Debt Counsellors don’t have free rein in South Africa. If they don’t act in accordance with The National Credit Act, the regulating body—The National Credit Regulator—will investigate the individual and after the case is taken to National Consumer Tribunal, they could be fined and have their debt counselling registration cancelled.
Asia Lamara, previously a Debt Counsellor in South Africa, has been fined R1 million and her debt counselling registration has been removed.
The National Consumer Tribunal (NCT) found Lamara guilty of not working in a way that aligned with the processes and conduct set out by The National Credit Act (NCA). Lamara has, since this ruling appealed it and the case is now ongoing.
Lamara provided debt counselling services through her companies, MSA consulting and Consumer Finance Solutions.
Thousands of debt counselling clients complained about the Debt Counsellor. One of the complaints was:
A few of the questions you should consider BEFORE signing up for debt review are:
Read: How do I choose a debt counselling company in South Africa?
Yes, you can. But you shouldn’t apply to do it just because one debt counselling company has promised a lower monthly repayment.
If, however, you find that your Debt Counsellor is not contactable, is not providing the service they indicated they would, or is not registered, you can request to change your Debt Counsellor.
Let us give you a FREE call-back to discuss the process. Simply fill out the contact form and select the debt management option.
Has your Debt Counsellor or debt counselling company been de-registered? Have you, in addition to this, paid up all your debt, but unable to contact them to get the debt review flag removed from your credit report? We can help you!
Meerkat is a registered financial services provider. We also have registered Debt Counsellors with the National Credit Regulator (NCR).
The full name is The National Credit Regulator.
The National Credit Regulator (NCR) was introduced through the National Credit Act and serves to regulate the South African credit industry.
Feel like you’ve been put under debt review without your consent? You can lodge a complaint with The National Credit Regulator (NCR) by emailing them at complaints@ncr.org.za or calling them on 0860 627 627/011 554 2600.