NCR Debt Help
The National Credit Act
NCR registered credit providers are professional lenders, lending under the guidelines set and enforced by the National Credit Regulators. This guiding body ensures a high quality and fair credit industry in South Africa. As the governing entity, the NCR are tasked with the enforcement of the National Credit Act (NCA) as well as:
- Education
- Research
- Policy development,
- Investigation of complaint
- Registration of industry participants
The head of the professional elements of debt, the NCR keeps all in line with the industry and its standards. Furthermore, the NCR has registered credit providers displayed on their website. This makes it easier for consumers to verify whether a person or institution is registered. With a host of counsellors available across South Africa, our professional teams are proud to be a part of this registered body. Due to recent changes in the law surrounding lenders, all lenders must now be registered. However, this does not mean that every single person or business that lends money must register as a credit provider. They will have to register if they fulfill requirements by definition.
Businesses needs to register with the NCR if the following applies:
- Is the credit agreement an incidental credit agreement? Section 40(1)(a) of the NCA does not require the registration of a credit provider if the transaction relates to an incidental credit agreement.
- Is the transaction a credit agreement as defined in the NCA?
- Will the credit agreement be concluded within, or will it have an effect within the Republic?
- Are the parties to the credit agreement dealing “at arm’s length“?
- Do any of the exceptions provided in section 4 apply? For example, the NCA does not apply to a credit agreement where the consumer is a juristic person. Their asset value or annual turnover, together with the combined asset value or annual turnover of all related juristic persons, at the time the agreement is made, equals or exceeds the threshold value determined by the Minister (currently R 1 million).
- Is the person a credit provider as defined in the NCA?
Online Debt Help
To find out more or to get some good NCR debt advice, don’t hesitate to contact us today. National Debt Advisors is a registered body, as well as a professional debt solutions company in South Africa.
