Who watches over Cape Town debt counselling companies?
Understandably, the thought of putting their already vulnerable finances in the hands of a debt counsellor can make consumers feel uncomfortable. However, Cape Town debt counselling companies are highly regulated by three institutions:
- The National Credit Regulator (NCR), which was established by the National Credit Act. No debt counselling company is allowed to practice without registering with them and receiving the necessary accreditation.
- The Debt Counsellor’s Association of South Africa (DCASA) is an independent regulating body prescribes a code of conduct and rules for best practice to ensure that all debt companies work under the same conditions.
- The credit ombudsman, whose sole purpose is to ensure the rights of the consumer.