| (1) |
A debt intervention applicant who was granted an order contemplated in section 87A(6) may in the prescribed manner apply to the National Credit Regulator for a rehabilitation order to be granted by the Tribunal. |
| (2) |
The debt intervention applicant must submit proof that he or she has paid the amounts contemplated in section 101(1) as it was due on the date on which the order contemplated in section 87A(6) was granted, under each credit agreement affected by that order, by— |
| (a) |
payment in full to each credit provider of those amounts; or |
| (b) |
entering into a settlement agreement with a relevant credit provider to the effect that those amounts have been resolved to the satisfaction of the credit provider. |
| (3) |
The application for a rehabilitation order must further be supported by such information as the Minister may prescribe, including proof that the debt intervention applicant has— |
| (a) |
improved his or her, or their joint, as the case may be, financial circumstances to such an extent that the debt intervention applicant can participate in the credit market; and |
| (b) |
successfully completed the programme contemplated in section 87A(2)(b)(ii). |
| (4) |
Upon receipt of the application for rehabilitation, the National Credit Regulator must— |
| (a) |
notify, in the prescribed manner and form— |
| (i) |
all credit providers that were affected by the order contemplated in section 87A(6); and |
| (ii) |
every registered credit bureau; and |
| (b) |
consider the application for rehabilitation and if the debt intervention application has complied with the requirements contemplated in subsections (2) and (3), refer the matter for consideration by the Tribunal. |
| (5) |
If the National Credit Regulator rejects an application for rehabilitation, the debt intervention applicant, with leave of the Tribunal, may apply directly to the Tribunal, in the prescribed manner and form, for an order contemplated in subsection (7). |
| (6) |
The Tribunal must notify each affected credit provider of the date on which the application for rehabilitation will be considered. |
| (7) |
The Tribunal must consider the application for rehabilitation, any information submitted in support of the application, and any submissions made by an affected credit provider and may grant an order that the debt intervention applicant is rehabilitated if the Tribunal is satisfied that the debt intervention applicant complied with the requirements in subsections (2) and (3). |
| (8) |
An order that the debt intervention applicant is rehabilitated has the effect that any limitation on the rights of the debt intervention applicant contemplated in section 60 ends from the date of that order. |
| (9) |
The National Credit Regulator must notify the debt intervention applicant of any order contemplated in this section, and serve a copy thereof in the prescribed manner and form, on— |
| (a) |
all credit providers that are listed in the application; and |
| (b) |
every registered credit bureau. |
[Section 88B inserted by section 16 of Notice No. 1081, GG 42649, dated 19 August 2019]
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