Debt Info

Debt Relief is finally here!

October 5, 2023

Good news for over-indebted consumers – Debt Relief is finally here!

Nimble welcomes the signing in of the new long awaited National Credit Amendment Bill which aims to provide relief to over-indebted consumers. The process will be administered by the National Credit Regulator although no implementation date has been set yet nor has the step by step process been finalised. For now it seems as though the window for applying will be four years from implementation date.

1.Why was the Debt Relief Bill introduced?

  • To provide relief to over-indebted consumers
  • More rigorous enforcement of the Act for credit grantors

2.Who qualifies for Debt Relief?

  • Earn a gross monthly income of R7,500 or less over the last six months
  • Unsecured debt (excludes car finance & home loans) is not more than R50,000
  • Do not qualify if sequestrated or subject to an administration order

3.What is the proposed application process?

  • Step 1: Apply to the National Credit Regulator (NCR)
  • Step 2: Debt Intervention Officers will consider the case & inform creditors & bureaus of the application
  • Step 3: Assessment done on your financial situation
  • Step 4: If the assessment shows you are able to settle your debts, your application will be rejected. If your assessment shows you are unable
    to settle your debts, NCR will determine if you can pay off your debts with 5 years & all or some of your debts repayments may be
    suspended for up to a year
  • Step 5: 8 months later review your financial situation and:
    ▪ If you are able to repay your debts within 5 years, NCR will consider restructuring the remaining debt
    ▪ If you are unable to repay your debts within 5 years, you may get another 12 repayment months free
  • Step 6: 8 months later review your financial situation and you still can’t pay off your debts, your debts may be written off in part or full.

4.What happens after your debt is written off?

  • Cannot apply for credit for up to a year
  • Your credit record may reflect the status that your debt was distinguished which may impact your credit score
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St Agnes Primary School

St Agnes is a public school situated in Woodstock, Cape Town.

Nimble Group actively supports St Agnes Primary School through the Partners for Possibility programme. We dedicate resources to a variety of initiatives aimed at creating an enhanced learning and recreational space, enriched student experience, and optimized day-to-day running of school operations.

Computer room upgrade Our dedicated team of IT technicians has upgraded the school’s IT hardware and software, creating a more user-friendly and modern environment for students and teachers using the computer room daily.

Playground painting and revitalization
Our enthusiastic volunteers devoted their time to painting vibrant murals and interactive games on the walls and paved areas of the playground.

Enriched student experience
Nimble strives to continuously improve the student experience by celebrating academic excellence, sponsoring prize-giving events, and more.

Day-to-day operational support
We also contribute to the school’s operational efficiency by offering administrative support and providing access to Nimble’s HR and Finance functions.

Peak Child

Nimble Group has taken the initiative to establish an Early Childhood Development Centre, which began operating in January 2019 in Woodstock, Cape Town. The centre operates under the guidance of Peak child, and while accessible to the public, primarily serves as a subsidized preschool for the children of Nimble staff.

Peak Child aims to equip children with the best possible foundation for life by providing affordable, high-quality preschools in close proximity to workplaces, catering to the needs of emerging middle-class parents. Since its inception, Peak Child has focused on collaborating with socially responsible employers to support their staff beyond conventional employee benefits.

Peak Child offers comprehensive programmes for children aged 3 months to 5 years. Through partnerships with prominent educational experts and local primary schools they ensure that children transitioning from Peak Child are socially, academically, and physically prepared for admission to any of Cape Town’s leading primary schools. Peak Child currently operates three schools, including Peak Child Nimble.

Nimble has made a significant investment in this project, with plans to replicate this model close to its Johannesburg offices.

Altius et Latius Trust

The Altius Et Latius Trust is a school education initiative aimed at providing bursaries to historically disadvantaged students, enabling their attendance at top schools in Cape Town.

The primary goal of the trust is to promote equitable access to high-quality public education, fostering lasting transformation. Their objective is to support fifty talented learners in gaining admission to high-performing schools.

Nimble Group continually makes a substantial impact on this crucial initiative by providing essential resources for additional student support, such as tutoring, funding for school events or excursions, sporting equipment and more.