Financial distress can be a very lonely battle to fight. We can however, assure you that you are not alone!

The debt situation in our country is in fact a bigger threat than some of our other (sometimes perceived) threats!

Interesting statistics to take note of:

• Civil court judgments for debt increased by over 11% per year since 2000.

• Every single year, close to 50 000 people choose to go under administration. (By the way, we rarely advise this route.)

• Sure Group’s client base has consistently increased by 30% on a year to year basis since 2003.

National Credit Act (Act 34 of 2005)

Government is addressing the reckless granting of credit in the new National Credit Act (Act 34 of 2005). Certain sections are in effect already, with the remainder due in 2007.

Key features of the act include:

• Language in credit agreements must be simple and understandable.

• Advertising must in future contain prescribed information on the cost of credit.

• Reasons must be given if credit is declined.

• Reckless lending is prohibited.

• Debt collectors, their methods of collection and charges will now be regulated.

• Credit Bureaus are regulated and consumers have the right to a free credit record check once a year.

• Debt counselling is introduced to enable restructuring of debt for over-indebted consumers.

• A governing body - The National Credit Regulator - was established to monitor credit agreements.
  

If you need any additional information about any of these statements, or feel that you may have been extorted in any way by a creditor, please speak to us.