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   0860 627 627 (Call Centre) / 011 554 2700  (Reception) 

  info@ncr.org.za / complaints@ncr.org.za / workshops@ncr.org.za

WELCOME TO THE NATIONAL CREDIT REGULATOR

The National Credit Regulator (NCR) was established as the regulator for the South African credit industry by the National Credit Act (34 of 2005) (NCA). It is tasked with consumer education, research, policy development, registration of industry participants, investigation of complaints and enforcement of the NCA.

The NCA requires the NCR to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities.

The NCR registers and ensures compliance to the NCA by the following industry participants: credit providers, credit bureaus, debt counsellors, alternative dispute resolution agents and payment distribution agents.

WELCOME TO THE NATIONAL CREDIT REGULATOR

The National Credit Regulator (NCR) was established as the regulator for the South African credit industry by the National Credit Act (34 of 2005) (NCA). It is tasked with consumer education, research, policy development, registration of industry participants, investigation of complaints and enforcement of the NCA.

The NCA requires the NCR to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities.

The NCR registers and ensures compliance to the NCA by the following industry participants: credit providers, credit bureaus, debt counsellors, alternative dispute resolution agents and payment distribution agents.

Avoid spending what you do not have on Black Friday!

November 2020

It is beyond doubt that this year has been exceptionally difficult for everyone in many ways. The Covid-19 pandemic which resulted in loss of income, retrenchments and salary reductions for some consumers, added extra financial pressure on the already-financially –stressed households and/or individuals. The effect of the aforementioned factors is that consumers are likely to find themselves battling to meet their current financial obligations, says Anne-Carien Du Plooy, Acting Manager: Education & Communication at the National Credit Regulator (NCR).

Some consumers are looking forward to the upcoming Black Friday deals and bargains. Certain retailers have already announced that this year’s “Black Friday” deals will start earlier, says Du Plooy. In these difficult economic times, consumers are cautioned to avoid partaking in this year’s Black Friday if they did not properly plan or budget for it. They should rather save their money for emergencies. Consumers are further advised not to use credit for Black Friday as using credit does not amount to saving. Instead, consumers will end up paying more due to the addition of interest and other fees such as monthly service fees, once- off initiation fees, credit life insurance etc, adds Du Plooy.

Du Plooy cautions that failure to pay back credit will have negative and adverse consequences for consumers such as being adversely listed at the credit bureaus and or having legal action being taken against them by credit providers to recover their monies.

Although Black Friday may be beneficial for some consumers, it may also create financial strain to those who participate without a proper budget and planning. A budget is a crucial tool which assists consumers to know whether they can afford certain deals or not.

Helpful tips for consumers for Black Friday:

  • Set a realistic budget of what you can afford to spend and stick to it;
  • Plan and draw up a list of what you need;
  • Check the items and prices before Black Friday to do a comparison on the prices and to ensure that you are getting a better deal;
  • Avoid buying food on credit;
  • Avoid using unregistered credit providers to get quick loans as you will pay dearly for those;
  • Remember, cash is king!

Ends


About The National Credit Regulator

The National Credit Regulator (NCR) was established in terms of the National Credit Act 34 of 2005 (NCA) and is responsible for the regulation of the South African credit industry. The NCR is mandated with the registration of Credit Providers, Credit Bureaus, Debt Counsellors, Payment Distribution Agents, and Alternative Dispute Resolution Agents; and monitoring their conduct in compliance with the National Credit Act as amended. The National Credit Regulator offers education and protection to consumers of credit in promotion of a South African credit market that is fair, transparent, accessible and dynamic.

For more information contact:
Media Office: This email address is being protected from spambots. You need JavaScript enabled to view it.
Or
Ntombizodwa Mahlangu
Cell: 064 752 3926
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ncr.org.za

Covid-19 impact on credit extension

October 2020

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 March 2020 to June 2020. The total value of new credit granted decreased by 56.72% quarter-on-quarter from R126.35 billion to R54.68 billion. The number of credit agreements entered into decreased by 47.73% quarter-on-quarter from 3.93 million to 2.05 million.

The following were some of the most significant trends observed in terms of credit granted for the quarter ended June 2020:

  • The value of new mortgages granted decreased by R25.95 billion (66.65%) quarter-on-quarter and by R27.20 billion (67.69%) year-on-year.
  • Secured credit which is dominated by vehicle finance, decreased by R18.57 billion (47.51%) quarter-on-quarter, and by R20.69 billion (50.22%) year-on-year.
  • Credit facilities decreased by R9.71billion (50.53%) quarter-on-quarter and by R11.60 billion (54.97%) year-on year.
  • Unsecured credit decreased by R15.10 billion (59.64%) quarter-on-quarter and by R18.42 billion (64.32%) year-on-year.

The total outstanding consumer credit balances (or gross debtors book) as at June 2020 was R1.96 trillion, representing a decrease of 0.94% quarter-on-quarter and an increase of 3.09% year-on-year. The trends for outstanding balances for the quarter ended June 2020 were as follows:

  • Mortgages debtors book decreased by R4.26 billion (0.43%) for the quarter ended June 2020 and increased by R25.90 billion (2.70%) year-on-year.
  • Secured credit debtors book decreased by R4.51 billion (1.01%) for the quarter ended June 2020 and increased by R7.63 billion (1.75%) year-on-year.
  • Credit facilities debtors book decreased by R6.96 billion (2.64%) for the quarter ended June 2020 and increased by R7.42 billion (2.97%) year-on-year.
  • Unsecured credit debtors book decreased by R2.97 billion (1.33%) for the quarter ended June 2020 and increased by R15.24 billion (7.41%) year-on-year.

