How the new National Credit Act may help protect you from fraudulent lenders

All South African credit providers are required to register under the National Credit Act to avoid clients being scammed or cheated in any loan agreement.

The blanket regulation came into effect on the 11 May this year.

Before this, a person was required to register as a credit provider under the National Credit Act 34 of 2005 (the Act), if the total principal debt owed to that party under all outstanding credit agreements exceeded R500,000 (or if they are the credit provider under at least 100 credit agreements).

Nthopeng Mokgolego Senior Legal Advisor at National Credit Regulator (NCR) says “It doesn’t matter how many credit agreements you are entering into in a year, and it also doesn’t matter the amount of loans you are granting in a year. Before you can operate legally you must be in possession off a license that is issued by the national credit regulator.”

She says the purpose of the act is to bring all credit granters under the supervision of the NCR, especially ‘mashonisa’ [unscrupulous lenders]

Read More
#IfTheReshuffleIsTrue: Callers share their own predictions and comments

#IfTheReshuffleIsTrue: Callers share their own predictions and comments

With speculation of a Cabinet reshuffle, callers say President Jacob Zuma's actions could have dire implications on the economy.

'Formal sector has an interest in keeping this mining activity illegal'

'Formal sector has an interest in keeping this mining activity illegal'

At least 6000 people involved in illegal mining are currently believed to be operating in Gauteng.

Whatsapp encryption accused of helping terror groups.

Whatsapp encryption accused of helping terror groups.

British Home Secretary Amber Rudd demands police and intelligence agencies are given access to all encrypted messaging services.

Could the Finance Minister defy Zuma's summons?

Could the Finance Minister defy Zuma's summons?

Fedusa's secretary general says they have a mandate to fulfill and plans are in full swing to join Finance Investment Roadshow.

Zille's tweet has history buffs refuting dominant colonial narrative

Zille's tweet has history buffs refuting dominant colonial narrative

Historians show how so-called medical advancements brought to Africa during colonialism were not all they were cracked up to be.

FRAUDULENT DEBIT ORDERS: HOW TO GET YOUR MONEY BACK

Fraudulent debit orders

Popular articles
Getting to know MP, Dr Makhosi Khoza

Getting to know MP, Dr Makhosi Khoza

Dr Khoza is admired by South Africans for her role in the SABC inquiry as a ANC member of parliament.

Africa Melane reviews 'Get Out'

Africa Melane reviews 'Get Out'

Get Out is a darkly satirical horror film about racism that has become a cultural phenomenon in the United States.

Naked Scientist reveals the real cure for a hangover (and its not hot wings!)

Naked Scientist reveals the real cure for a hangover (and its not hot wings!)

Dr Chris Smith gives insights on what peaks your interest.

Sars sitting on R20 billion in VAT refunds

Sars sitting on R20 billion in VAT refunds

CEO of the Office of the Tax Ombudsman Advocate Eric Mkhawane says payments will be done on a case by case basis.

Afrikaans-speaking student res adamant "not exclusive"

Afrikaans-speaking student res adamant "not exclusive"

De Goede Hoop Koshuis coordinator insists this is not an 'apartheid' hostel and everyone is welcome if they meet the requirements.

No escaping the tax man even if you work outside SA

No escaping the tax man even if you work outside SA

Government is intending to change the way foreign income is taxed by introducing taxes to a large South African diaspora.

Workplace bullying is as real as in school playgrounds

Workplace bullying is as real as in school playgrounds

One in six people fall victim to an office bully.

Is Uber dying? Stuff’s editor explains…

Is Uber dying? Stuff’s editor explains…

High ranking employees are resigning en masse as crisis upon crisis pummel lossmaking Uber.

Spur CEO: Man's pic will be up at restaurants and he is not welcome

Spur CEO: Man's pic will be up at restaurants and he is not welcome

Spur CEO says staff aren't equipped for this kind of customer confrontation and he will consider reviewing their training manual.