%20previously%20commissioned%20a%20research%20project,%20conducted%20by%20the%20University%20of%20Pretoria%20Law%20Clinic,%20on%20the%20shortcomings%20in%20the%20debt%20restructuring%20process.The%20debt%20counseling%20process%20has%20disappointingly%20been%20disrupted%20by%20inconsistencies%20and%20uncertainties%20in%20procedures%20among%20the%20involved%20parties.%20The%20level%20of%20cooperation%20between%20debt%20counselors%20and%20creditors...){kind=link}
Debt Counseling Obstructions
Debt Counseling Obstructions
The National Credit Regulator (NCR) previously commissioned a research project, conducted by the University of Pretoria Law Clinic, on the shortcomings in the debt restructuring process.
The debt counseling process has disappointingly been disrupted by inconsistencies and uncertainties in procedures among the involved parties. The level of cooperation between debt counselors and creditors or lenders are also a major area of concern.
Too many instances occur where debt restructuring has not been successfully achieved. Restructuring applications are not being processed quickly and efficiently, and thereby finalized by the courts. The consumer can suffer severe consequences by an obstructed debt review process, where he might have his house or vehicle repossessed.
Research findings indicated the following discrepancies:
Lenders taking too long to issue a Certificate of Outstanding Balance (COB) of debt. Generally the requirement is 5 days but it tends to be 10 days on average. Some COB requests are ignored, while others contain incorrect and incomplete data.
Credit providers not responding to debt restructuring proposals, taking too long, or even making ridiculous counteroffers.
Inappropriately using consumer assets against specific debts.
Failing to stop debit orders upon request.
Enforcing debt repayments while consumer is formally under debt counseling.
Taking legal action after a debt restructuring application has been submitted in court.
Lack of communication between the different product lines and divisions within a single lender.
Wrong or improper interest rate reductions used in restructuring counter proposals.
Incorrect or unavailable documentary proof and affidavits
Debt counselors with a lack of education, experience and competence may lead to ill-informed debt restructuring proposals for consumers. The Four Things That Will Set Up A Profitable Home Business Workplace Tips on Setting up a Small Home Based Business Online Estate Agents To Sell Your Property Waikato Bop Magic Vs. Canterbury Tactix Live Stream Netball Tv Online @ Rotorua The Hidden Secrets Of Weight Loss How To Quickly Lose Weight For The Long Term? Christmas Stores Online How To Improve The Conversion Rate Of Your Online Store How Can I Afford Sr22 Insurance? How To Eat Well In Paris Topics Of Conversation On A First Date-how To Date Online A Guide to Help You Find a Good Dentist Can I Really Make A Living Online