How To Apply for Protective Registration Against Future Fraud if your Identity Book Or Passport is stolen or lost
If your ID or passport is lost or stolen, report it to SAFPS via 011 867 2234 or protection@safps.org.za to alert members and prevent fraud. Safely store digital or physical copies of your documents separately from the originals to assist with replacement. Protective Registration is free. Key Actions for Stolen/Lost Documents: Register with SAFPS: This adds your document […]
A summary of consumer rights under the National Credit Act (NCA)
A summary of consumer rights under the National Credit Act (NCA) as extracted from the “DIY Credit Repair Toolkit”: Right Description / Key Provision NCA Section / Regulation 1. Right to Apply for Credit Every adult natural person, juristic person, or association has the right to apply for credit. Section 60 2. Right to Reasons […]
How Should I deal with Debt Collectors
Making Sure Your Debt Collector is Legit Anyone trying to collect a debt from you—whether they work for a big agency or by themselves—must be legally registered with the Council for Debt Collectors (CFDC). If someone contacts you demanding money and you feel suspicious, don’t just pay them. You can check if they are a […]
What to know when settling an account that is on your credit report
Where you do not dispute any information on your credit record and you want to repair your credit record by remedying any negative listing on it, the first step is to consider whether you are legally obliged to pay the account. Accounts that you are not legally obliged to pay You are not legally obliged […]
What to look out for when shopping for credit
Understanding Credit Under the National Credit Act The noun “credit” is strictly defined in the National Credit Act 34 of 2005 as “a deferral of payment of money owed to a person, or a promise to defer such a payment” or “a promise to advance or pay money to or at the direction […]
Early settlement of debt and how to get there
The National Credit Act regulates how accounts can be settled early. To begin with, a consumer would need a settlement amount from the credit provider and the NCA gives the consumer certain rights with regard to this. Section 113 of the National Credit Act: Statement of settlement amount. (1) At the request of a consumer […]
Sequestration Basics: How Does Bankruptcy Work
Individuals facing insurmountable debt have legal options to relieve their financial burden, with sequestration and bankruptcy among the most notable. Understanding these processes is essential for anyone considering them to solve financial distress. This article provides a basic overview of sequestration and bankruptcy, highlighting their key aspects and how they work. What is Sequestration? Sequestration […]
Dereliction and Relegation of Debt Counsellor’s Duties may prove costly for Debt Counsellors
In December 2016, three people were ordered to pay R180 000.00 in fines for failing to comply with debt counselling regulations. The fines were imposed by the National Consumer Tribunal (the “NCT”) after it was discovered that the guilty parties had been operating a debt counselling business, but had done so in contravention of compliance […]
Prescribed Debt and the defence of prescription clarified
The collection of prescribed debt is prohibited. No person may sell a debt under a credit agreement that has been extinguished by prescription under the Prescription Act 68 of 1969. Further, no person may continue the collection of, or re-activate a debt under a credit agreement where the debt has been extinguished by prescription or […]
Data-retention periods for credit bureau information
Data-retention periods for credit bureau information The National Credit Act prescribes the maximum periods for which consumer credit information may be recorded on the consumer’s credit record. Regulation 17(1) of the National Credit Act sets the maximum periods for the retention of credit bureau information as follows: Categories of consumer credit information Description Maximum period […]