National Credit Act: Flashcards
Reason nca
National Credit Act was introduced to provide credit providers and consumers with guidlines relating to their rights and responsibilities.
Nature and Purpose nca
Addressing and correcting imblance in negotiating power betweenconsumers and credit providers.
Rights of credit providers nca
- Where there is debt reviews, the credit provider may take legal action against the consumer if they have not responded.
- The consumes must inform the credit provider if there are any changes concerning the consumers reidential or business address.
Rights of credit applications nca
Right to recieve a copy of the documents that records the credit agreement.
Remedies nca
The consumers can rely on the rights provided by the National Credit Act, for e.g, The credit agreement can not contain unlawful provisions.
Impact on purchasing function nca
The strict credit control measures havve lead to a reduction in available credit.
The National Consumer Protection Act
Reason
Creates awareness and protect consumer rights.
Nature and purpose ncpa
To promote and advance the economic and social wellfare of consumers.
Rights of service providers ncpa
Suppliers can enforce consumer agreement, if it was in plain and understanable language
Rights of consumer ncpa
- Rights to privacy and choice.
- Right to information.
Remedies ncpa
Consumers can refer a complaint to the National Consumer Commission.
Impact on Purchasing function ncpa
More paper work and staff training is required pf suppliers.