Credit bureaus held records for 26.96 million credit-active consumers, which showed a decrease of 3.69% when compared to the 27.99 million in the previous quarter. Consumers classified in good standing decreased by 559,318 to 16.96 million consumers. This amounts to 62.90% of the total number of credit-active consumers, a decrease of 3.19% quarter-on-quarter and 3.65% year-on-year. The number of credit active accounts decreased from 85.99 million to 85.23 million in the quarter ended June 2020. The number of impaired accounts has increased from 19.88 million (23.12%) to 20.66 million (24.24%) in June 2020, an increase of 779,707 quarter-on-quarter and 506,836 year-on-year.

The number of credit reports issued to consumers decreased from 240,688 to 217,743. A total of 199,977 (91.84%) credit reports were issued free of charge, and the balance of 17,766 (8.16%) were issued at a cost. There were 29,017 disputes lodged on information held on consumer credit records for the quarter ended June 2020, a decrease of 26.67% quarter-on-quarter and 21.66% year-on-year.

Nomsa Motshegare, the Chief Executive Officer (CEO) of the NCR advises consumers battling to keep up with their payments to contact their credit providers first to negotiate for lower instalments or some kind of relief to assist them with their debts. If this fails, consumers are further advised to approach registered debt counsellors for assistance. Motshegare further advised that consumers who have credit life insurance should make a claim against their credit life insurance. Credit life insurance is an insurance that a consumer purchases when applying for credit or loan. It covers the outstanding debt in the event of unforeseen circumstances such as death, retrenchment, unemployment, inability to earn an income, disability and others. In the event of the consumer becoming unemployed or unable to earn an income, the credit life insurance cover provides that credit providers must settle / pay the consumer’s debt for a period of twelve (12) months or for the remaining repayment period or until the consumer finds employment or is able to earn an income, whichever period is shorter. Consumers can contact the NCR on 0860 627 627 / www.ncr.org.za for additional information.

Comparisons in this release- ‘quarter-on-quarter’ refers to a comparison between the March 2020 and June 2020 quarters, and ‘year-on-year’ refers to a comparison between the June 2019 and June 2020 quarters.

ENDS


About The National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (NCA) and is responsible for the regulation of the South African credit industry. The NCR is mandated with the registration of Credit Providers, Credit Bureaus, Debt Counsellors, Payment Distribution Agents, and Alternative Dispute Resolution Agents; and monitoring their conduct in compliance with the National Credit Act as amended. The National Credit Regulator offers education and protection to consumers of credit in promotion of a South African credit market that is fair, transparent, accessible and dynamic.

For more information contact:

Media Office: This email address is being protected from spambots. You need JavaScript enabled to view it.

Or

Ntombizodwa Mahlangu

064 752 3926

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.ncr.org.za

 

Media advisory cosumer rights webinar - Consumer protection matters to come under spotlight during the dtic dialogue

DATE: 16 September 2020

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, the Competition Commission (CompCom), the National Consumer Commission (NCC) and the National Credit Regulator (NCR).

Members of the media are invited to the webinar as follows:

Date: Thursday, 17 September 2020
Time: 14H00
Venue: GCIS Video link:https://gcis.zoom.us/j/92253505093

According to the Deputy Minister of Trade, Industry and Competition, Ms Nomalungelo Gina, the dialogue is aimed at educating consumers about consumer rights, more importantly during the COVID-19 pandemic and to outline the regulations that businesses must comply with.

Gina is encouraging consumers to be part of the conversation and acquire knowledge that will protect them from unfair business practices and exploitation.

Enquiries:
Sidwell Medupe-Departmental Spokesperson
Tel: (012) 394 1650
Mobile: 079 492 1774
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Issued by: The Department of Trade, Industry and Competition
Follow us on Twitter:
@the_dti
@CompComSA
@NCC_COVID19

Media release consumer rights webinar - Consumer protection matters to come under spotlight during the dtic dialogue

Date: 13 September 2020

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, the Competition Commission (CompCom), the National Consumer Commission (NCC) and the National Credit Regulator (NCR). The Webinar will take place on Thursday, 17 September 2020 at 14:00.

According to the Deputy Minister of Trade, Industry and Competition, Ms Nomalungelo Gina, the dialogue is aimed at educating consumers about consumer rights, more importantly during the COVID-19 pandemic and to outline the regulations that businesses must comply with.

She adds that the dialogue will amongst others; explain consumer rights and complaints processes, responsible credit lending, borrowing and spending, price hikes, amendments of the Competition Act and collusive conduct; including the process to report inflated prices.

“The importance of educating consumers about their rights during the COVID-19 pandemic is critical, as some of the businesses may see an opening to exploit consumers and for unfair competition and practices to thrive amongst others. We want to educate consumers about responsible borrowing and spending, create awareness about the responsible lending by credit providers, update them on the cases under investigation for unfair business trading and create awareness on the steps and processes to follow in reporting price colluding,” says Gina.

Importantly, Gina says the dialogue will afford the panelists an opportunity to share with the audience the various support services, programmes, processes and recourses available to consumers and businesses during the COVID-19 pandemic, and further impress upon the need to keep a healthy credit life during these times.

Gina is encouraging consumers to be part of the conversation and acquire knowledge that will protect them from unfair business practices and exploitation.

Please click the link below to join the webinar:
https://gcis.zoom.us/j/92253505093

Enquiries:
Sidwell Medupe-Departmental Spokesperson
Tel: (012) 394 1650
Mobile: 079 492 1774
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Issued by: The Department of Trade, Industry and Competition
Follow us on Twitter:
@the_dti
@CompComSA
@NCC_COVID19

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