George Smith Attorneys GSA Attorneys has been involved in issues relating to the National Credit Act (NCA) since its inception in 2006.
The NCA Act has been highly criticised by the courts, practitioners and credit industry sources. The main complaint may be that the drafters failed to appreciate that South Africa has a well-developed debt collecting industry and that many practices are well established and should not be tampered with unnecessarily
The need for consumer protection is overdue, and in 2003, formal investigations commenced to assess the credit industry and specifically the common law and legal Act, which found application before 2005 whether NCA Act was promulgated
The first two years were spent implementing structures and making appointments of key industry players, including registration of credit providers, debt counsellors and credit bureaux
GSA Attorneys will be commenting on the NCA Act as expert attorneys and associates where the basis of our comment will always be based on the most fundamental legal principle --- THE RULE OF LAW
The RULE OF LAW STATED is that we are bound by the Constitution and the Acts of parliament
GSA ATTORNEYS
The golden rule is if it is not in the Act, Regulations or ministerial proclamations. A court may interpret the law with jurisdictional power.
Any other interpretations may be ignored or used with the greatest caution and could only create confusion in the specific industry, in this instance, the Credit Industry
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