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Misleading advertising on Social Media platforms regarding debt counselling.

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The National Credit Regulator (NCR) has in recent times noted advertising practices by debt counsellors and unregistered persons that are misleading and deceptive, unlawful and contrary to the provisions of the National Credit Act (NCA) and its regulations, causing harm and distress to unsuspecting consumers. This press release is intended to warn consumers against such advertising practices and request consumers to report these practices to the NCR.

Advocate (Adv.) Kedilatile Legodi, the Manager of the NCR Debt Counselling Department says that “in recent times, there has been a surge in advertising for “debt review removals” and some consumers are charged in the excess of R8000 to have his/her debt review flag removed”. Consumers are warned that this “debt review removal” is not supported by law. In a recent High Court Judgment, delivered by three High Court Judges, the Court stated that debt review removal is not possible for consumers who have been declared over indebted, and that consumers need to pay up all debt, except where a bond is not in arrears, to be removed from debt review. Where a consumer has a debt review court order, no Court, not even the High Court can rescind such judgment.
31 Mar 2022 1AM English South Africa Business News · Investing

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