The affordability assessment includes an assessment of revenues, expenses, debt repayment, debt repayment history and credit information provided by the consumer on access to the consumer`s Schufa registration. The lender does not recover the money or property sold and the court has no discretion to order it. This is a drastic means and an abandonment of customary law. It has not been available so far from unregistered micro-consumers and is an important new means that is readily available to consumers. Much of the responsibility for implementing the objectives of the Act rests with the National Credit Regulator (NCR), which oversees the entire consumer credit industry, including all functions and responsibilities of the former Microfinance Regulatory Board (in the context of microcredit). The NCR is an independent organization, governed by a board of directors, with an executive head who can appoint inspectors and investigators. The provisions on ruthless credit therefore do not apply to a number of credit agreements, including credit agreements, as universal basic services, to which access should be extended in the same way as access to water, healthcare and electricity. There is a greater need to reconcile access to credit with the protection of consumers, in particular the vulnerable. If a credit agreement is deemed imprudent, the creditor cannot enforce the contract and the consumer`s obligations are removed.
The debtor advisor will assist the client in regularizing/restructuring their debt obligations in negotiations with their credit providers, based on the amount the consumer can afford to pay each month for their debts. A « credit guarantee » is specifically defined in Article 8(5) of the NCA as follows: everyone is entitled to free Schufa information once a year. Then it will cost R20 per request. Two main contact offices are: • ITC – 086 148 2482 (website: www.mycredit.co.za). • Experian – 086 110 5665 (website: www.creditexpert.co.za) The creditor must provide the consumer with a copy of the signed credit agreement free of charge (in paper form or in printable electronic form). . . .