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THE NATIONAL CREDIT ACT (NCA)
The National Credit Act 34 of 2005 (NCA), which came into effect
on the 1st of June 2007, aims to protect the South-African credit consumer
from undue risk. In future you are certainly going to experience changes
in the process of applying for, and receiving credit. However, the main
impact of the Act will be on financial institutions and lenders operating
in the South-African market.
The NCA therefore aims to:
Create a fair, competitive and sustainable credit market
Establish a National Credit Regulator, a Consumer Credit
Tribunal as well as a debt counseling process
Regulate affordability checks to prevent over indebtedness
Contribute to the education of our citizens regarding
credit in general, and the implications of over indebtedness
Imperial Bank welcomes the implementation of the NCA as it aligns legislation
with our own code of business conduct, and also ensures that we meet
the financial service needs of our clients.
For more information, please contact Anneline Keyser or Christopher Marsh on[011]275 3000.
Click
here to read the act in full - PDF format
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