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 […]
The right to be issued with a clearance certificate and the cancellation of the debt review process
(as extracted from Nicky Campbell’s Chapter 6, “The consumer’s rights and credit provider’s obligations”, in The Guide to the National Credit Act by JW Scholtz, Jannie Otto, E Van Zyl, Corlia Van Heerden, and Nicky Campbell) NOTE: If you need assistance in obtaining a clearance certificate, please send a direct email to info@legalrights.co.za GO TO […]
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 […]
The effect of Rougier v Nedbank on the cancellation of debt review
The National Credit Act 34 of 2005 essentially gives a consumer the right to apply to a debt counsellor for debt review if he is of the opinion that he is over-indebted. This right is entrenched in section 86(1) and gives a consumer an opportunity for debt rearrangement. The aforesaid cannot be deprived or limited […]
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 […]
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 […]