What is the National Credit Act? The National Credit Act promotes sensible money lending practices in South Africa. The Act gets a big thumbs-up from Virgin Money! We're all for transparency, equality and fair credit practices, which is pretty much what the Act is all about (and what we have always been about).
In a nutshell:
- It means the same set of rules govern all credit conduct;
- The Acts aims to prevent reckless and unsavoury lending practices, and
- It gives you more rights and assistance, should you require it. The National Credit Regulator, a consumer credit tribunal and a debt counselling process have been put in place to help you if necessary.
Remember: if you applied for your Virgin Money Credit Card before 1 June 2007 your existing credit agreement is subject the Usury Act and will remain unchanged. This agreement is not subject to the NCA.
