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NCR Bans Credit Industry Codes

The office of the National Credit Regulator announced their final decision to withdraw its approval of the credit industry codes to combat over indebtedness.


The NCR found the codes to be unconstitutional, conferring excessive jurisdiction on the credit ombud and determined that the codes have failed to achieve the purpose for which it was intended amongst other findings.


The Debt Counselling Industry portal,, welcomed the NCR’s final decision to amend the credit industry codes of conduct and to withdraw its recognition of the National Debt Mediation Association (NDMA), Debt Counsellors Association of South Africa (DCASA) and the Credit Ombud regarding any role they perform in terms of the Codes and to remove their reference from the Codes” says DCI founder Deborah Solomon.


For millions of families personal debt is a bigger problem today than it was a few years ago. The NCR’s investigations have uncovered significance evidence of reckless lending by credit providers contrary to their commitment as enshrined in their code and in the Act.


“Millions are swamped in debt,” says Deborah Solomon a registered debt counsellor and founder of theDCI. “But our courts are not swamped by lenders being charged with reckless lending. Yet officials air their concerns about possible lending ‘abuses’ and debt counsellors have regularly raised concerns with the NCR. 


“The mismatch between sky-high debt and these codes speaks to the credit provider’s lack of enforcement of their code and the NCA. The banks have refused to accept law such as the in duplum rule. Debt counsellors welcomed how the NCR has applied the law with vigour, as so not to create sham protection.


Industry associations, activists and debt counsellors have united in support of the NCR and their findings.


It is the first time in years that the real voice of the industry is starting to be heard and to which the NCR has reacted upon.


“Under new management, the NCR is seen to be reclaiming its statutory responsibilities, which needs to be sustained to ensure all parties are kept in line. Furthermore, this industry has been manipulated by certain Association’s and Bodies who have only looked after their own personal interests” states Solomon.


She adds, “Credit providers would best serve their interests by adhering to the NCA instead of holding themselves to be above the law. 5 years on, the banks have only ever window dressed the debt counselling process and are still yet to embrace the idea and the law.”


Debt Counsellors around the country concur that when the banks start to respect, apply and abide by the law,  this would solve at least 80% of all industry problems.


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