National Credit Act

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Credit under and outside of the National Credit Act, No 34 of 2005 (“NCA”):

Regardless of whether you are a credit provider, consumer, debt counsellor or payment distribution agent, interpreting and understanding the NCA can be quite difficult. Our courts have lamented the drafting of the NCA in numerous judgments. In Nedbank Ltd v National Credit Regulator 2011 (3) SA 581 (SCA) at para [2] the court stated that, “It has therefore rightly been said that numerous drafting errors, untidy expressions and inconsistencies make interpreting the Act a particularly trying exercise.” If our courts battle with interpreting the NCA one can understand the difficulty that credit providers and other registrants and credit consumers have.

We have a team of specialists we can negotiate the uncertainties in the NCA and provide solutions.

Debt under the NCA

We provide the following services:

  • Legal opinions and compliance advice
  • Litigation in the courts and at the National Consumer Tribunal
  • Registration with the National Credit Regulator
  • Drafting of quotes, pre-agreement disclosures and loan agreements
  • Affordability assessments and reckless lending issues
  • Advice on regulatory action
  • Advice and legal opinions pertaining to credit outside the NCA such as business to business loans

Our team of experts stay on top of the legislative amendments over the last 2 decades and case law in this area. In a recent case in the Gauteng Division, Pretoria judge Davis in a declaratory order declared that credit providers of short-term and unsecured loans may charge interest upon an initiation fee charged, where payment of such a fee is deferred in terms of the credit agreement.

This issue has been a bone of contention for quite some time and such credit providers ran the risk of hefty fines by the National Consumer Tribunal and an order to recalculate loans. The court further declared that the pro rata charging of a service fee in terms of regulation 44(4) of the Regulations to the National Credit Act, is only in respect of the first month and the monthly service fee is not required to be charged on a pro rata basis for the calendar month in which the agreement terminates.


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