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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.

Don’t let Black Friday lead to a Blacklisting!

November 2022

While South African household incomes are tightly squeezed by high interest rates and the ever rising cost of living, many consumers are still looking forward to bag a bargain with Black Friday sales and discounts. Since 2019, Black Friday has become staggeringly popular in South Africa with retailers slashing prices items instore as well as online. However, it is very important for consumers to avoid the hype generated around Black Friday and it does not necessarily mean that every item on sale is a Black Friday bargain.

Education and Communication Manager at the National Credit Regulator (NCR), Ms Poppy Kweyama said, “Although it may make sense to take advantage of Black Friday sales and discounts to save money, beware that unplanned purchases driven by excitement, impulse buying and the fear of missing on bargains sometimes make it much more tempting to buy on credit when you haven’t budgeted and don’t have cash. Irresponsible use of credit is not only expensive, but risky as well. If one takes into account the interest and fees on the credit – it makes the purchase more expensive, so you are not actually saving any money. Taking credit unnecessarily also becomes risky when you are unable to pay back the debt and default on the credit agreement. Don’t let Black Friday lead to a blacklisting.”

Ms Kweyama added, “Buying on credit may be a convenient way of accessing goods and services that you want right now, but sometimes it is worth waiting until your personal finances improve and you can save towards the purchase. Black Friday does not mean you must buy. Some items will be available on sale and discounts at other times or during or after the festive season.” 

In addition, she also gave practical tips on how to avoid being a victim of the Black Friday hype:

  • Do your research: Once you know exactly what you want to buy, compare different stores to get the best deals. It may sound tedious but can save you money;
  • Create a budget and stick to it: Budgeting always helps to control your spending;
  • Avoid impulsive buying: List all items you intend to buy. Do not buy something that you don’t need;
  • Beware of costs and risks associated with online shopping: Normally, online shopping needs credit/debit card details which may not only carry additional costs but may expose you to the risk of cybercrime;
  • Do not spend more than you can afford: Irresponsible use of credit may lead to excessive debt and blacklisting at the credit bureaus which will damage your credit profile.
  • If you are prone to impulse buying or are ill-disciplined stay at home! Do not go to shopping malls and stay offline.

“Avoid succumbing to Black Friday hype. Spend Wisely if you have budgeted. Borrow Wisely if you need a big ticket item or have to make an emergency purchase that is nicely discounted. Whatever you do Be Credit Smart.” concludes Ms Kweyama.

ENDS


About The National Credit Regulator

The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (NCA) 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

Didi Sebothoma

064 752 3910

E-mail: Didi Sebothoma:

Website: www.ncr.org.za

Credit extension marginally slows down

October 2022

Today, the National Credit Regulator (NCR) released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM), which are based on data submitted by the registered credit providers and credit bureaus respectively. The latest edition of the reports covers credit market information from April 2022 to June 2022. The total value of new credit granted decreased by 1.13% quarter-on-quarter from R159.16 billion to R157.37 billion. The number of credit agreements entered into increased by 4.68% quarter-on-quarter from 3.83 million to 4.01 million.
The following were some of the most significant trends observed in terms of credit granted for the quarter ended June 2022:

  • The value of new mortgages granted increased by R1.80 billion (3.22%) quarter-on-quarter and by R916.13 million (1.62%) year-on-year.
  • Secured credit which is dominated by vehicle finance, decreased by R2.27 billion (4.78%) quarter-on-quarter, and increased by R1.96 billion (4.55%) year-on-year.
  • Credit facilities decreased by R441.79 million (1.79%) quarter-on-quarter and increased by R3.43 billion (16.47%) year-on year.
  • Unsecured credit increased by R292.42 million (1.10%) quarter-on-quarter and by R4.53 billion (20.18%) year-on-year.

The total outstanding consumer credit balances (or gross debtors book) as at June 2022 was R2.19 trillion, representing an increase of 1.13% quarter-on-quarter and of 6.35% year-on-year. The trends for outstanding balances for the quarter ended June 2022 were as follows:

  • Mortgages debtors book increased by R18.00 billion (1.60%) quarter–on-quarter and by R82.19 billion (7.75%) year-on-year.
  • Secured credit debtors book increased by R1.08 billion (0.23%) quarter-on-quarter and by R20.31 billion (4.42%) year-on-year.
  • Credit facilities debtors book increased by R3.67 billion (1.30%) quarter-on-quarter and by R20.71 billion (7.79%) year-on-year.
  • Unsecured credit debtors book increased by R2.30 billion (1.07%) quarter-on-quarter and by R6.13 billion (2.92%) year-on-year.

