The South African Credit Act

 

When it comes to credit in South Africa we are all made aware of the fact that there is a National Credit Act in place to regulate both money lenders and those who make use of the services. Its main purpose was to discourage discriminatory credit practices, minimise over-indebtedness and protect the rights of the consumer.

The credit act was set in place in June 2006 and regulates credit information by setting an acceptable standard for credit information quality. It defines which information can be kept by the credit bureau and where it can be obtained from. It also clearly states consumer rights when it comes to personal credit information. This of course means that if you obtain credit from a financial lender and you miss your payments, the information of this will be kept on your credit history.

On making application for credit in the future, this type of information can affect the outcome negatively. If you find that you are unable to make your monthly financial commitments then it is best to seek out the services of a professional and qualified debt counsellor to help ensure you are not black listed.

Debtcor is just the place to go for assistance as they will ensure that they are able to go over all your financial commitments with you and set in place the relevant proposed payment schedule. Debtcor’s debt counsellors will then contact all your creditors to get them to agree to the payment schedule and to negotiate better interest and payback rates on your behalf. All your debt will then be consolidated into one expense account and you will pay a reduced and more affordable fee to your debt counsellor each month.

For more information and advice on the credit act and how it can protect you and your consumer rights then make sure that you contact Debtcor today.

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