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What is the National Credit Regulator?

The National Credit Regulator (NCR) is a regulatory body that was established by the National Credit Act (NCA) 34 of 2005. It is tasked with the responsibility of regulating the credit industry, ensuring that credit providers comply with the provisions of the Act, and promoting a credit market that is fair, transparent, accessible, and efficient. 

What are the key roles and responsibilities of the national credit regulator?

  1. Regulation of Credit Providers, Debt Counsellors and Credit Bureaus

The NCR is responsible for the registration and deregistration of credit providers, credit bureaus, debt counsellors and payment distribution agencies (PDAs). It is tasked with ensuring that these entities comply with the standards set by the National Credit Act. The NCR also receives, initiates, and investigates complaints regarding contraventions of the NCA.

  1. Consumer Protection

The NCR aims to protect consumers from becoming victims of reckless lending and other malpractices. It provides education and awareness to consumers about their rights and responsibilities.

  1. Dispute Resolution:

The NCR helps to resolve disputes between consumers and credit providers, ensuring that consumers are treated fairly and in accordance with the law.

  1. Policy Development and Research:

The NCR is involved in policy development and conducts research to ensure that regulations are current, effective, and in line with international best practices. .

  1. Education and Awareness:

The NCR promotes financial literacy by educating consumers about credit-related matters and helping them make informed decisions. The National Credit Regulator is responsible for increasing knowledge of the nature and dynamics of the consumer credit market and industry and promoting public awareness of consumer credit matters.

  1. Monitoring and Enforcement:

The NCR monitors the credit market and ensures that credit providers comply with regulations. It has enforcement powers, and it can take corrective actions against non-compliant entities.

The NCR plays a crucial role in ensuring that the credit industry operates in a manner that is conducive to the well-being of consumers and the broader economy. Its functions are integral to promoting responsible borrowing and lending practices in South Africa.

HOW DO I CHECK IF MY DEBT COUNSELLOR IS REGISTERED BY THE NCR?

NCR Debt Counsellors are accountable to the consumer and are held by the standards of the National Credit Regulator. It is crucial to ensure that the Debt Counsellor is registered by the NCR before signing up for debt review. A consumer can verify the registration status of the Debt Counsellor with the NCR by doing the following:

1. By visiting the NCR website

Check the Debt Counsellor's registration on the NCR website.  You will need to have the debt counsellor's NCR registration number to be able to do this. To obtain Debt Sage’s National Credit Regulator number, you can request it by filling in our contact form or chatting with one of our agents on LiveChat.

2. Contact the NCR Directly

You can call the NCR call centre to verify the registration details of the Debt Counsellor on 0860 627 627.  You can provide them with the necessary details of the debt counsellor, and they should be able to confirm whether the counsellor is registered.

Important Points to Remember:

The NCA introduced debt counselling as a remedy for over-indebted consumers, allowing for the restructuring of debts under the guidance of registered debt counsellors.

  • Official Documentation: Always ask for official documentation that proves the debt counsellor’s registration with the NCR.
  • Be Wary of Red Flags: If a debt counsellor is hesitant to provide their registration details or if you find discrepancies in the information provided, it could be a red flag.
  • Regular Updates: Keep in mind that the registration status of debt counsellors can change, so it’s essential to check for the most updated information.

At Debt Sage, our debt counsellors are registered by the NCR. We are helping thousands of over-indebted consumers get rid of debt. Find out if you qualify for debt counselling.

 

  

 

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