Blacklisted? | Credit Amnesty
A proposed credit amnesty was announce on 13 February by the South African Department of Trade
A credit amnesty that could help about two million blacklisted South Africans was proposed by the Department of Trade
The deputy director of the Department of Trade, Zodwa Ntuli said that research showed that around two million people could benefit from the proposed credit amnesty.
Ntuli said the Department of Trade would present a final proposal on how to introduce a new amnesty in March.
This would include: thresholds and the time-frames for people to qualify for an amnesty.
Ntuli also said this proposed amnesty would not affect the National Credit Act.
This Amnesty is hoped to be in place by the end of the year according to official reports.
The National Credit Regulator said the following:
- That the aim of the amnesty was to give some people who blacklisted a clean slate thereby giving these people access to jobs and housing.
- This would not equal the ability for people to have access to credit that they can’t afford and also not the writing off of existing debt.
- This amnesty would consist of the removal of negative credit information under R10 000 which would benefit 86% of people earning less than R15 000.