The National Credit Act
National Debt Advisors and the National Credit Act.
On the other hand, credit is the lifeblood of commerce and the economy. So without credit, business as we know it would not exist. But, credit has a dark side too, as it allows people to spend borrowed money. Money that they did not earn, do not own and have to pay back at a later stage.
The problem comes in when people cannot afford to repay credit. That is, they become over-indebted.
Either because of poor financial planning (sometimes this can be a result of consumers not knowing how to budget) or spending credit on daily consumables. Whereas, the money could be spent on the investment of property, education or business. Using debt to repay debt or because their financial circumstances suddenly worsen, could result in being unable to meet monthly credit repayments.
According to the South African National Consumer Protection Act (CPA), which came into effect on 1 April 2011, consumers have the right to accessible knowledge and facts necessary to make informed decisions, protecting them from misleading marketing. This is why we thought it would be necessary to inform you about the National Credit Act.
Protection from Creditors
At NDA we know that the National Credit Act was implemented to protect credit-active consumers from over-indebtedness and reckless lending.
At NDA, the National Credit Act enables us to place over-indebted clients under NDA’s debt review. Once a client has entered NDA debt counselling, their creditors cannot take legal action against them for 60 working days. This includes protection from repossession of your car and home.
This benefits our clients greatly,especially if they suddenly find themselves unable to pay their monthly instalments. As a result, creditors harass them with countless phone calls, threatening letters, emails and SMSs demanding money.
Contact NDA today
At NDA, the National Credit Act allows us to protect our clients. We protect you from abusive creditors and unscrupulous debt collectors. It is our duty as your debt counsellor to take over all correspondence with your creditors. Which means that they are forbidden from contacting you, while you are under our care.
The National Credit Act lets us protect our clients’ assets, if their valuables have been used to secure credit. Creditors are not allowed to seize your possessions, while you are under the protection of NDA debt counselling.
If you are indebted and falling behind on your payments, send us your contact details and one of our expert consultants will give you a FREE call back. So you can enjoy all of these benefits of debt review and more.