NCR Issue Opinion On Selling and Collecting on Debt
Due to changes in the National Credit Act (NCA) and regulations, it is not possible for companies to sell prescribed debt (old debt which has lapsed). The NCR also require any company that owns credit related debt register as a credit provider. There is now no minimum amount of debt required or number of clients before a company or person needs to register with the NCR if they have people who pay them for debts. These are some of the reasons why the NCR have issued a new non-binding opinion on how sold on debt should be handled and collected on.
‘The NCR also require any company that owns credit related debt register as a credit provider’
You can download the guideline here: