âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005
The National Credit Act 34 of 2005 came into operation in 2006 with the purpose to promote and regulate the credit market and industry and to protect consumers by promoting development of the credit market, consistent treatment of different credit products and different credit providers, promoting r...
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ndltd-netd.ac.za-oai-union.ndltd.org-ufs-oai-etd.uovs.ac.za-etd-05172013-0958542014-02-08T03:46:18Z âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 Bester, Ankia Mercantile Law The National Credit Act 34 of 2005 came into operation in 2006 with the purpose to promote and regulate the credit market and industry and to protect consumers by promoting development of the credit market, consistent treatment of different credit products and different credit providers, promoting responsibility in the credit market, addressing incorrect imbalances, improving consumer credit information and reporting regulation of credit bureaus, addressing and preventing over-indebtedness of consumers, to develop a consistent and accessible system of consensual resolution of disputes and a consistent and harmonized system of debt restructuring, enforcement and judgment. With reference to the credit history and the many over-indebted South Africans, it is clear that the National Credit Act came into operation to repair the shortcommings of our previous credit legislation. With the commencment of the National Credit Act various forms of consumer credit protection was introduced to the credit market of which the most important is debt review. Notwithstanding the negative reception and impression the National Credit Act made on many South Africans, the majority of consumers welcomed the Act with open arms. The expectation of consumer protection, with reference to the prevention of over-indebtedness and debt review, was created for many consumers. After the completion of the obligated course, individuals throughout the country applied to the National Credit Regulator to be registered as debt counsellors with the prospect to assist consumers in accordance with section 3 of the National Credit Act. The National Credit Act was seen as something that will help everyone seeing that consumers do not have to run away from their obligations anymore. On paper this Act seemed to be executable, but unfortunately practical complications started to show in the National Credit Act that influenced the enforcement thereof. Grey areas like unreasonable litigation and termination of debt review, jurisdiction and cost complications are just some of the problems that debt counsellors have to face today. The consequence of these problems is that the debt review process becomes longer and more expensive than the National Credit Act aimed. To correct these grey areas in the National Credit Act, some sections of the Act must be amended to ensure that during the course of the debt review process, debt counsellors, credit consumers and credit providers will act in good faith so that the aim of the National Credit Act can be fullfilled. Ms M Conradie Mr KL Mould University of the Free State 2013-05-17 text application/pdf http://etd.uovs.ac.za//theses/available/etd-05172013-095854/restricted/ http://etd.uovs.ac.za//theses/available/etd-05172013-095854/restricted/ en-uk unrestricted I hereby certify that, if appropriate, I have obtained and attached hereto a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. I hereby grant to University Free State or its agents the non-exclusive license to archive and make accessible, under the conditions specified below, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report. |
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Mercantile Law |
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Mercantile Law Bester, Ankia âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 |
description |
The National Credit Act 34 of 2005 came into operation in 2006 with the purpose to promote
and regulate the credit market and industry and to protect consumers by promoting
development of the credit market, consistent treatment of different credit products and
different credit providers, promoting responsibility in the credit market, addressing incorrect
imbalances, improving consumer credit information and reporting regulation of credit
bureaus, addressing and preventing over-indebtedness of consumers, to develop a
consistent and accessible system of consensual resolution of disputes and a consistent and
harmonized system of debt restructuring, enforcement and judgment.
With reference to the credit history and the many over-indebted South Africans, it is clear
that the National Credit Act came into operation to repair the shortcommings of our previous
credit legislation. With the commencment of the National Credit Act various forms of
consumer credit protection was introduced to the credit market of which the most important
is debt review.
Notwithstanding the negative reception and impression the National Credit Act made on
many South Africans, the majority of consumers welcomed the Act with open arms. The
expectation of consumer protection, with reference to the prevention of over-indebtedness
and debt review, was created for many consumers. After the completion of the obligated
course, individuals throughout the country applied to the National Credit Regulator to be
registered as debt counsellors with the prospect to assist consumers in accordance with
section 3 of the National Credit Act. The National Credit Act was seen as something that will
help everyone seeing that consumers do not have to run away from their obligations
anymore.
On paper this Act seemed to be executable, but unfortunately practical complications started
to show in the National Credit Act that influenced the enforcement thereof. Grey areas like
unreasonable litigation and termination of debt review, jurisdiction and cost complications
are just some of the problems that debt counsellors have to face today. The consequence of
these problems is that the debt review process becomes longer and more expensive than
the National Credit Act aimed.
To correct these grey areas in the National Credit Act, some sections of the Act must be
amended to ensure that during the course of the debt review process, debt counsellors, credit consumers and credit providers will act in good faith so that the aim of the National
Credit Act can be fullfilled. |
author2 |
Ms M Conradie |
author_facet |
Ms M Conradie Bester, Ankia |
author |
Bester, Ankia |
author_sort |
Bester, Ankia |
title |
âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 |
title_short |
âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 |
title_full |
âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 |
title_fullStr |
âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 |
title_full_unstemmed |
âN KRITIESE ANALISE VAN DIE NASIONALE KREDIETWET 34 VAN 2005 |
title_sort |
ân kritiese analise van die nasionale kredietwet 34 van 2005 |
publisher |
University of the Free State |
publishDate |
2013 |
url |
http://etd.uovs.ac.za//theses/available/etd-05172013-095854/restricted/ |
work_keys_str_mv |
AT besterankia ankritieseanalisevandienasionalekredietwet34van2005 |
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