The National Credit Act introduced in 2007 transferred the risk lending to the lender
The result was a dramatic reduction in home loans being approved by lenders
- Unsecured lending rose by more than 53 %
- Loan defaults & debt impairments increased in both secured and unsecured and became a national epidemic
1 May 2013 dates the issue of a Code of Conduct by the National Credit Regulator - Credit Industry Code of Conduct to Combat Over-Indebtedness in terms of section 48(1) (b) of the National Credit Act (NCA):
Leading industry strategic private companies in the property environment are ready to provide such consumer education and literacy.