WHAT IS THE NCA?
The National Credit Act aims to reduce the level of over-indebtedness in South Africa, enhances consumer rights and education, and regulates the provision of credit. The NCA also provides for consistent treatment of all consumers, as well as readdresses the power balance between credit providers and consumers. Lastly, and most importantly, the NCA promotes responsible borrowing and prohibits reckless lending.
WHO SHOULD COMPLY?
All credit providers who enter into a credit agreement by lending money or offering credit to a consumer, as well as agents who are authorised to act for and under the direction of another person for the purposes of solicitation, completion or conclusion of credit agreements in terms of the NCA.
WHAT DO CREDIT PROVIDERS NEED TO DO?
Moonstone Business School of Excellence MBSE) offers 3 fun and interactive online courses that provides key information on the importance and application of the NCA, specifically focusing on the obligations of the credit providers as well as the rights and obligations of the consumers in terms of the NCA.