/Latest News
Category: Latest News
It is illegal for a credit provider to take a consumer's ID or cards when granting credit
"In terms of the National Credit Act, it is illegal for credit providers to retain consumers' instruments such as identity documents (IDs), and bank cards when granting credit. This is the modus operandi adopted by some credit providers to enforce credit agreements entered into with consumers"..
Looting mayhem has cost some consumers dearly
The recent looting mayhem in Gauteng and KwaZulu-Natal has, with no doubt, cost some employees and owners of the vandalised premises dearly as some are unable to make monthly repayments towards their debts..
Debt counselling offers new lease of life for over-indebted consumers
The National Credit Act introduced debt counselling in 2007 as a debt relief measure that could assist over-indebted consumers through providing budget advice, negotiating with credit providers for reduced payments and...
Men and finances
The total outstanding consumer credit balances (or gross debtors book) as at March 2021 was R2.04 trillion. This amount represents monies that South African's owe in terms of credit which is made up of amongst...
Alternative Data Landscape in South Africa
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Credit extension slows down
The National Credit Regulator (NCR) released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM). These reports are based on the data submitted to the NCR by registered credit providers and credit bureaus, respectively. The latest edition of the reports covers credit market information from January 2021 to March 2021.
The National Credit Regulator warns against false information on the National Credit Amendment Act relating to "Debt Intervention"
The National Credit Regulator (NCR) strongly condemns scams, which are mainly via online platforms and are aimed at deceiving consumers about debt intervention, which is a measure intended to assist debt stressed consumers, says Anne-Carien Du Plooy, Manager: Debt Intervention at the NCR.
The NCR and the Credit Ombud rowing together in the same boat.
The National Credit Regulator (NCR) and the Credit Ombud have signed a Memorandum of Understanding (MoU) facilitating co-operation and collaboration in achieving the objectives of the National Credit Act 34 of 2005 (the Act) and specifically the resolution and investigation of disputes between non-bank credit providers, credit bureaux and consumers...
Industry Communique for issuing 1 Febr 2021
In terms of Section 14 of the National Credit Act, 2005 (NCA), the National Credit Regulator (NCR) is responsible for regulating the consumer credit industry in South Africa. According to Section 69 of the NCA, the Minister of Trade and Industry...
Covid-19 impact on credit extension
The National Credit Regulator (NCR) released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM). These reports are based on the data submitted to the NCR by registered credit providers and credit bureaus, respectively.
Media advisory cosumer rights webinar - Consumer protection matters to come under spotlight during the dtic dialogue
Consumer Protection matters will come under the spotlight during a Consumer Protection Webinar that will be hosted by the Department of Trade, Industry and Competition (the dtic) in conjunction with its agencies,
Media release consumer rights webinar - Consumer protection matters to come under spotlight during the dtic dialogue
Consumer Protection matters will come under the spotlight during a Consumer Protection Webinar that will be hosted by the Department of Trade, Industry and Competition (the dtic) in conjunction with its agencies
Debt counselling provides hope for those in need
Although many sectors have been allowed to get back to work, many South African households are in significant financial hardship and others have been struggling to make ends meet even before the COVID-19 pandemic, says Adv. Kedilatile Legodi, Acting Manager: Education & Communication at the National Credit Regulator (NCR).
Avoid panic buying as it may lead to over-indebtedness
Many South Africans are overwhelmed, living in fear and anxiety because of the rapid escalation of the COVID-19 (Coronavirus) which presents an unprecedented threat to South Africa and the world at large. In recent times, we have seen many consumers resorting to panic buying of essential items as the fear of the Coronavirus spreads.
Know your Consumer Rights and be protected
March is Human Rights month and has also been adopted as a Consumer Rights month in South Africa. The 15th of March has been declared World Consumer Rights Day (WCRD) and consumer rights will be celebrated world-wide.
The Tribunal rules that child support and foster care grants cannot be used as consumer's income to apply for credit
The National Consumer Tribunal (Tribunal) yesterday handed down judgment in favour of the National Credit Regulator (NCR) against a Aristoscan CC, a micro lender trading as JMK Cash Loans, in which it found JMK Cash Loans guilty of various contraventions of the National Credit Act (the Act), including reckless lending.
The High Court rules in favour of the NCR that set-off does not apply to credit agreements subject to the National Credit Act
The High Court in Johannesburg has ruled in favour of the National Credit Regulator (NCR) against Standard Bank that the common law set-off does not apply to credit agreements subject to the National Credit Act (NCA). This follows an application for a declaratory order brought by the NCR against Standard Bank seeking legal clarity on the effect of section 124 of the NCA on the common law set-off.
Tribunal finds that the on the road fee, admin fee and handling fee charged by Volkswagen Financial Services South Africa (Pty) Ltd on credit agreements are unlawful
The National Consumer Tribunal (Tribunal) has handed down judgment confirming a Compliance Notice issued by the National Credit Regulator (NCR) to Volkswagen Financial Services South Africa (Pty) Ltd for charging consumers the "on the road" fee, admin fee and handling fee on credit agreements.
Credit extension seasonally surges
Today, the National Credit Regulator (NCR) released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM), which are based on data submitted to the NCR by registered credit providers and credit bureaus respectively. The latest edition of the reports covers credit market information up to June 2018. The total value of new credit granted increased by 8.25% quarter-on-quarter from R121.62 billion to R131.65 billion. The number of applications for credit increased by 5.79% quarter-on-quarter from 10.49 million in March 2018 to 11.10 million in June 2018.
If you have to borrow, borrow wisely!
The festive season is over and reality has dawned that we are in a new year which is meant to at least bring all things new. Unfortunately, if consumers did not spend wisely during last year, this will mean that they will have to start the year on a tough note with taking out credit being the only option for some. Didi Sebothoma, Acting Manager: Education & Communication at the National Credit regulator (NCR) says there are many reasons why consumers might need to borrow at this time of the year.
National Credit Regulator issues a public warning against fake loan scams
[JOHANNESBURG] The National Credit Regulator (NCR) has warned consumers to be wary of fake credit providers who attempt to entrap consumers in loan scams.These scams typically target those who are in distressed financial circumstances and looking for a loan, using slogans such as "blacklisted" or "debt review clients welcome" says Jacqueline Peters, Manager: Investigations and Enforcement at the NCR.
Do not overdo it this festive season – Spend Wisely!
This year has been quiet a difficult one for some people as we have seen the petrol price hikes, VAT increases, interest rate increases, electricity increases etc making the cost of living very difficult for consumers whilst the total outstanding gross debtors book for consumer credit was R1.80 trillion as at June 2018, says Jimmy Golele, Acting Manager: Education & Communication at the NCR.
The Supreme Court of Appeal dismisses the MFSA's application for special leave to appeal the judgment of the Full Court of the North Gauteng High Court on the interest rate regulations
The Supreme Court of Appeal has on 08th November 2018 dismissed the MicroFinance South Africa's (MFSA) application for special leave to appeal the judgment of the Full Court of the North Gauteng High Court in favour of the National Credit Regulator (NCR) and Department of Trade and Industry (dti) on the regulations reducing the interest rates on the short-term loan.