Credit bureaus held records for 26.52 million credit-active consumers, which showed an increase of 0.15% when compared to the 26.48 million in the previous quarter. Consumers classified in good standing increased by 197,993 to 16.63 million consumers. This amounts to 62.73% of the total number of credit-active consumers. The number of credit-active accounts increased from 84.73 million to 85.49 million in the quarter ended June 2022. The number of impaired accounts has decreased from 19.59 million (23.12%) to 19.26 million (22.53%) in June 2022, a decrease of 327,075 quarter-on-quarter and 598,021 year-on-year.
Consumers are encouraged to exercise their consumer rights by getting their free credit reports from the registered credit bureaus. A credit report will outline the consumer’s debt and other financial obligations, thus making it easier to draft a budget and work towards the settlement of their debt, thereby improving the state of their credit reports and saving. Consumers who are experiencing financial difficulties and are battling with their debt repayments, should contact their credit providers for assistance. Avoiding credit providers when in distress is not a solution. In worst cases, the assistance of a registered debt counsellor must be sought. Debt counselling was introduced to assist consumers who are over-indebted, advised Nomsa Motshegare, CEO of the NCR.

Comparisons in this release- ‘quarter-on-quarter’ refers to a comparison between the March 2022 and June 2022 quarters, and ‘year-on-year’ refers to a comparison between the June 2021 and June 2022.

ENDS


About The National Credit Regulator
The National Credit Regulator (NCR) was established in terms of 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

Didi Sebothoma
064 752 3910
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ncr.org.za

MSR Financial Solutions (Pty) Ltd and other credit providers flout the National Credit Act and deals with the consequences

May 2022

The National Credit Regulator welcomes the judgement that was handed down by the National Consumer Tribunal (Tribunal) against MSR Financial Solutions (Pty) Ltd previously known as Major Authorised Debt Mediation (Pty) Ltd which entity is conducting its business in Bloemfontein, Free State region. This judgement follows an investigation by the National Credit Regulator into the conduct of the aforementioned entity. The investigation revealed that the entity was acting in a manner contrary to the provisions of the National Credit Act. “The National Credit Regulator subsequently referred an application to the Tribunal”, says Ms. Nomsa Motshegare, CEO of the National Credit Regulator.

The National Credit Regulator’s investigation revealed that MSR Financial Solutions (Pty) Ltd previously known as Major Authorised Debt Mediation (Pty) Ltd informed to provide alternative dispute resolution services whilst it was not registered as an Alternative Dispute Resolution Agent with the National Credit Regulator. Motshegare explains that in terms of the National Credit Act, an entity providing the services of an Alternative Dispute Resolution Agent must register with the National Credit Regulator.

“MSR Financial Solutions (Pty) Ltd previously known as Major Authorised Debt Mediation (Pty) Ltd also displayed the National Credit Regulator’s logo on its advertisements which gave the impression that the National Credit Regulator condoned its business practices which was never the case”, says Motshegare. “The services offered went beyond the scope of an Alternative Dispute Resolution Agents’ services and was akin to the services provided by a debt counsellor and a payment distribution agency”, adds Motshegare.  Consumers were effectively paying fees for an unlawful service and/or a service which they did not even receive. “The aforesaid conduct was found to be a serious prohibition and a contravention of Section 134A read with Section 1 and Regulation 10B of the Act” adds Motshegare.

Furthermore to this, the entity was found to have contravened Section 44(2), 3(g) and Section 126A and 126(3) of the National Credit Act. The Tribunal imposed an administrative fine against the entity in the amount of R50 000.00 and amongst other orders ordered the entity to refund fees and costs to consumers.

Motshegare alerts consumers of the aforesaid conduct observed within the credit market. It is imperative that consumers ensure that the entities they approach for Alternative Dispute Resolution services are in fact registered with the National Credit Regulator to provide such services. She also stressed that only a registered debt counsellor can make a determination of over-indebtedness. This clearly means that consumers should check if a person declaring them to be over-indebted is indeed registered with the National Credit Regulator by checking on the website www.ncr.org.za or alternatively to call 0860 627 627.

In other matters, the National Credit Regulator investigated and referred the following entities to the National Consumer Tribunal. The following credit providers were deregistered for committing various contraventions of the National Credit Act:

  • TITUSG TRADERS (PTY) LTD - a registered Credit Provider with registration number NCRCP9727 having its registered place of business at 2 Coleskop street, Rosedale, Upington, Northern Cape.
  • PANGOLIN LOANS (PTY) LTD, a registered Credit Provider with registration number NCRCP12222 having its registered place of business at Corso Building, Stand no 777 Luphisi, Sibuyile, Mpumalanga 1218.
  • DLAMINI ZAK ENTERPRISES (PTY) LTD, a registered Credit Provider with registration number NCRCP11532 having its registered place of business at 3097 Luvuyo Street, Kanana Extension 5, Rabie Ridge, Halfway House, Gauteng. 

Motshegare warns entities that are flouting the National Credit Act against such conduct as the National Credit Regulator will not hesitate to take action against such entities.

