The National Credit Act

Since the release of the National Credit Act in June 2007, consumers are now afforded the opportunity to apply for Debt Counselling as a debt rehabilitation program.

 

Under the National Credit Act, debt counselling allows consumers to enjoy the convenience of paying off their debts with a single monthly payment, making it easier for you to manage your finances. National Debt Advisors (NDA) is here to enable people to live their lives comfortably, without having to worry about the consequences of past debts.

The National Credit Act prescribes debt counselling as a legal remedy for over-indebtedness. NDA acknowledges all credit agreements that our clients have entered into and looks at consumers credit profiles holistically. Debt counselling offers immediate protection from creditors who want to take legal action against our clients, so that they won’t end up losing their assets.

NDA’s debt counsellors are registered with the National Credit Regulator (NCR), meaning that we adhere to the rules and guidelines set out in the National Credit Act, which are specifically designed to protect you, the consumer.

Predatory lenders take advantage of consumers who are in desperate financial situations by approving credit that they are unable to pay back. As a result, they end up barely being able to make ends meet because of exorbitant interest rates and unrealistic repayment plans. Knowing your rights as a consumer can help you to avoid situations like these, where credit providers take advantage of you by means of reckless lending.

Your credit provider is required by law to conduct a thorough affordability assessment of your finances before granting you any credit. This assessment measures whether or not you’ll be able to meet your financial obligations under the contract within the specified repayment term. The purpose of this is to ensure that you aren’t at risk of having your home or car repossessed, should you fall into arrears due to changed circumstances.

National Debt Advisors will help you exercise your consumer rights under the National Credit Act to make sure that you keep your assets while maintaining your standard of living, and paying your debts at the same time.