providers in the annual peer review process.

For more info visit: http://debtreviewawards.co.za/

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National Debt Mediation Association assists debt counsellors and debt-stressed consumers to reach consensus regarding the rearrangement of debt with credit providers. Joining us now on the state of debt resolution in South Africa as we head towards the Christmas season is Magauta Mphahlele, CEO of the National Debt Mediation Association.