Regulatory Alerts2017-08-28
Added · Updated
Circular 2 of 2025 - NCR Debt Review Removal Circular National Credit Act Section 126A(3)
The National Credit Regulator prohibits companies and individuals from charging upfront fees for debt review removal services, mandating that payment may only be received after services are fully performed and a prescribed disclosure statement is provided. This directive addresses unregistered entities charging exorbitant fees, sometimes up to R10,000, for services that are often infeasible under the NCR Withdrawal Guidelines 01 of 2021. Entities offering such services must comply with Section 126A(3) of the National Credit Act immediately or cease operations, facing enforcement action for non-compliance.