Lockdown has thrown a spanner in the works for many industries and the Debt Review industry is one of them.
Debt review works on a timeline that guides consumers, credit providers and attorneys as well as debt counsellors and debt collection processes.
However, when the 21-day lockdown was announced, the question arose as to whether the days spent in lockdown will count as normal working days or not?
Lockdown effects on Debt Review
Only a few organisations can operate under the current lockdown and not all debt counselling practices have been capable of working under the restrictions.
Due to lockdown, debt review applications and court matters have been pushed beyond their required timelines which could cause massive delays the debt review timeline.
Fortunately, the National Credit Regulator (NCR) announced that for both legal and debt review purposes the days of the lockdown will not be considered business days. The aim of this is to provide some relief to the industry and consumers.
Additionally, the National Credit Regulator is not open for business during the lockdown and most of its staff will be out of communication. Some key individuals will be able to receive emails.
Van Deventer & Van Deventer Incorporated – Attorneys in Johannesburg and Cape Town
Our attorneys are ready to answer any legal questions you may have about lockdown and its implications on you or your business.
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