This is who could qualify to have their debt written off in 2018

Joined
Jan 29, 2018
Messages
472
Ouch, this will hurt not only the companies who provided finance, but also the debt collecting industry - not that I care much about them, though.
 

ToxicBunny

Honorary Master
Joined
Apr 8, 2006
Messages
91,047
I'm in two minds about this..

I think it has some merit, but it can't be without consequences for the person requesting this debt relief. It should be similar to being "blacklisted".... if you can't afford the debt, then it should be written off but the person should not be allowed to generate any new debt for the next 5.
 
Joined
Jan 29, 2018
Messages
472
I'm in two minds about this..

I think it has some merit, but it can't be without consequences for the person requesting this debt relief. It should be similar to being "blacklisted".... if you can't afford the debt, then it should be written off but the person should not be allowed to generate any new debt for the next 5.
Did they not do something similar some time ago? Also, certain bad entries were automatically removed from ITC?
 

OCP

Expert Member
Joined
Jan 23, 2014
Messages
3,878
To write the debt of completely is unfair.

Rather let them pay back the loan amount (no interest/charges/etc) with a payment plan.
 

ToxicBunny

Honorary Master
Joined
Apr 8, 2006
Messages
91,047
Did they not do something similar some time ago? Also, certain bad entries were automatically removed from ITC?
Yes, they did remove a fair chunk of things a little while ago..

This seems to be a bit more targeted rather than just blanket removing the stuff.. but there still needs to be a consequence to the person requesting.
 
Joined
Jan 29, 2018
Messages
472
Yes, they did remove a fair chunk of things a little while ago..

This seems to be a bit more targeted rather than just blanket removing the stuff.. but there still needs to be a consequence to the person requesting.
Yep, thought as much. However, I agree with you. There needs to be some repercussions. Simply writing off debt and cleaning the slate every time, even if targeted, is not a real solution.
 

cavedog

Honorary Master
Joined
Oct 19, 2007
Messages
17,995
To write the debt of completely is unfair.

Rather let them pay back the loan amount (no interest/charges/etc) with a payment plan.
I agree. They should scrap all interest and fees the date the person request for debt relief. Let the person pay back the balance of the loan amount. Most unsecured debt has crazy interest and fees and a R20 000 loan could cost you R45 000 easy.
 

sox63

Executive Member
Joined
Jan 23, 2007
Messages
8,636
How convenient for low income workers that go on strike illegally and rack up personal loan debt. You would swear this was written by some union imo
 
Joined
Jan 29, 2018
Messages
472
I agree. They should scrap all interest and fees the date the person request for debt relief. Let the person pay back the balance of the loan amount. Most unsecured debt has crazy interest and fees and a R20 000 loan could cost you R45 000 easy.
Or, since they decided to write off the debt completely, they could apply the same as with insolvency applications. Enter into a new debt agreement, make the person repay only 5-10% of the debt over an x-period of time, depending on the financial situation. Let the person stay under debt review and blacklisted until the 5-10% is repaid, after which the credit bureau entry can be removed.
 

ambroseg1

Honorary Master
Joined
Jul 15, 2008
Messages
11,814
This is not a good idea. Even the idea to scrap the interest and only have people pay back the principal is stupid beyond belief because it tells people they can agree to terms and conditions and then not abide by those agreed upon terms and conditions.
 

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
29,832
This is not a good idea. Even the idea to scrap the interest and only have people pay back the principal is stupid beyond belief because it tells people they can agree to terms and conditions and then not abide by those agreed upon terms and conditions.
How many actually understand those terms and conditions?
 

cavedog

Honorary Master
Joined
Oct 19, 2007
Messages
17,995
This is not a good idea. Even the idea to scrap the interest and only have people pay back the principal is stupid beyond belief because it tells people they can agree to terms and conditions and then not abide by those agreed upon terms and conditions.
We will see the day you lose your income how quickly things spiral out of control. Once you 3 months in arears with an account of a monthly installment of R2000 or more you must just know there will be no way for you to catch up and you will end up over indebt yourself further. It's a slippery side and there is no way back unless you land a job with a considerably higher nett pay or you win the lotto...

Debt counseling is NOT a answer. You are not protected by the NCR then so you can rack up 5 times the loan amount without even knowing.

Look at what ABSA did to that other guy with a personal loan.
 

Temujin

Executive Member
Joined
Apr 18, 2015
Messages
9,752
ANC, breeding a culture of non payment for 20+ years.;) This will eventually come back and bite em on the backside(its already started). No need to pay eskom, it'll eventually be written off. No need to pay rates and taxes, it'll eventually be written off. No need to pay debt for those big screen tvs etc, it'll eventually be written off. Meanwhile, those who do pay have to constantly get charge higher and higher to cover the loses, all while the number of 'payers' is shrinking as this attitude grows. It can't and won't go on forever, it will blow up soon(as we're already seeing the cracks between the looters looting an even smaller pool being paid by and ever shrinking 'compliant' citizen).
 
Top