- Oct 1, 2005
More at: https://www.businesslive.co.za/bd/national/2019-08-15-breaking-news-ramaphosa-signs-controversial-debt-relief-bill-into-law/President Cyril Ramaphosa has signed into law the controversial debt-relief bill which contains provisions strongly opposed by the banking industry and the DA.
In a formal announcement published in parliament on Thursday, the national legislature revealed that the president approved the National Credit Amendment Bill earlier this week.
The bill provides for the extinguishing of the debt of heavily indebted consumers who earn a gross monthly income of no more than R7,500; have unsecured debt amounting to R50,000; and who have been found to be critically indebted by the National Credit Regulator.
The Treasury estimates that the debt-relief proposals could result in the write-off of R13.2bn to R20bn of debt, which is the total amount of debt falling under the debt-extinguishing provisions of the bill.