The Industry has struggled with the number of court Orders that are granted but do not include the necessary information in order to effectively restructure a consumer’s account.
As a result, CIF convened in order to agree on a standardised version of a debt review court Order, taking into account the Magistrates Court Act, as well as what the industry will need.
Noteworthy items are:
- Proposed structure to be part of the court Order.
- Terminated accounts can no longer be reinstated by simply including this in the Order./li>
After numerous discussions, a final template was agreed upon. The industry awaits CIF’s final recommendations.