Legal Articles and Guides

With effect from 1 April 2014, a new regulation to the National Credit Act, 2005 will come into force and bring with it, a sigh of relief for consumers. In the past, consumers have struggled to remove adverse consumer credit information from their credit records with credit bureaus even after settling judgments and paying their debts in full and applications to court to achieve the removal of such information upon repayment of the debt are timely and costly. However, with the commencement of the Removal of Adverse Consumer Information and Information Relating to Paid Up Judgments Regulations, this will no longer be the case.

The implementation of the National Credit Act has drawn a lot of attention from credit providers and the Act is often blamed for the weak market conditions in retail, motor vehicle sales and the residential property market. The Acts application is far reaching. Implementing the new National Credit Act has also been a cumbersome and expensive exercise for many.

Does your company provide credit facilities to consumers? Is your company registered with the National Credit Regulator as a Registered Credit Provider? It is important to note that the exemption from the requirement to register as credit provider does not mean that the National Credit Act does not apply.