If you have ever been in a situation where you felt unable to handle your debt, you will know what it would mean if someone was willing to throw you a lifeline that might enable you to walk away from the whole mess unscathed. It would give you the opportunity to start from scratch and rebuild you life without the looming shadow of countless creditors. Sound too good to be true? This is exactly what the South African government is planning to do for a certain group of indebted consumers.
Here’s a concise summary of the National Credit Amendment Bill, which was passed by the National Council of Provinces, and is now on its way to President Cyril Ramaphosa, who will be the one to sign it into law.