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SACP lauds 'bad debt' bill Canaan Mdletshe, The New Age, Johannesburg, 1 April 2014 The SACP in KwaZulu-Natal is on cloud nine and feels vindicated as millions of South Africans will from today breathe a sigh of relief as the unscrupulous credit bureaux will be forced to remove adverse credit information from their records. A practice which has driven the majority of South Africans into perpetual debt and poverty as they could not access credit because of bad debt records, will from today be scrapped. The SACP said through its financial sector campaign, it has been in the forefront of the struggle to remove bad credit records, most of whom are the poorest of the poor and working class. In February, Trade and Industry Minister Rob Davies signed a regulation which comes into effect today to force credit bureaux to remove adverse consumer information from their credit records when the consumer had settled the debt. The regulation signed by Davies is known as Removal of Adverse Consumer Information and Information Relating to Paid Up Judgements Regulations, 2014. SACP provincial secretary Themba Mthembu said the information removal was the best 20th anniversary celebration gift since this country won freedom in 1994. "April is a special month to the people of this country. It is the month in which we voted for our democratic government 20 years ago. "From today the masses of our people will begin the 20th anniversary celebrations of our freedom with the news that they will no longer have their names carried by the credit bureaux even after they have settled their judgements," Mthembu said. He said it had taken the SACP more than 10 years to realise this achievement. Mthembu said part of the positive results that were yielded by the party's Financial Sector Campaign include the Mzansi Account which opened banking opportunities to millions of South Africans who were otherwise discriminated against by the mainstream banking sector because they were poor. "These removals will unlock an enormous potential of low to middle income earners who have been unable, for example, to purchase houses because they were on the threshold where they couldn't be allocated government's low-cost houses while at the same time they earned too little to afford a bond. "These people can now access bonds and be able to provide a shelter for their families," Mthembu said. [email protected] From: http://www.thenewage.co.za/122176-1007-53-SACP_lauds_bad_debt_bill -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
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