What is a responsible and trusted lender?
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Did you know that you are required to be registered if you are in the business of granting credit? On our latest podcast, we are joined by the Deputy CEO of the National Credit Regulator, Adv. Obed Tongoane to expand on what it means to be a responsible and trusted credit provider. He also educates us on the role of the National Credit Regulator (NCR).
Chapters
- 00:25 Introduction
- 01:34 Who is the National Credit Regulator?
- 02:29 The current state of the consumer credit market as of March 2021
- 04:13 The mandate of the NCR and how it ensures the market is safe from a credit perspective
- 04:52 Which credit providers are required to be registered with NCR?
- 05:26 Do micro-lenders like “mashonisas” need to be registered?
- 07:37 The challenge of regulating micro-lenders
- 09:46 How debt counsellors work
- 10:44 How credit bureaus work
- 11:24 How does the NCR enforce the National Credit Act?
- 12:46 Is the NCR a law enforcement body or agency?
- 14:39 Is there a reason for such a high number of unscrupulous creditors out there?
- 17:37 Does NCR play a role when consumers have an issue after borrowing money?
- 21:06 What are the main drivers for the high levels of indebtedness in South Africa?
- 25:00 What instruments are available to consumers on a daily basis?
- 28:09 Legal options for consumers in financial trouble
- 29:53 Is there a blacklist? What does it actually mean if I am blacklisted?
- 33:54 How much of a role does reckless lending play with indebtedness in South Africa?
- 37:08 Is it a punishable offence for a consumer to lie in an attempt to get credit?
- 38:01 How the NCR is educating consumers to ensure a safer credit environment
- 41:32 What is the difference between the NCR and Credit Ombudsman?
- 43:08 Where to get more information about the NCR
- 44:54 Closing Summary
