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Put differently, providers must obtain more detailed information from you when you apply for credit.

The regulations issued under the amended Act state that, when conducting an affordability assessment, a credit provider must: * Calculate a consumer’s discretionary income; * Take into account all a consumer’s monthly debt-repayment obligations in terms of credit agreements, as reflected on the consumer’s credit profile held by a registered credit bureau; and * Take into account a consumer’s maintenance obligations and other necessary expenses.

Until now, reckless lending has been “normal business practice for many credit providers”, Nicky Lala-Mohan, the Credit Ombud, says.

A reckless credit agreement results in a consumer becoming over-indebted and unable to repay his or her debts or fund his or her basic living expenses.

This article was first published in the third-quarter 2015 edition of Personal Finance magazine.

Gone are the days when you could get away with claiming that you earned, say, R55 000 a month and spent R1 000 a month on food.

Before the Act changed, even a debt that had not been collected for three years could be collected if you signed an acknowledgement of the debt or made a payment towards it after the three-year period.

But now it is an offence for a creditor to try to recover debt that has prescribed.

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Solomon says that this should result in justice being served more swiftly and lower the cost of debt counselling.The regulations define “discretionary income” as gross income less: – Statutory deductions, such as income tax and Unemployment Insurance Fund contributions; – Necessary expenses, which are defined in the regulations; and – All other payment obligations disclosed by the consumer, including what appears on the applicant’s credit records.The balance “is the amount available to fund the proposed credit instalment”.And gone are the days when a credit provider could get away with taking you at your word.Exaggerating earnings and understating expenses is a common tactic of reckless borrowers and using a weak affordability assessment is a common ploy of reckless lenders.What are these changes, and how to do they enhance your protection? Affordability assessments Since the NCA came into effect almost 10 years ago, it has been mandatory for credit providers to perform an affordability assessment before extending credit to a consumer, but credit providers were free to design their own assessments.