non racing-but did you hear.........?

Of governments planned credit amnesty and further recommendations to cancel
Debt upto 250k of all south africans ?

How can that work ?

I'd better hurry up and get into debt asap then. Hate to miss the gravy train ....

my daughter work in a bank. she tell me you have the credit bereau and the banks that do the ratings. the banks will keep there histories. imagine if you keep the good credit history and banks now to scared to do business be cause risk is to high.

the debt will not be cancelled it just will not show on your profile they can not cancel debt just like that

but as Harry says the banks will keep their own records that will show and that will prohibit you from doing business with them
the trend these days is for companies to buy old debt books from companies and then try to get money in on that
most people are ignorant of the fact that debt that is older than 3 years can not be collected but this companies do not tell people that
had 2 cases recently one from American Swiss said i had an account in 2000 and owe money I old them to go F@#$%^&* themselves never had an account with AS

then someone phoned and said I owe ABSA R500 apparently for an account they closed, can not remember all but I am sure it was a dormant account on which they added monthly fees so I said send proof still waiting because in 99% of the cases they do not have records of the account only outstanding amounts and they prey on the ignorant who are shit scared when ATT phone them and threaten them,
well they do not scare me when they phone and start their story and I realize what it is about I press red button
they say GOD forgive banks don't

What I know and have read is the following:
Paid up judgments will be removed from one's credit profile
Remarks like slow or bad payer will no longer be allowed on your credit profile
Defaults not exceeding a certain amount(I think R30 000) will be removed from your ITC credit profile

The Minister Rob Davies stated that the reason why they want to initiate the above is to encourage or clear the way for people who qualify for mortgage bonds to apply.

Remember defaults stay on your profile for 2 years and judgements for 5 years. Once the amount owing on a judgement is paid up, the defaulter has to go to court to get an order for his name to be removed.

Lastly, one important thing is that they want to introduce legislation that will stop companies doing ITC checks for job applicants, unless the candidate will be employed in the financial sector or where he will be involved with money.

Apparently judgements and defaults are going to be removed immediately once a debt is
settled ,no more going to court

Correct

If I default at the nys im safe

soodum Wrote:

---

> Of governments planned credit amnesty and further
> recommendations to cancel
> Debt upto 250k of all south africans ?
>
> How can that work ?

Any boffens know if this will work or how if can be done?
Credit card spending alert.....

This is for debt incurred during a certain period. Like say between 2005 and 2010.

soodum Wrote:

---

> Apparently judgements and defaults are going to be
> removed immediately once a debt is
> settled ,no more going to court


That is a good rule... the old idea was a load of shyte

@James Blond.... If the collecting agency or creditor can show that they attempted to collect on the debt in those three years the debt is still valid. So a simple recorded or logged phone call to the debtor or debtors family once a year is sufficient to keep the debt open.

I am v curious abt this and how it can work.
I'm also vvv confused