The government should amend the National Credit Act (NCA) to give debt counsellors the power to restructure more categories of debt, including unpaid bills for municipalities and fee-paying schools.
This could unlock R25bn in value for the South African economy, Benay Sager, chair of the National Debt Counsellors Association, told Business Times.
“Some consumers have money owed to lawyers, small businesses and municipalities. Currently, debt counsellors are not able to restructure these types of debts. We believe the inclusion of other types of debt could increase debt repayments to R25bn per annum,” Sager said.
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