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Credit regulator axes debt counsellors

Jan 29 2013 17:33 Sapa

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Johannesburg - Four debt counsellors have been deregistered after they contravened the National Credit Act, the National Credit Regulator (NCR) said on Tuesday.

Three of them, Themba Malashe, Hendrik Coetzee and Daniel Coetzee, were deregistered on December 4 and the fourth, Nokuthula Nsibande, on January 18, the NCR said in a statement.

An investigation by the regulator found that Malashe, Nsibande, and Hendrik Coetzee had contravened the "specific conditions" of registration.

They each collected money from consumers, who had applied for debt review, and failed to give the money to credit providers.

Daniel Coetzee had financial difficulties and borrowed money from consumers under debt review with him.

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