Summary
Summary Consumers matric notes
- Course
- Consumers
- Institution
- 12th Grade
Grade 11-12 detailed matric notes
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NATIONAL CREDIT ACT:It was created to regulate the credit industry in South Africa. It serves to
protect consumers from poor credit practices and banks and shops. The
NCA give protection when consumers lend money and buy goods
The NCA regulates:
CREDIT PROVIDERS CREDIT AGREEMENTS
Banks mortgage bonds, vehicle finance,
overdrafts, credit cards, loans, garage
cards
all businesses, credit facilities such as personal loans,
companies, instalment sales transactions, leases,
corporations and pawn and discount transactions.
individuals who
do business on
credit, provide
loans, or charge
interest on
overdue account
retail outlets store accounts
such as clothing
and furniture
stores
micro-lenders & pawn transactions – when a person
pawn gives a personal possession as security
transactions for payment of a loan; if the loan is not
repaid within a specified time; the
business sells the personal possession
to cover the unpaid loan.
Micro-lender - is a form
of financing that provides small
amounts of money to typically poorer
entrepreneurs, to students for short
courses, personal loans to encourage
self-sufficiency. Unfortunately, micro-
lenders often charge higher interest
rates than “reputable” financial
institutions. This is now monitored by
the NCA.
credit bureaus credit guarantees
and debt
counsellors
The NCR:
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