The NCA lays down the law when it comes to granting credit and more so the consequences relating to the granting of reckless credit. What is regarded as reckless credit is the next logical question and can be answered by looking at section 80 of the Act.
With the strict regulation of granting of credit and the hefty penalties associated with the granting of reckless credit by institutions, financial institutions will definitely take a more conformist approach.
What the repercussions are for the man on the street is the heartache of not being able to afford that dream home as banks will be reluctant to grant credit for the fear standing on the red carpet awaiting the punishment that accompanies reckless credit granting
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