Credit Solutions for Consumer Protection
It is easy to become over indebted and enter a never ending spiral of creating more debt in teh effort to keep your current debt under control. Not only are there many reckless credit providers that offer people credit that they cannot possibly afford to repay but the interest rates and other hidden charges mean that you end up paying far more than you should for items that you are purchasing on credit. For this reason the government implemented the National Credit Act in June 2007 to offer over indebted South Africans credit solutions, protect the consumer from reckless credit providers and to monitor all credit institutions and credit agencies.
These credit solutions include debt counselling and debt protection through the debt review process. The debt review process will not clear your debt on your behalf but offer you a means in which to repay your debt quickly and easily. A debt counsellor will also be able to review all your debt and ensure that none of your creditors have been reckless in their dealings with you. If they are found reckless, the matter will be forwarded to The National Credit Tribunal who will employ fines and penalties as they see fit. Any interest or charges that such a creditor has charged you that fall out of the parameters of the law will then be removed from the amount that you owe the creditor.
The National Credit Act and its’ regulating bodies were established to protect you, the consumer. They are however also there to monitor credit providers and make sure that all providers are acting in a clear and transparent manner when entering into credit agreements with consumers. The bodies also ensure that these reatilers receive any money that is due to them according to the law.
To find out more about the credit solutions that the National Credit Act can offer you, please contact us.
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