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Tag Archives | National Credit Act

erasing-debt

Ombudsman sets out what consumers should know about prescription

The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant that creditors are prohibited from collecting prescribed debts that fall under the National Credit Act (NCA). The Prescription Act, read with section […]

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nca-courses

Check out MBSE’s redesigned and updated National Credit Act courses

Moonstone Business School of Excellence (MBSE) has completely revamped its two popular online courses on the National Credit Act (NCA) and will add a third course. All three courses provide the practical knowledge that credit providers and credit agents need when applying the NCA in their day-to-day activities. All three courses are ideal for credit […]

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cash-loan

‘Instant loans’ sign was sufficient grounds for investigation by the National Credit Regulator

A sign outside a microlender’s premises advertising “instant loans” and an employee’s verbal information that interest of 30% a month was charged on short-term loans were reasonable suspicion for the National Credit Regulator (NCR) to initiate an investigation into contraventions of the National Credit Act (NCA). This was the finding of the Supreme Court of […]

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Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine

National Consumer Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine

The National Consumer Tribunal (NCT) has cancelled the debt counselling registration of the managing director of Cape Town-based Onedebt and fined him R500 000. The NCT found Johan Fourie guilty of numerous transgressions of the National Credit Act, its regulations, and his conditions of registration as a debt counsellor. The hearing before the tribunal followed an […]

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‘Consumer champion’ Clark Gardiner fined for breaching NCA

‘Consumer champion’ Clark Gardner fined for breaching NCA

The National Consumer Tribunal (NCT) has fined Clark Gardner, the chief executive of Summit Financial Partners, R500 000 after finding him guilty of contravening the National Credit Act (NCA). Gardner has something of a reputation as a consumer champion, having taken on companies such as Capitec and Lewis on behalf of indebted consumers. Summit was […]

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consent

Spousal consent under National Credit Act – Case study highlights essential requirements

“The bank can be held liable in instances where it is clear that no spousal consent was obtained, but not to such an extent that a complainant is unjustifiably enriched at the expense of the bank”. This was the outcome of an Ombudsman for Banking Services case earlier this year. There are very important considerations […]

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credit-provider

Credit Provider Registration

The article below was written by Janine Will, Senior Associate in the Commercial Department of Garlicke & Bousfield Inc, and published in Commercial Law News. The current legal requirement that only those credit providers that have a total principal debt owed to them, under all outstanding credit agreements, other than incidental credit agreements, exceeding R500,000 […]

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Training

Moonstone Training Opportunities

Align your training and development needs with the Regulator’s drive towards professionalization by making use of the services listed below. Just click on the title for more information. FURTHER EDUCATION AND TRAINING: SHORT-TERM INSURANCE (NQF4) This qualification covers Short Term Insurance related learning and provides a framework for learners to develop competencies that will give […]

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