Statistics Act, 1999
R 385
National Credit Act, 2005 (Act No. 34 of 2005)RegulationsNational Credit Regulations, 2006Chapter 3 : Consumer Credit PolicyPart D : Over-indebtedness, reckless lending and debt counselling25. Letter of rejection |
If a debt counsellor finds that a consumer is not over-indebted and makes a finding in terms of section 86(7)(a) of the Act, the debt counsellor must provide the consumer with a letter of rejection, containing the following information:
(1) | Consumer’s full names, surname and identity number, if the consumer does not have an identity number, the passport and date of birth; |
(2) | Name, contact details and NCR registration number of debt counsellor; |
(3) | The basis for finding the consumer not to be over-indebted, including— |
(a) | calculated income considered; |
(b) | statutory and other deductions considered; |
(c) | living expenses considered; |
(d) | other debts considered. |
(4) | A copy of the assessment form. |
(5) | A statement advising the consumer of his/her right to approach the court in terms of section 86(9) within 20 business days for an order to be declared over-indebted, have agreements declared reckless and/or restructuring of his/her debt obligations. |
(6) | A statement advising the consumer that the application for debt review will be removed from all registered credit bureaux within 5 business days which will result in credit providers being entitled to take legal steps against the consumer. |