NATIONAL CREDIT REGULATOR: it is an independent body that regulates the credit industry. It is established in terms of the National Credit Act in order to manage disputes; register credit providers, credit bureaus and debt counsellors; and to ensure that consumer rights are protected among other functions.

Debt Counselling

Debt counselling is the procedure in which an over-indebted consumer applies to court to have his/her debt re-arranged, for example, by reducing the monthly instalment amount and extending the period over which the outstanding balance is paid back to the credit provider.