Business
Reports say "Credit amnesty: Record goes, debt stays"─── THANDI XABA 10:18 Sat, 29 Aug 2015
Bloemfontein - In April 2014 many consumers saw their credit record being wiped clean, yet experts warn that credit amnesty will not free consumers of the obligation to pay their debt.
According to legal advisor at Legal & Tax, Chantel Cronje, the debt must still be settled if consumers are set to keep their credit record clean in the future.
Deputy Credit Ombud Reana Steyn says the government authorized the amnesty in the hopes of giving consumers a second chance at settling their accounts.
According to reports government needs to be more proactive in educating consumers that the amnesty doesn't mean their debt will be written off, but rather a fresh start with a clean credit record.
