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  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.

Tribunal finds that the on the road fee, admin fee and handling fee charged by Volkswagen Financial Services South Africa (Pty) Ltd on credit agreements are unlawful

The National Consumer Tribunal (Tribunal) has handed down judgment confirming a Compliance Notice issued by the National Credit Regulator (NCR) to Volkswagen Financial Services South Africa (Pty) Ltd for charging consumers the “on the road” fee, admin fee and handling fee on credit agreements.

In its judgment, the Tribunal found that the “on the road” fee, admin fee and handling fee charged by Volkswagen Financial Services to consumers on credit agreements are not permitted by the National Credit Act (the Act).

The Tribunal ordered Volkswagen Financial Services to –

  1. cease the practice and/or conduct of charging consumers the “on the road”, admin and handling fees on credit agreements from 10 April 2019 and to submit written confirmation to the NCR to this effect;
  2. calculate the total amount of charges, fees or interest levied on the “on the road”, admin and handling fees; and
  3. refund all those consumers charges, fees or interest levied and submit a report by independent auditors to the NCR.

 

“The NCR welcomes this judgment as it affirms the protection given to consumers by the National Credit Act against illegal charges and fees on credit agreements”, says Nomsa Motshegare, Chief Executive Officer of the NCR.

The NCR will continue to conduct industry-wide investigations on fees and charges on credit agreements to root out illegal charges and fees on credit agreements.

Ends


About The National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) 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
Lebogang Selibi
(011)  554-2722
064 752 3920
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The National Credit Regulator issues a public warning about Charis Financial Services

October 2018

The National Credit Regulator (NCR) has issued a public warning against Charis Financial Services, an unregistered credit provider, conducting business in Pietermaritzburg; KwaZulu-Natal. 

Consumers are warned that loans extended by Charis Financial Services, are unlawful and may be void due to the fact that they are not a registered credit provider.  

“Credit providers are reminded that as of October 2016 any person or entity that is involved in the provision of credit is required to be registered irrespective of the number of agreements and / or the value of the principal debt”, says Jacqueline Peters, Manager of the Investigations and Enforcement at the NCR.

“The NCR will continue with operations to monitor unregistered entities around the country and will bring applications to the National Consumer Tribunal to have credit agreements concluded by unregistered entities to be declared unlawful”, she added.

“Consumers are urged to ensure that they only apply for credit from credit providers who are registered with the NCR”, Peters concluded.  If a consumer is unsure or in doubt about the legitimacy of the credit provider or a credit agreement, they should contact the NCR on (011) 554-2600/2700 or visit www.ncr.org.za.   

ENDS


About The National Credit Regulator

The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) 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
Lebogang Selibi
(011)  554-2722
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The National Credit Regulator to educate the community of Katlehong in Ekurhuleni on their consumer rights and debt counselling

November 2018

The National Credit Regulator (NCR) will be hosting a workshop in Katlehong on Saturday, 17 November 2018 on an initiative to educate consumers who reside in and around Katlehong on the National Credit Act (NCA), debt counselling, their consumer rights and responsibilities on credit related matters. This workshop will be held in Ekurhuleni School for the Deaf.

The workshop aims to equip the community with education and awareness of their rights and responsibilities on credit related matters in terms of the National Credit Act. Statistics show that there are about 24.59 million credit active consumers in South Africa and of this number, 38.9% which is 9.6 million consumers unfortunately have impaired records. An impaired record is a record in which a consumer and/or any of the accounts are either classified as three or more payments or months in arrears, have an adverse listing, have a judgment or an administration order.

The NCR will be providing consumers of Katlehong and the surrounding areas with guidance on how to manage their debts, what debt counselling is, how does it work and also dispel the myths associated with debt counselling and the roles of credit bureaus. Kedilatile Legodi, Manager: Debt Counselling at the National Credit Regulator says the NCR will be educating, raising awareness and empowering consumers on how to handle credit and/or debt related problems. 

She says that there are many reasons why people find themselves in financial distress, such as the recession, change in circumstances like divorce or death, poor financial planning and others. These may cause consumers to find themselves no longer being able to pay their monthly debt repayments.

Legodi says that consumers who are in this situation should not hide or feel despondent as there could be help in the form of debt counselling. Debt counselling is a debt relief measure in terms of the NCA that aims to provide relief for consumers who are struggling with debt. This service is only offered by debt counsellors who are registered with the NCR.

The NCR has also invited different stakeholders dealing with consumer related issues who will be present on the day of the workshop. We therefore encourage consumers, to attend this workshop and use the opportunity to engage the NCR on any credit related query and/or complaint they may have. A consumer who is educated on his/her rights is a protected one, concludes Legodi.

ENDS


About The National Credit Regulator

The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) 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
Lebogang Selibi
(011)  554-2722
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Don’t let Black Friday be the reason for your financial woes!

November 2018

Out of the 24.59 million credit active consumers, 61.1% are in good standing. However, 38.9% or 9.6 million consumers have impaired records. This is a record on which a consumer and/or any of the accounts are either classified as three or more payments or months in arrears, have an adverse listing, have a judgment or an administration order.

“If you did not budget for “Black Friday” this year, do not be tempted because buying on impulse may cause you to have a bad credit record”, says Jimmy Golele, Acting Manager: Education & Communication at the National Credit Regulator (NCR).

By preparing a budget, consumers can prevent buyers’ remorse and stress of arriving home with products and items that they do not really need. “Credit needs to be paid back with interest and fees”.  “It does cost more to pay by credit than to pay cash”, adds Golele.

The Consumer Credit Market Report (CCMR) which is a publication issued by the NCR indicates that a large number of consumers have taken out credit facilities which largely include credit / garage cards and store cards. The NCR advises consumers to use credit wisely and only when it is necessary.

Golele says that consumers need to take credit that they can afford and pay accordingly as per their credit agreements. Skipping payments will adversely affect consumers’ credit reports which will limit their future chances of accessing further credit when they really need it.

Golele reminds consumers that the festive season is around the corner and if they do not spend wisely during this Black Friday, this could set them back financially in the new year and it will be difficult to catch up. “Consumers should prioritise necessities like their bond / rent, transport, groceries, school fees, insurance etc. before splurging on Black Friday”, advises Golele. “It is really not wise to fund Black Friday shopping spree by taking unnecessary debt because debt is costly and should be used for asset building”, says Golele.

To help consumers avoid the urge to unnecessarily spend this Black Friday, Golele offers these helpful tips:

  • Set a realistic budget of what you can afford to spend and stick to it;
  • Don’t spend what you don’t have – this means do not live beyond your means and don’t buy if you haven’t budgeted;
  • If an item is on sale and you buy it on credit, remember that interest and fees will push up the price. Therefore, cash is king!
  • Don’t be impulsive when you shop;
  • Have a shopping list to avoid buying unnecessary items - if you don’t need it now, chances are you may never need it. So avoid wasting your time and hard earned money;
  • Don’t forget to get a free copy of your credit report from registered credit bureaus on the NCR’s website: www.ncr.org.za.

 

“Don’t let Black Friday burn a hole in your pocket and be a reason for your financial woes next year”, concludes Golele.

ENDS 

About The National Credit Regulator

The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) 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
Lebogang Selibi
(011)  554-2722
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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