As concerned consumers I think the time has arrived that we critically look at some issues relating the "Credit" and "Debt" and everything around it.
Amongst other things the following need to be critically assessed and improved :
1. The whole process of credit application and approval - The NCA has
guidelines and rules and regulations but these are very evidently not adhered
to by most of the role players in the credit industry.
2. The whole system of Debt review, "debt counseling" and the technical
application of this.
3. The options open to debtors when they do not "Qualify" for debt counseling.
4. Solutions to the debt crisis in relation to educating people in the budgeting process.
5. The role of Financial advisors in the process of debt.
6. The role of lawyers in the debt process. ( for and against debtors)
7. Debt collection methods.
8. Qualifications, registration and compliancy processes of the relevant role players
9 The influence of regulating bodies and to what extend do they exceed their powers ?
(NCR, FSB, council for debt collectors etc etc )
The purpose of setting up the Institute of Debt Management and its structure:
1. It will be a formal company. (not an NGO)
2. It will contract with debt counselors and other suitably qualified individuals to deliver
services to specific clients that will be assigned to them in terms or an agreement
with the Counsel.
3. We will not be dictated to by anyone - We will operate within the ambit of any
and all laws applicable
4. We will not give advice directly to anyone - clients will be referred to a relevant
expert who will contract directly with that client as to the services he will be rendering
and that expert will be receiving remuneration for his services as per his regulated fees.
More details to follow shortly
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