• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Most debt mediation queries resolved

Nov 27 2012 15:36 Sapa

Related Articles

Greece says lenders closer to compromise

Lenders fail to strike Greek debt deal

Watchdog investigates lending practices

Adra defends use of garnishee orders

Eskom: Soweto electricity debt R3.3bn

 
Johannesburg - Ninety-nine percent of debt mediation queries received during the third quarter of 2012 have been resolved, the National Debt Mediation Association (NDMA) said on Tuesday.

Of the 704 enquiries, only seven (one percent) remained pending, it said in a statement.

The third quarter also saw an almost 30% reduction in the number of requests for debt mediation when compared with the second quarter.

"The declining trend is seasonal, as the first two quarters of each year are the busiest," the NDMA said.

Just over two-thirds of complaints were lodged by consumers, almost 30% were from debt councillors and the rest were non-specified referrals.

Almost a quarter of cases were requests for debt mediation and, of those finalised, half were successful. A fifth of these were unsuccessful and almost the same number withdrew from the process.

These withdrawals were attributable to the consumer receiving assistance from family, or the consumers' refusal to make necessary lifestyle changes.

The reasons behind requests for assistance included loss of a spouse, loss of employment, illness and maternity leave.

Chief executive Magauta Mphahlele said the high proportion of successful resolutions were an indication of the positive results yielded through mediation.

"If the out of jurisdiction, withdrawn and referred cases are excluded, the percentage of instances where we found in favour of the consumer increased to 67%."

She said there had been a decline in the number of complaints regarding vehicle repossession and termination from debt review.

According to the NDMA website, this termination referred to the process whereby a credit provider withdrew from a debt review process after 60 business days.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...