Cabinet, yesterday (05/09/2013) approved the proposal for the credit amnesty. It is still unclear what the exact terms of the amnesty will be other than debts which have been paid up will be removed.
Cabinet spokesperson Phumla Williams said, “The key to the option is to ensure that those that have settled their debt and they are able to afford debt should be allowed to do so.”
For your ease of reference, the 3 options proposed by The Department of Trade and Industry (dti) and National Credit Regulator (NCR) and presented to Parliament were:
Option 2
Option 3
It is vital to understand; the amnesty will affect defaults and possibly judgements but not the underlying [rental] payment profile. It is to the benefit of all credit bureau members to ensure you contribute in a positive and meaningful way by ensuring your tenant / debtor data is loaded and up-to-date on the TPN credit bureau.