Credit amnesty but you still have to pay
Consumers need to pay off their debt, before their names would be cleared.
![](https://images.caxton.co.za/wp-content/uploads/sites/35/2014/04/1415Ldebt_591305858.jpg)
JOHANNESBURG – A poll conducted by one of South Africaās largest credit management companies revealed that a substantial percentage of indebted consumers believed their debt was going to be cleared on April 1.
Only the listings of debtors that had settled their outstanding debts in full will be removed.
Credit bureaus have until 30 April to remove any adverse classification of consumer behaviour and adverse classification of enforcement action from the records of those who have repaid their debts.
Under the new regulations, credit bureaus must on an ongoing basis automatically remove this information as soon as a debtor repays a debt. An issue that has been glossed over, is the fact that many deeply indebted consumers will not qualify for credit amnesty because they still had outstanding debts.
Manage your debt
According to Johan Maree, CEO of FNB Credit Card, consumers can, despite the increase in rates, manage their debt successfully and even work towards improving their credit score.
āIn order to work towards a favourable credit score, the least you have to do is to always meet your monthly minimum payments. If you need assistance in getting on track with your finances, or if you find it difficult to meet your payments, contact your bank to discuss possible debt relief options. Your bank is there to assist and will be happy to put a solution in place,ā advises Maree.
Comment from Ndaedzo Nethonzheās Facebook page: “Okay, we at e-News Channel have just had an interview with National Credit Regulator Ceo, Nomsa Motshegare, on the new the National Credit Amendment Act. This is what the act means for those in debt:
“If you have been classified as:
-Bad payer
-Absconded
-Or your debt has been written off
-Those with judgments will need to produce proof that their debt has been paid
If you fall under any of the above, all of that information will be wiped out from the credit bureaus, but you are still liable to pay.