National Credit Regulator

/National Credit Regulator

SA Consumers to Pay Less for Credit Insurance!

By |2016-01-11T13:40:03+02:00November 16th, 2015|credit, National Credit Regulator, predatory insurance sales, unlawful insurance cover|

Cap on Maximum Credit Insurance Premiums On Friday, 13 November 2015, the Department of Trade and Industry (dti) released draft legislation, proposing the maximum premium chargeable on credit insurance be capped at a much lower rate. Credit life insurance writes off a consumer’s debt, in the event of death, unemployment or other circumstances that leave [...]

The NCR Strikes Back – 5 Loan Sharks Arrested!

By |2018-01-03T15:14:39+02:00September 16th, 2015|loan sharks, National Credit Act, National Credit Regulator|

In Breach of the NCA After investigating 21 lenders based in Cape Town and surrounding areas, 5 loan sharks were arrested last week for violating the National Credit Act (NCA). With the aid of the police, the National Credit Regulator (NCR) raided the premises of suspected loan sharks in Woodstock, Wynberg, Goodwood, Bellville, Strand, Robertson, [...]

Lax Administrators, Reckless Banks & Unaware Consumers

By |2018-01-03T15:14:39+02:00August 25th, 2015|debt administration, National Credit Act, National Credit Regulator, SA consumers|

Administration vs. Debt Counselling Credit providers are recklessly and unlawfully granting credit to consumers who are under debt administration, to the apparent indifference of their administrators. An administration order is an outdated debt relief method regulated by the Magistrates’ Courts Act (MCA), for consumers whose debts are below R50 000 in total. Whereas, debt counselling is a [...]