Download the National Credit Act
The NCR (National Credit Regulator) assists and protects those who have bad debt and wish to find the solution to their issues. They are responsible for the regulation of the entire SA credit industry. Their job is to plot the course of debt education, policy development, research, the registration of industry participants, complaints investigations and much more. They must also maintain and enforce their own rules.
This Act requires the Credit Regulator to positively promote all development of the available credit market, in particular regards to addressing the distinctive needs of those who are previously disadvantaged, those with low incomes and those who live in isolated, remote communities containing few people. Other tasks the NCR must carry out include the registration of credit providers, debt counsellors (such as Credit Matters) and the credit bureau.
How does the NCR assist with Debt Counselling?
If a client is experiencing debt related matters for any reason, then counselling is needed:
- For budget advice
- If they need to restructure their payments
- Negotiating with credit providers on their behalf
- Payment monitoring
- After-care services
A debt counsellor performs the debt counselling, this is a person who is legally registered with the National Credit Regulator (NCR), a person who will assist clients that are going through problems relating to their debt, and are also having issues paying their monthly payments. They will then be provided with budget advice, support and mediation with the credit providers. The NCR give some advice on how to save yourself from potential debt and how to avoid becoming over-indebted:
As hard as this is to swallow, you will need to take a considerable downgrade to your current lifestyle. For those who do not know, a downgrade of your lifestyle will create a far better living and working environment for those clients who are experiencing overall challenges in their payments. Some of the items to consider cutting includes:
- Alcohol
- Tobacco / cigarettes
- Gambling
- Entertainment
- Club membership
- Pay / Satellite TV
- Holiday clubs
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And wherever possible, try to use public transport. Amazingly enough, you will soon find that you will be saving cash – with the money saved you can then pay your accounts and begin to reduce the bad debt you have accrued. The credit regulator is filled with helpful advice such as this.