NCR Catch Unregistered Credit Providers

NCR Catch Out Naughty Unregistered Credit Providers

Recent changes to the National Credit Act aimed at shutting down loan sharks, require anyone who loans others money or extends credit for a fee or profit must register with the National Credit Regulator (and submit reports, be monitored etc). Most small loan sharks and members of the public have ignored this requirement as it creates a lot of work and obligations and means one has to play by the rules.

Police arrestRecently, the NCR clamped down on 6 unregistered credit providers in the Northern Cape and Limpopo. These people and firms now have a short time to comply. Once they have done so the NCR will no doubt take them to task for any unlawful practices.

If you apply for credit anywhere you do not see a sign from the NCR and a certificate you may be dealing with an illegal credit provider and should let the NCR know. Who knows you may find your debt even gets written off?


8 comments on “NCR Catch Unregistered Credit Providers

  1. Voltic College are providing credit sales with deposit of at least 30% as well as a monthly service fee. They are not registered as fare as I can see and are making promises and false marketing.

    • Votic College caught my husband who is a pensioner! We cancelled the contract within 5 hours after signing and advised them telephonically. Their legal department, a lady called Melissa emailed us and said that we cant cancel as it is going to cost us money. I was determined that I want to cancel and was told to return all the relevant material. Courier has been there twice and Voltic College refuse to accept the parcel. Now there are debit orders going through my bank account. I paid a deposit of R10 000.00!!!! What and how do I get this problem solved. Tried phoning but everytime the person/department does not answer their phone. I what to resolve this matter but it seems like a stone wall. Is there somebody who can help me? PLEASE!!!!

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