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Articles in the National Credit Act Category

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[2 Feb 2015 | No Comment | ]
Proposed Guidelines for “Statutory in Duplum” Interest & Charges Cap

With consumer debtor’s under pressure the government seems to focusing on the interest that they are being charged. The Department of Trade and Industry has published a PROPOSED GUIDELINES FOR THE INTERPRETATION AND APPLICATION OF SECTION 103(5) OF THE NATIONAL CREDIT ACT 34 OF 2005 (GOVERNMENT GAZETTE No. 38419 , 30 JANUARY 2015). This as a result of “uncertainty in the credit industry regarding the implementation of Section 103(5) of the National Credit Act. The National Credit Regulator therefore publishes these proposed guidelines for information and comment by the public …

Credit Law, Credit Management, Credit News, Credit Risk, Headline, National Credit Act »

[4 Aug 2014 | No Comment | ]
Draft NCA Regulations and National Consumer Tribunal Rules Published

The Minister of Trade and Industry, Dr Rob Davies, has published the National Credit Regulations and regulations for the amendment of regulations dealing with functions and rules of the National Consumer Tribunal in Government Gazette No. 37882 of 1 August 2014. The draft regulations are a result of the National Credit Amendment Act, 2014 (Act No. 19 of 2014), which was signed into law by the President on 19 May 2014.
This notice, among other things, contains affordability assessment regulations that provide criteria credit providers must adhere to before credit can …

Credit Law, Credit Management, Debt Collections, Featured, National Credit Act »

[21 May 2014 | No Comment | ]
National Credit Amendment Act of 2014 Signed into Law

The National Credit Amendment Act of 2014 was signed into law by the President on the 20th May 2014.
The Amended Act deals with a number of issues in terms of the National Credit Act, the most significant of which include:
• The creation of industry codes of conduct
• Removal of the minimum thresholds for registration as a credit provider in terms of the NCA
• The removal of the NCR’s board and requires the regulator to account directly to the minister of trade and industry
• The formalisation of the payment distribution agents …

Credit Law, Credit News, National Credit Act »

[9 May 2014 | No Comment | ]
No boom in car sales after credit amnesty

DAVID FURLONGER of Business Day reports:
CONSUMERS hoping a recent credit amnesty would open the door for them to buy new cars received a reality check last month, with new vehicle sales falling by 16% month on month.
Banks continued to hold the line against credit risk despite reporting a surge in finance applications after an amendment to the National Credit Act allowed some consumers to re-enter the market following previous bad-debt judgments against them.
WesBank research head Brian Mahoney reported a 6.7% increase in new-car finance applications last month, compared to April …

Debt Collections, Featured, National Credit Act »

[13 Dec 2013 | No Comment | ]
Government moves to protect consumers and assist over-indebted households

This statement elaborates on a Cabinet decision taken last week, authorising Ministers of Finance and Trade and Industry to take measures to assist over-indebted households and also prevent them from becoming over-indebted in future
While Government recognises that access to credit is critical for household consumption expenditure and economic growth, Government is concerned about the very high levels of household debt and over-indebtedness. Thus, in addition to broader financial sector regulatory reforms, an immediate set of comprehensive steps is necessary to deal with the problem of present and future household over-indebtedness.

Credit Law, Credit News, Featured, National Credit Act »

[12 Mar 2013 | No Comment | ]
Banks Reject Credit Amnesty

At a Trade and Industry Portfolio Committee meeting held last Wednesday 27 February 2013, the banking sector rejected the proposed credit amnesty for certain indebted people.  The department proposed expunging poor credit records of people earning less than R15 000 a month and who have debts of less than R10 000, on the basis that it would stimulate economic growth and job creation.
The banking sector rejected the proposal on the basis that such an amnesty could create risk in lending and would have little positive impact on economic growth and job creation.
The …

Credit Law, Credit News, Featured, National Credit Act »

[25 Feb 2013 | No Comment | ]
Private NCA Amendment Bill Flawed and then Floored

Mario Oriano-Ambrosini MP , fought all the way to the Constitutional Court for his right to bring a Private Member’s Bill – the National Credit Act Amendment Bill. This in itself was an important development in the administrative law of the country.
Unfortunately the bill that was so hard fought for itself leaves a lot to be desired.
The Bill was ultimately rejected by parliament and Brett Bentley submissions to parliament on the bill were:
“It is respectfully submitted that the proposed changes to the National Credit Act No 34 of 2007 (“the Act) contained in the National …

Credit Law, Credit Management, Credit Seminars, National Credit Act »

[25 Feb 2013 | No Comment | ]
Midrand Commercial Credit Management Seminar

Bentley Credit Control had a successful commercial credit management seminar on Friday the 22nd February 2013 in Midrand with a excellent group of credit managers and credit controllers. It is apparent that with the ever increasing amount of new legislation and other developments that we will in future have to expand this ever popular seminar into a full day event. Thank you to all who attended for your questions , input , positive feedback  and support.
The next Commercial Credit Management seminars coming up on our calendar are the 7th June …

Credit Law, Debt Collections, Featured, National Credit Act »

[21 Feb 2013 | No Comment | ]
Seperating the Baby and the bathwater – Garnishee Orders

The original version of Brett Bentley cover article appearing in the March 2013 De Rebus, the official SA Attorneys journal.
The term “garnishee order” is commonly but mistakenly applied to an emoluments attachment order (“EAO”).
An EAO is granted in terms of Section 65J of the Magistrates’ Courts Act (“MCA”), ordering an employer (referred to as a garnishee, hence the confusion) to make deductions from a debtor’s salary or wages and pay this across to the creditor or it’s attorneys. A Garnishee order is in terms of Section 72 of the MCA, and …

Credit News, National Credit Act »

[18 Feb 2013 | No Comment | ]
Changes to National Credit Act in pipeline

Linda Ensor in Business Day Live reported on the future:
“Amendments to the National Credit Act were in the pipeline to streamline the process of debt review and counselling and to address issues raised in a number of court judgments, Parliament’s trade and industry committee heard last week.
The amendments flow from a holistic review of consumer credit policy undertaken by the University of Pretoria and will be submitted to Parliament during the 2013 -14 financial year.
In the meantime, Inkatha Freedom Party MP Mario Oriani-Ambrosini introduced a private member’s bill which proposes …