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CPE  loses licence with NCR

cpepda logo

The National Credit Regulator (NCR)has announced that it has not renewed it’s Service Level Agreement to be a Payment Distribution Agency with Consumer Protection Excellence.

 

What does that mean?

 

It means that CPE will no longer be acting as a Payment Distribution Agency for consumers under debt review. The National Credit Regulator has agreements in place with private companies (only a few) to help distribute funds for consumer who are under debt review. Consumers make a single payment to the PDA and the PDA split the money up to all the consumers creditors. They keep a record of the payments and report back to the consumer and their Debt Counsellor each month.

 

But I use CPE to help pay my debt – Now what?

Don’t panic!

The National Credit Regulator has given Debt Counsellors and consumers who make use of CPE a while to transfer their matters over to a different PDA. If you make use of CPE as your PDA then you should speak to your Debt Counsellor who will already have plans in place for you to switch to a different PDA soon.

Here is the NCR’s circular about CPE:

 


Or you can download it here: Circular 06 of 2013-CPE