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Category Archives: National Credit Act
Legal Updates: Why Certain Credit Agreements Can Be Excluded from Debt Counselling
According to the court case with Nedbank vs The National Credit Regulator (662/2009 & 500/2010) [2011] ZASCA 35, the Supreme Court of Appeal (SCA) made an order on the influence of a letter of demand as per section 129(1)(a) of the National Credit Act (“NCA”) on the debt counseling process. This letter’s purpose is to inform the consumer that legal action may be taken against the consumer if the consumer fails to take action (which includes applying for debt review or alternative dispute resolution) to reach an agreement with the credit provider on repayment of outstanding debt. Continue reading
The Practical Impact of the National Credit Act
The compliance requirements on a credit provider will depend on the category of credit agreements that a credit provider enters into. The National Credit Act (NCA) provides for three categories of credit agreements, namely small (R0 – R15, 0000 intermediate (R15, 001 – R249, 999) and large credit agreements (larger than R250, 000). The larger the value of the credit granted, the more vigorous the compliance required by the NCA. Continue reading
Debt counsellors go belly up
The debt-counselling industry has had a major shake-up following the closure of over a thousand financially stricken debt counsellors. Continue reading
Ombud Says Most Credit Disputes Resolved
Significant strides have been made in resolving complaints from consumers and businesses negatively affected by credit bureau information and disputes with credit providers, the credit ombudsman said on Wednesday. Continue reading
Posted in Industry News, National Credit Act, NCR
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National Credit Act – Where to Now?
The office of the National Credit Regulator has proved to be one of the more active and even proactive departments in Government in – and indeed they have needed to be with the challenges posed in the implementation of the National Credit Act and in particular the debt counselling provisions. Continue reading
