National Credit Act No. 34 of 2005 - Debt Review
“The purposes of this Act are to promote and advance the social and economic welfare of South Africans, promote a fair, transparent, competitive, sustainable, responsible, efficient, effective and accessible credit market and industry, and to protect consumers, by-
(c) promoting responsibility in the credit market by-
(i) encouraging responsible borrowing, avoidance of over-indebtedness and fulfilment of financial obligations by consumers; and
(ii) discouraging reckless credit granting by credit providers and contractual default by consumers;
(d) promoting equity in the credit market by balancing the respective rights and responsibilities of credit providers and consumers;
(g) addressing and preventing over-indebtedness of consumers, and providing mechanisms for resolving over-indebtedness based on the principle of satisfaction by the consumer of all responsible financial obligations;
(h) providing for a consistent and accessible system of consensual resolution of disputes arising from credit agreements; and
(i) providing for a consistent and harmonised system of debt restructuring, enforcement and judgment, which places a priority on the eventual satisfaction of all responsible consumer obligations under credit agreements.”
Copy of the National Credit Act
Janse van Vuuren Judgment - 3 September 2019
In terms of a full bench Judgment, a consumer can only end his/her Debt Review process by issuing a Clearance Certificate in terms of Section 71 of the National Credit Act.
It was held that a consumer cannot Apply to Court to be declared no longer over-indebted or rescind a Debt Review Court Order.
Find attached a copy of the judgment
Analysis of the causes and consequences of over-indebtedness in the SADC region
Analysis of indebtedness and over-indebtedness in the SADC region using FinScope Surveys.
Prepared by Finmark Trust
Authors: Ashenafi Beyene Fanta, Kingstone Mutsonziwa, Bobby Berkowitz, and Roelof Goosen.
Find attached a copy of the Research
Credit Bureau Contact Information
Compuscan Compuscan House 3 Neutron Avenue Techno Park Stellenbosch South Africa, 7600 Tel: (021)888-6000 Tel: 0861 51 41 31 Fax: (021) 861-2424
Wanderers Office Park 52 Corlett Drive Illovo Tel: 0861 482 482 http://www.transunion.co.za
Johannesburg (Head Office) Ballyoaks Office Park Tel: (011) 799-3400 http://www.experian.co.za
7 St Davids Office Park St Davids Place Parktown Johannesburg, South Africa Tel: (011) 645-9100 https://www.xds.co.za
Credit Ombud - Contact Information
0861 OMBUDS (0861 662837)
“Help” to 44786
086 674 7414
Fernridge Office Park, 5 Hunter Street, Ferndale, Randburg
P.O. Box 805, Pinegowrie 2123
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National Consumer Protection Act
The Consumer Protection Act is designed to promote equality, transparency and good practice among suppliers of products or services and consumers. The Consumer Protection Act extends only to contracts signed after April 1, 2006.
Please find attached copy of the National Consumer Protection Act