Court clarifies NCA application to suretyships in vehicle finance case
Sureties cannot rely on the National Credit Act if the principal debt falls outside its scope.
NCA
Credit provider must engage ‘meaningfully’ with debtor – judgment
The High Court refuses Ford Credit’s request to repossess a vehicle, saying it did not fairly consider the debtor’s proposed repayment arrangement.
Bundled credit insurance ruled unlawful for consumers who can’t claim
Selling credit life insurance with retrenchment and disability cover to pensioners and disabled persons – who cannot meet the claim requirements – breaches the National Credit Act.
SCA clarifies pawnbroker’s rights to proceeds from asset sales
The judgment addresses several aspects of the National Credit Act, including the obligation to register as a credit provider and permissible interest charges.
Broker’s acknowledgment of debt falls outside National Credit Act
The High Court overturns a lower court’s decision in favour of a financial adviser whose commissions were clawed back.
NCR issues guidelines for credit providers on debt counselling process and deductions
The changes, which include stricter compliance rules and clearer protocols for stopping debit orders, are designed to streamline the process and protect consumers.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
Judge rebukes bank for ‘high-handed’ approach to credit agreement reinstatement
Credit providers must quantify their reasonable enforcement costs promptly to allow for an agreement to be reinstated.
Ruling clarifies separate agreement fees under the National Credit Act
Fees in separate agreements between a service provider and consumers are not automatically illegal, provided they are kept separate from the fees regulated under the credit provider’s agreement.
NCR Desktop Audits
In this video we delve in the NCR Desktop Audits. Featured in the interview is Gerrit Viviers Moonstone Compliance NCA Specialist with years of experience in the National Credit Act sector. He explains […]
MBSE’s NCA courses: three ways for credit providers to comply
Moonstone Business School of Excellence’s engaging and interactive National Credit Act courses are tailored for industry professionals.
NCA matters – Magistrate court has jurisdiction
Towards the end of last year, a judgment by the Grahamstown High Court made it unlawful for banks to bring National Credit Act matters before the high court instead of the much cheaper […]
NCA and commission earners – What is the impact if credit is extended under lockdown?
Since the outbreak of Covid-19, we as South Africans have been faced with extraordinary circumstances, challenging each one of us to think differently in respect of how we conduct business, how we integrate […]
Debt-collecting law firms hit by NCA ruling
Towards the end of 2019, a ruling by the Western Cape High Court made headlines in various media. The ruling found in favour of the Stellenbosch University Law Clinic, Summit Financial Partners and […]
Further Panel Beating to Debt Relief Bill likely
Following our article published on 7 December 2017, dealing with the Draft National Credit Amendment Bill, 2018 (the Bill), the Portfolio Committee on Trade and Industry held their public hearings on 30, 31 January and 2 February 2018, where […]
Credit Regulator Cracks down again
The National Credit Regulator (NCR), in a media release on 24 October 2017, also issued a compliance notice to Volkswagen Financial Services South Africa (Pty) Ltd (VW) for charging consumers an on-the-road fee, admin fee […]
NCR Alert for Vehicle Financiers and Dealers
On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under […]
