Cape Town – Government’s intention to implement a debt forgiveness programme for over-indebted households poses a major threat to the financial sector, according to Neil Roets, CEO of debt management company Debt Rescue.
In a discussion document presented to Parliament, MacDonald Netshitenzhe, acting deputy director general at the consumer and corporate division of the Department of Trade and Industry, said the National Credit Act (NCA) currently makes no provision for the minister to provide any debt relief in specific circumstances.
READ: DTI proposes debt relief for retrenched workers, low income groups