Regulatory Alerts2017-08-28
Added · Updated
Circular 12 of 2017 - Request for Comments on Recommended Debt Counselling Fee Structure
The National Credit Regulator proposes a structured fee schedule for debt counsellors, introducing new administration and reckless lending fees of R250 each, while maintaining a statutory application fee of R50. Restructuring fees are set equal to the distributable amount, capped at R6,500 for single applicants and R7,000 for multiple applicants, with after-care fees calculated at 5% of the distributable amount capped at R450 for the first 12 months. The regulator invites the credit industry to submit written comments on these proposed amounts and payment timings by 30 September 2017.
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