Debt Counselling in South Africa and The National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act No. 34 of 2005 (The Act) and is responsible for the regulation of the South African credit industry. It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ensuring the enforcement of the Act. The NCR is also tasked with the registration of credit providers, credit bureau and debt counsellors; and with the enforcement of compliance with the Act. Debt Counselling was introduced and enforced in 2007. This enabled over-indebted consumers to seek relief in accordance to the National Credit Act.
Debt Counselling was introduced to provide a definite process for helping a customer with over indebtedness. The process provides a consistent system of debt restructuring, enforcement and judgement, which places priority on the eventual satisfaction of all responsibilities for the consumer's obligations under the credit agreements. The process of Debt Counselling was developed to offer an option for consumers who cannot meet their monthly obligations under current credit agreements. Their available amount for debt repayments is calculated after all basic living expenses have been budgeted for. Basic living expenses get priority before making provision for credit repayments. Debt counselling provides you with more breathing space without getting into trouble with your creditors for paying less than the original instalments.
Debt Counselling in South Africa can be summarised as a procedure where a person, who can no longer afford to meet all his monthly debt obligations, can apply with a debt counsellor to negotiate on his behalf with his creditors for reduced monthly repayments.
Read more about this topic: Credit Counseling
Famous quotes containing the words debt, south, africa, national and/or credit:
“Ambition’s debt is paid.”
—William Shakespeare (1564–1616)
“If you are one of the hewers of wood and drawers of small weekly paychecks, your letters will have to contain some few items of news or they will be accounted dry stuff.... But if you happen to be of a literary turn of mind, or are, in any way, likely to become famous, you may settle down to an afternoon of letter-writing on nothing more sprightly in the way of news than the shifting of the wind from south to south-east.”
—Robert Benchley (1889–1945)
“America is not civil, whilst Africa is barbarous.”
—Ralph Waldo Emerson (1803–1882)
“Not one of our national officers ever has had a dollar of salary. I retire on full pay!”
—Susan B. Anthony (1820–1906)
“One must credit an hypothesis with all that has had to be discovered in order to demolish it.”
—Jean Rostand (1894–1977)