Does the NCA apply to you?
The NCA applies to all natural persons.
How does the NCA affect you?
How does the NCA protect you against over indebtedness?
What should you do if you feel that you may be over indebted?
Debt review Helpline
How do you resolve a complaint?
National Credit Regulator's consumer guide
TransUnion Credit Bureau (Pty) Ltd
Experian South Africa (Pty) Ltd
Compuscan Information Technologies (Pty) Ltd
XDS(Xpert Decision System)
The National Credit Act (NCA)
As a registered credit provider, we fully support the National Credit Act (NCA), which came into effect on 1 June 2007, and have implemented the necessary policies and procedures to meet the requirements of the NCA. The NCA replaces the Usury Act and the Credit Agreements Act. The information that follows will assist you in understanding how this legislation affects you.
Does the NCA apply to you?
The NCA applies to all credit agreements between parties dealing at arms length (where there is no personal interest between the parties).
The NCA distinguishes between natural and juristic persons.
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Natural persons |
Juristic persons |
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The NCA applies to all natural persons.
Only certain provisions of the NCA apply to juristic persons. Provisions relating to marketing, over indebtedness and reckless credit as well as the cost of credit, do not apply to juristic persons.
The NCA in its entirety does not apply to juristic persons with an asset value or annual turnover of more that R1 million nor does it apply to juristic persons with an asset value or annual turnover of less than R1 million who enter into a mortgage agreement or a large credit transaction with a loan value of more than R250 000.
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How does the NCA affect you?
The NCA affects all credit agreements entered into after 1 June 2007. Credit agreements entered into before 1 June 2007 remain unchanged and are governed by their original terms and conditions. There are however certain provisions of the NCA which apply to credit agreements that existed before the NCA became effective.
Listed below are some of the provisions of the NCA which we feel may be important for you to note as they apply to all natural persons (individuals).
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Credit agreements entered into after 1 June 2007 |
Credit agreements entered into before and after 1 June 2007 |
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What rights do you have? |
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General |
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How does the NCA protect you against over indebtedness?
The NCA requires that credit providers perform a full credit assessment before entering into a credit agreement with the customer, this includes taking reasonable steps to ensure that:
o The customer understands the rights and obligations and the risks and costs
associated with the credit agreement
o The customer is able to repay the loan
As part of our credit assessment and to protect you against over indebtedness we, calculate your repayment ability by assessing your income and expenditure during each credit application. We also assess your debt re-payment history under credit agreements that you currently have or have had in the past. To do this we may request your credit report from a credit bureau.
In order to ensure that you understand your rights and obligations and the risks and costs associated with the credit agreement you will receive a comprehensive pre-agreement statement and quotation that clearly identifies all the costs involved, the risks associated with the loan, and your rights and obligations. The quote is valid for a minimum of five business days during which you will be given an opportunity to consider the credit being offered. If you have any questions relating to this document we will assist you.
What should you do if you feel that you may be over indebted?
You may be over indebted if - after deducting reasonable living expenses from your total income - you are or will soon be unable to repay your debts. If you believe you are over indebted you should contact us and we will assess your situation and assist you in applying for debt review, if necessary.
Debt review Helpline
Telephone 0861 111 525,
Fax (011) 981-8824
Emails:
- Debt Review specific queries to: debtreviewservices@standardbank.co.za
- Debt Review specific complaints to: debtreviewcomplaints@standardbank.co.za
- Debit order cancellations for accounts in debt review: DebtReviewDebitOrders@standardbank.co.za
- Debt Review application notification (Form 17.1 by Debt Counsellors): DRApplications@standardbank.co.za
- Debt Counsellors to submit Debt Review proposals to: DRPProposals@standardbank.co.za
- Debt Review legal correspondence from Debt Counsellors and attorneys: DRLegal@standardbank.co.za
- Debt Review payment related matters: DRPayments@standardbank.co.za
How do you resolve a complaint?
Your first point of contact in resolving a complaint should always be your home branch or alternatively our Customer Relations Centre. If the complaint has not been resolved to your satisfaction then you may contact the Ombudsman for Banking Services or the National Credit Regulator.
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Customer Relations Centre: |
0860 101 101 |
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Ombudsman for Banking Services: |
0860 800 900 |
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National Credit Regulator |
0860 662 837 |
TransUnion Credit Bureau (Pty) Ltd
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Wanderers Office Park, 52 Corlett Drive, Illovo |
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Phone: |
0861 482 482 |
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Fax Number: |
011 252 7520 |
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Website: |
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Customer Contact Centre: |
0861 886 466 |
Experian South Africa (Pty) Ltd
| Address: |
Experian House, Block B, Ballyoakes Office Park, 35 Ballyclare Drive, Bryanston, Sandton |
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Phone: |
011 799 3400 |
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Fax Number: |
011 707 6700 |
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General Email: |
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Customer Contact Centre: |
0861 105 665 |
Compuscan Information Technologies (Pty) Ltd
| Address: |
Compuscan House, 3 Neutron Ave, Techno Park, Stellenbosch |
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Phone: |
021 888 6000 |
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Fax Number: |
021 413 2424 |
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Website: |
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Customer Contact Centre: |
0861 514 131 |
XDS(Xpert Decision System)
| Address: |
11-13 Oakhurst Building, 3rd floor West Wing, Saint Andrews Street, Park town |
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Phone: |
011 645 9100 |
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Fax Number: |
011 484 6588 |
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Customer Contact Centre: |
0860 937 000 |
Click here to read the act in full.
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