What is the National Credit Act (NCA)?
The National Credit Act (NCA) is a new South African law that comes into effect on 1 June 2007. This legislation is intended to protect consumers against over-indebtedness by tasking companies providing credit to consumers to carry out additional affordability checks before granting them new or additional credit. The act also governs the way we communicate with you i.e. you can now choose how you want to be communicated with and the type of products we can tell you about.
The NCA will apply to all new credit agreements entered into on or after 1 June of 2007. For most people this means that, if you are entering into a new credit agreement on or after 1 June 2007, the NCA will apply to you.
Where can I get a copy of the National Credit Act?
The National Credit Act and the associated regulations can be found here.