The NCR, released a circular on the 14th of September 2018, regarding the reckless lending fees. The NCR intends to withdraw the reckless lending fee category from the Debt Counselling fee guideline.
This is due to information obtained by the NCR, after the revised Debt Counselling fee guideline was released. It was felt that the reckless lending fee was being used incorrectly and that this was not in the best interest of consumers. The NCR will be releasing a notice in the Government Gazette with details on where written submissions can be sent.
Please find attached the circular sent by the NCR.
We will keep you updated on the above from the Intuitive.co.za mailbox. Dated 18th September 2018.
NCR Circular on Reckless Lending-Update
The NCR released a follow up Circular on 9 October 2018, following their circular on the Reckless Lending Fee. They have given us more information and have requested commentary from the public and credit industry to be submitted to them by no later than 31 October 2018.
In the previous circular the NCR informed us of their intention to withdraw the reckless lending fee category from the debt counselling fee, as they felt the fee was being incorrectly used and not in the best interest of the consumer. They have since published a notice in the government gazette and written commentary can be submitted to firstname.lastname@example.org.
Please find attached the latest NCR circular, which has a table with the proposed amended restructuring fee category from the Debt Counselling guideline.
We will keep you updated about the above from the Intuitive.co.za mailbox. Dated 12th October 2018.