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Wednesday, December 8, 2010

Industry Code of Conduct signed on 6 December 2010

On the 6th of December a milestone was achieved with the signing of the document above by all parties involved in Debt Counselling to indicate acceptance of the Task Team Agreement as well as the Code of Conduct for Credit Providers, Debt Counsellors and PDA’s.

The acceptance of the Task Team Agreement and the Code of Conduct by all parties enables the implementation of voluntary process enhancements and restructuring rules in 2011. Non compliance to the voluntary agreement can be reported to the Credit Ombud.

The Task Team Agreement represents a voluntary agreement to standardise forms, enhance the debt review process and to implement a set of restructuring rules. This agreement is not in conflict with the requirements of the NCA but a voluntary agreement to unlock the bottlenecks in the debt review process and to facilitate automatic acceptance of repayment plans that conforms to the restructuring rules. This agreement was the result of 257 hours of work by the Task Team over a 12 months period.

The enhanced process and restructuring rules should have a positive impact to the work of Debt Counsellors but Consumers stand to benefit most from the voluntary Task Team Agreement. The process will be streamlined to expedite completion of the debt review and in addition the Consumers will benefit greatly from the fee and rate reduction agreed in the restructuring rules.

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