FW: Making the Credit Act work for you
Naufal Khan
Just some info to share regarding NCA …
You can even try the website address
Here are many ways to make the new
National Credit Act work for you. For starters, you should take advantage of
your right to your free credit record check. Call Experien on 0861 105 665 or
TransUnion on 0861 482 482. Secondly, if you dispute any listings and the
bureaux aren't helpful in removing them, you should call the Credit Information
Ombud on 0861 662 837. When buying a motor vehicle, bear in mind that unless you
have a poor credit record, and are therefore considered high risk, you should
not be made to pay the maximum fee amounts which the NCA has laid out for these
credit agreements - R1000 initiation fee and R50 monthly service fee. And if
you're planning to buy from a furniture store on HP, make sure you shop around
first, by asking at least three stores for a quote - they are obliged to provide
this, setting out all the charges and interest, and have to honour the quote for
at least five days. Finally, if you're overwhelmed by debt, you can approach a
debt counsellor - who has been trained and registered by the National Credit
Regulator - who will examine your financial situation, and may recommend to the
Magistrates
Court that you be declared over-indebted. The Court
may then re-organise your debt by extending the terms of your credit agreements,
postponing payments or challenging unlawful fees or interest. For more
information, contact the National Credit Regulator on 0860 627 627, email in...@ncr.org.za or visit their website at www.ncr.org.za
Marie
Kapp-Lötter
www.ms4u.co.za