ENDS


About The National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (NCA) 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
Didi Sebothoma
064 752 3910
E-mail: Didi Sebothoma: Website: www.ncr.org.za

Debt counselling-a debt relief measure for over-indebted consumers

August 2022

Debt counselling was introduced by the National Credit Act as a voluntary debt relief measure to assist over-indebted consumers. A consumer is over-indebted if his/her income is not sufficient to cover all his/her living expenses and debt repayments. Various circumstances such as job loss, reduction of income, sickness, death, rising cost of living (petrol hikes, increase in food prices, electricity, etc.) and others are often the main contributors for consumer over-indebtedness. Consumers who are experiencing financial distress should not ignore their debt obligations, they need to approach credit providers and communicate their financial position and negotiate reasonable repayment options. If this attempt fails, consumers are encouraged to consider debt counselling and approach a registered debt counsellor who will on their behalf negotiate reasonable repayment terms informed by what the consumer can afford with the credit providers, says Adv. Kedilatile Legodi, Manager: Debt Counselling at the National Credit Regulator(NCR).

The concept of debt counselling is often misunderstood by many, as a result consumers miss out on the benefits and the protection that debt counselling offer. In addition, there is a high number of false and misleading debt counselling marketing practices noted by the NCR either online, social media or telephonic with the sole intent of exploiting unsuspecting and financially distressed consumers. Some of these marketing practices, promise a certain percentage of debt reduction (even prior to a financial assessment), savings or consolidation. If it sounds too good to be true, it probably is, warns Adv. Legodi.

Consumers are advised to be aware of false and misleading practices and to not fall victim particularly if approached. Understanding the debt counselling process from end to end, the consequences, the applicable fees charged, when, where and how to pay such fees, the various steps of the process, the prescribed timelines, the provisions to exit debt counselling and others are important elements that the consumer must ensure knowledge of before signing on the dotted line.

Debt counselling is only conducted by a debt counsellor registered with the NCR. In terms of the National Credit Act, debt counsellors are registered as individuals and not as a juristic person/company. Therefore, a financially distressed consumer seeking the services of a debt counsellor, must ensure that he/she knows the full details of the debt counsellor offering to assist. This includes the debt counsellors name and surname, place of practice and the NCR registration number which is issued upon registration by the NCR. Even if the debt counsellor is operating using a business/trading name, the consumer has a right to be provided this information. To verify the registration of a debt counsellor with the NCR, please visit www.ncr.org.za or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it..

Adv. Legodi further provides clarity on the question that often comes up, when is a consumer under debt counselling? A consumer is considered to be under debt counselling when he/she has applied for debt counselling in a prescribed manner as set out in the National Credit Act. A duly completed and signed application form (referred to as Form 16) or a clear record of when the consumer furnished all information/documentation to the debt counsellor is used to prove that a consumer is under debt counselling. It is for this reason, that consumers are advised to ensure understanding of the debt counselling process before finalisation of the application. Consumers should not succumb to the pressure of signing the application if unsure. For a detailed explanation of the debt counselling process, consumers are advised to visit the NCR website at www.ncr.org.za .

Some important factors to consider:

  • There is a difference between debt counselling and debt consolidation. Debt consolidation offers the consumer one loan to pay off all debts. This will result in the reduction of the consumer’s multiple payments into one single monthly payment to the credit provider that has granted the consolidation loan.
  • If approached and offered debt counselling, insist on getting clarity from the caller regarding their source of information or where they received your contact details and do your homework first before you commit to what is being offered.
  • Debt counselling does not cancel debt, it helps consumers to make reduced payments using disposable income and without having to borrow more money.
  • If under debt counselling you will be paying reduced amounts, as a result the repayment period of your debt may increase and you will take longer to pay off your debts. However, you will still enjoy the legal protection against enforcement of debt by credit providers as long as you continue making payments as agreed.
  • Debt counselling is not a savings plan, it is a measure intended to provide relief for over-indebted consumers. Anyone saying even if you are not over-indebted you can apply, please note that this is misleading and do not do any business with such an individual, they do not have your best intentions at heart.
  • When under debt counselling, you cannot apply for further credit until you have repaid your debts and have been issued with a clearance certificate.
  • If you apply for debt counselling, a debt counselling flag/indicator will be displayed on your credit profile at the credit bureau until a clearance certificate is issued by the debt counsellor.
  • If you are married in community of property, you must jointly apply for debt counselling with your spouse.
  • Debt counselling is not a free service–visit the NCR website on the debt counselling fee guidelines 2018  for a fee guideline and request a written disclosure of applicable fees prior to applying for debt counselling from your debt counsellor.
  • Do not give/pay the debt counsellor money to pay your credit providers. You can either pay your credit providers directly or use a Payment Distribution Agent.
  • If your debt counsellor is un-contactable, please contact the NCR immediately for assistance.

 

If consumers wish to lodge a complaint against a debt counsellor, credit provider, credit bureaus or a payment distribution agent they may send the complaint to This email address is being protected from spambots. You need JavaScript enabled to view it.. To get a list of registered debt counsellors operating closer to work or residential area, consumers are advised to visit www.ncr.org.za. Given the current economic climate, many consumers will undoubtedly find it difficult to cope and manage contractual repayments, please do not despair, be proactive, do not be pressurized, address your financial hardships by seeking more information on the debt counselling process and gain a thorough understanding because an informed consumer is a protected one, concludes Adv. 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 (NCA) 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
Didi Sebothoma
064 752 3910
E-mail: Didi Sebothoma:
Website: www.ncr.org.za

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