The National Credit Act (NCA) aims to combat over-indebtedness of consumers by preventing credit providers from lending recklessly.
The National Credit Regulator (NCR) is a statutory body created in terms of the NCA. Its primary function is the enforcement of the NCA through various means, including promoting informal resolution of disputes between consumers and credit provider, receiving complaints on alleged contraventions of the NCA, and monitoring the consumer credit market to ensure that prohibited conduct is prevented or detected and prosecuted. The NCR is also responsible for promoting consumer awareness of credit matters, including developing public awareness through educational measures, and identifying factors concerning over-indebtedness
The NCR has recently published a set of guidelines for all credit providers, known as the Code to Combat Over-indebtedness (the Code), which has been developed in terms of section 48(1)(b) of the National Credit Act and which sets out the way in which credit providers should assist and educate their clients on the dangers of taking on too much credit.
Investec Private Bank subscribes to this Code and through its well established credit process, is committed to preventing our clients from becoming over-indebted and to partnering with them to find a solution for our clients to continue to meet their financial obligations during difficult financial times.
For more information on this code, please contact the NCR on 0860 627 627 (0860 NCR NCR)