NCR Debt Review Withdrawal Guidelines 2021
INTRODUCTION
The National Credit Act 34 of 2005 (NCA) introduced debt review as a debt relief measure for over-indebted consumers. However, the provisions to withdraw from this process by the consumer or debt counsellor(DC) is not specified in the NCA.
To provide a solution for consumers whose financial circumstances have improved whilst under debt review to revert to contractual payments, in 2011 the credit industry implemented a voluntary Form 17.4 withdrawal process which was subsequently replaced on 19 February 2015 by the Withdrawal Guidelines 002 of 2015 issued by the National Credit Regulator(NCR). Since implementation of the NCR withdrawal guidelines … Read more