what is the
National credit regulator(NCR)
The National Credit Regulator (NCR) is responsible for the regulation of the South African credit industry.
The NCR's main focus is to oversee the regulation of the credit industry in South Africa. One of the most important duties of the NCR is to monitor credit practices and deal with complaints from consumers regarding unfair credit practices. The NCR enforces the rights developed for consumers in the NCA and rooting out reckless credit providers. Consumers must understand both their financial situation and their rights when it comes to credit and debt. The National Credit Regulator (NCR) and the National Credit Act (NCA) both exist to inform consumers of their rights and give them a way to exercise these rights. The NCR also regulates the debt review industry by regulating the education and registration of the debt counselors, no one can practice as a debt counsellor unless they meet the stringent criteria of the NCR.
One of the most important functions of the NCR is to advice consumers about their rights when experiencing financial problems, by informing them about debt relief remedies available to them, the protection that the NCA affords them, and their right to complain about unfair credit practices. Ultimately the NCR is the credit “watchdog” of South Africa, and as an institution created by the National Credit Act, it has a responsibility to enforce the legislation and ensures that it is interpreted correctly.
Both parties come from the Micro Finance Regulatory Council (MFRC) whose primary aim is identified as the promotion of the money-lending industry so as to allow for sustainable growth in the industry and to serve legitimate unserved credit needs.
Debt review removal
Are you no-longer over indebted?
It often happens that a consumer is over-indebted and applies for debt review. They later find that their financial circumstances have changed and they are now able to service their original monthly debt obligations. This kind of a consumer would have a good reason to cancel debt review...CLICK HERE TO LEARN MORE