The National Credit Act (NCA), 34 of 2005, came into full effect on 1 June 2007 to regulate the way in which credit providers grant credit and protect the interest of our valued clients.
The aim of the NCA is further to:
- Enforce the consumer to disclose the total cost of credit
- Control the costs of credit
- Educate consumers and provide awareness relating to credit
- Provide guidance to consumers in financial distress via a controlled system of debt restructuring
- Reduce the granting of reckless credit
- Provide guidance to consumers to prevent them from over-indebtedness
- Regulate the information in respect of the consumer credit held by the different credit bureaux
- Present more information to the consumer prior to entering into a credit agreement
- Maintain a fair, non-discriminatory credit market
