ARTICLE · 02 AUGUST 2022

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Beware Of Instant Credit!

SchoemanLaw Inc.

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The National Credit Act 34 of 2005 (the "Act") regulates the extension of credit in South Africa and aims to protect consumers against unscrupulous credit providers.

South AfricaConsumer Protection

Nicolene Schoeman-Louw

The National Credit Act 34 of 2005 (the "Act") regulates the extension of credit in South Africa and aims to protect consumers against unscrupulous credit providers. The Act provides several mechanisms through which the extension of credit is regulated to avoid reckless lending. In addition, it also establishes the National Credit Regulator ("NCR").

So, do you need proof to lay a complaint or is a strong suspicion enough?

In a recent case (National Credit Regulator v Dacqup Finances CC trading as ABC Financial Services - Pinetown and Another (382/21) [2022] ZASCA 104 (24 June 2022)), the Supreme Court of Appeal considered this.

Background and Regulation Dealing with Reckless Credit

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