Lihle Mtshali

Lihle Mtshali

You might be forgiven for think-ing that, like the pension funds adjudicator, the national credit regulator is a person.

The national cre-dit regulator (NCR) is a statutory body that regulates the South African credit industry, from the micro- lender that grants you a loan to the bank that finances your car or gives you a credit card. The regulator has been making news headlines lately as it sets out to roll-out phase two of its National Credit Act, which will be in place on June 1. This is the phase that will ensure that credit granters issue loans responsibly and consumers are not borrowing more than they can afford to pay back.

The NCR, with Gabriel Davel at the helm as chief executive, deals with issues relating to the national credit act and all enquiries relating to the Micro Finance Regulatory Council (MFRC) are now being handled by the body. This is the office where you may take all your credit complaints. If, for example, the interest rate charged on your credit card is higher than the rates prescribed by the act, you may knock on the NCR's door.

The credit information ombudsman, on the other hand, is a person. Mannie van Schalkwyk heads the office that resolves grievances from consumers and businesses that are negatively affected by credit information. He is the man to go to if you feel that you have been unfairly blacklisted by your credit grantors.