CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Registration of Hua Xiang Loans CC cancelled with immediate effect
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Registration of Hua Xiang Loans CC cancelled with immediate effect PDF Print E-mail
Thursday, 03 August 2017
On 27 July 2017, the National Consumer Tribunal (NCT) heard the case between the National Credit Regulator (NCR) and Hua Xiang Cash Loans CC (Hua Xiang), a registered credit provider operating in Makhado and Malelane with the registration number NCRCP3505.The NCR argued that Hua Xiang was in contravention of the provisions of the National Credit Act, 34 of 2005, as amended (the Act). The NCT made an order whereby the registration of Hua Xiang was cancelled, with immediate effect. The remainder of the prayers sought by the NCR were reserved for the NCT to deliver a written judgment in due course. 

The NCT found that the nature of the contraventions were so severe and of a serious nature that it warranted the immediate cancellation of the registration of Hua Xiang. These contraventions included:

• Failure to conduct proper affordability assessments;
• Failure to provide consumers with pre-agreement statements and quotations;
• Failure to furnish consumers with credit agreements in the prescribed form;
• The charging of an interest rate in excess of the imposed limit; and
• The use of prohibited collection and enforcement actions.

Consumers are warned not enter into loans with credit providers that use unlawful collection methods such as the retention of bank and SASSA cards, as well as the retention of identity documents. Further, consumers are urged to only enter into loans with registered credit providers.

The NCR will continue to conduct industry-wide investigations on credit providers who use prohibited collection and enforcement methods, says Ms Jacqueline Peters, Manager at the NCR.
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards


Tuesday 3 October - Guoman Tower Hotel, Central London

Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.

To book your place to attend, please contact Alison Lucas.


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197