Tag Archives: reckless credit

Debt Counsellors Set To Take on the NCR over Reckless Lending

Debt Counsellors Shaping Up For a Legal Battle With the NCR Over Reckless Lending Fee

The National Credit Regulator (NCR) recently announced that they were going to be recalling one of their suggested debt review fees which they feel Debt Counsellors can charge consumers to investigate reckless credit (credit consumers couldn’t afford, illegal credit agreements, where consumers didn’t get all the paperwork, where consumers didn’t understand the obligations etc).

The NCR then called on Debt Counsellors and others to make comments about their plan in a short time period. The Debt Counsellors Association of South Africa (DCASA) asked the NCR for an extension so that more interested parties could make more detailed comments but this was not allowed. Various Debt Counsellors and industry parties such as DCASA and the National Debt Counsellors Association rushed to make comments on the proposed recall of the fee within the time limit.

Read That Story HERE

It appears that the NCR is very determined to withdraw the fee and now it looks as if they may face pushback from Debt Counsellors. The Debt Counsellors Association of South Africa (DCASA) has begun calling on members to contribute towards a legal fund in order to take legal action over the topic. The National Debt Counsellors Association which represents most of the largest debt counselling firms in South Africa has also indicated that they will be working with other Debt Counsellors, including DCASA, to take this matter further.



NCR Recall Reckless Lending Investigation Incentive Fee

NCR Change Their Mind About Reckless Lending Fee Guideline The National Credit Regulator (NCR) surprised the debt counselling and credit industry this month by recalling a fee which incentives Debt Counsellors to investigate Reckless Credit. Download the Circular HERE   … read more

Public Hearings At Parliament About Draft NCA Amendments

Public Hearings About Draft NCA Amendment Bill Recently, the Portfolio Committee on Trade and Industry introduced a draft bill that could soon become law. The Bill introduced the concept of “Debt Intervention” a system where the Minister of Trade and … read more