On Wednesday, Parliaments trade and industry committee adopted the controversial Debt Relief Bill, which is intended to help the heavily indebted.
The proposed amendments to the National Credit Amendment Bill strongly opposed by the banking industry and the DA will now go to the National Assembly for adoption. The bill was proposed and developed by the committee itself over the past two and a half years in response to the financial distress experienced by the heavily over-indebted.
The bill provides for the extinguishing of the debt of heavily indebted consumers who earn a gross monthly income of no more than R7,500; have unsecured debt amounting to R50,000; and who have been found to be …
Read the full article at: https://www.businesslive.co.za/bd/national/2018-09-05-debt-relief-bill-adopted-by-trade-and-industry-committee–but-the-da-isnt-happy/