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The National Credit Regulator (NCR)

The NCR regulates all companies in the South African credit industry and also make sure that all these companies are in compliance with the National Credit Act.

NCR, National Credit Regulator

What Is The NCR?

The National Credit Regulator (NCR) is the regulatory body that oversees the South African credit industry. It was established in 2005 by the National Credit Act (NCA). The main functions of the NCR is to make sure that credit providers, credit bureaux and debt counsellors are compliant with the National Credit Act and to take action aginst those who are not compliant.

The responsibilities of the NCR

  • To make sure the act is enforced.
  •  Making sure that consumers’ rights are protected by managing complaints correctly.
  • To educate consumers about their rights under the NCA.
  • The registration of credit bureaux, debt counsellors and credit providers and also the monitoring of the institutions.
  • Making suggestions to parliament about policies and legislation.

What Will An NCR Registered Debt Counselling Company Do For Me

Debt Counselling was introduced by the NCA. The process helps over-indebted consumers to get out of debt. The Debt Counselling company will reduce monthly instalment amounts as well as interest rates by negotiating with credit providers. When you apply for this debt relief process through Sandton Debt Counselling, the following will happen:

  • Firstly, you will receive full legal protection to make sure your assets are safe from repossession.
  • An affordable monthly budget will be worked out according to your specific financial situation.
  • All your debts will be restructured into one affordable monthly instalment.
  • You will get a dedicated debt counsellor that will communicate with your creditors on your behalf.

Every debt counsellor and debt counselling company has to register with the NCR. These companies must also make sure that you are protected under the NCA. All debt counselling companies must follow the fee guidelines put in place by the NCR and also adhere to very strict rules. Please do your research before you contact a company. Make sure that the company has good reviews and that they have a valid NCR number.

Can I check if a credit provider or debt counsellor is registered with the NCR?

You can check if a debt counsellor or credit provider is registered by going to the NCR website and searching for the name of the institution you want to look up. All registered institutions will have a special NCR number which you can ask for at any time. This number also appears on a special certificate which must be on display by every institution. If a debt counsellor or credit provider does not want to give you their registration details, please be wary of doing business with them. There are some companies that are not registered, and they usually won’t have your best interests at heart.

In conclusion, do your homework and make sure that you deal with a company that has a good reputation. Google the name of the company and see what comes up. A good company will certainly have good reviews as happy clients love to share their experiences. You should also ask a lot of questions and if the person you speak to sounds like he doesn’t know an answer, be wary.

To find out more about debt review or the NCR, please contact us on 087 550 11 22 or complete the call me back form on this page. We are here to assist you in making the right choice.

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