The credit information amnesty implemented on 1 April 2014, has left many South African consumers confused about what the credit amnesty means for them.
DebtBusters, South Africa’s leading debt management company, is here to help you! Read more to ensure you understand what the credit amnesty means for you.
2014 Credit Amnesty and 3 things it means for you!
1. The credit amnesty does not clear your existing debt – ALL YOUR DEBT STILL NEEDS TO BE PAID IN FULL!
2. If you are under debt counselling or debt administration or have been through sequestration or liquidation, these statuses will remain on your credit record.
3. The credit amnesty does not allow you to access credit as this should be based on a calculation of your affordability alone.