NCR Help
The National Credit Regulator (NCR) was established under the National Credit Act 34 of 2005 (NCA), to ensure that those companies providing debt-counselling, will do so in a responsible manner. Subsequently all debt counselling agencies have to be registered with the NCR. For consumers this is an important accreditation to look out for when considering a debt counsellor as it ensures that the debt counsellor has indeed complied with certain critical standards as laid down by the NCR. Furthermore, in the event of a dispute, the consumer has the option of filing a complaint with the NCR who will in turn investigate the complaint.
Another important function of the NCR is the education of consumers regarding their rights and options under the Credit Act. They therefore continuously seek to increase awareness of the debt counselling process amongst consumers. The more consumers are aware of the benefits of the debt counselling process and the protection they receive as granted by the Credit Act, the more the financial ruin of families can be prevented.
The NCR also undertakes regular research of the market, and continues to develop policy to ensure that the Credit Act’s good intentions manifests in reality.As part of their mandate, the NCR, with the backing of the Credit Act, also ensures that consumers receive access to the credit they can handle and no more. So whilst they play a critical role in protecting over-indebted consumers, they also aim to change the future of consumerism in South Africa.
For your convenience, we include additional information about the debt counselling process, click here.
