Critiques alone won't undo debt relief bill, says Patel

fin24.com

- fin24.com | a month ago

A report on the potential negative impacts of the National Credit Amendment Act alone will not prompt President Cyril Ramaphosa to reconsider it, Trade and Industry Minister Ebrahim Patel told Members of Parliament earlier in the month.

The Act – commonly known as the 'debt relief bill' – is intended to assist over-indebted consumers. It allows for low-income workers to extract themselves from debt via debt restructuring, if they earn up to R7 500 gross income, with up to R50 000 in unsecured debt or if they are critically indebted.

It was signed into law in August.

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