Responsible Lending

1. Our Commitment

FloatPay (Pty) Ltd operates as a credit provider registered under the National Credit Act 34 of 2005 (NCA). We are committed to responsible lending practices that protect consumers from over-indebtedness. Our goal is to offer a payment tool that genuinely improves your financial flexibility — not to extend credit you cannot afford.

2. The National Credit Act (NCA)

The NCA regulates all credit agreements in South Africa, including BNPL arrangements. Key protections the NCA provides to you as a credit consumer include:

• The right to a pre-agreement statement and quotation before you sign any credit agreement
• The right to an affordability assessment before credit is granted
• The right to receive regular statements of your account
• The right to apply for debt review if you are over-indebted
• Caps on interest rates and fees as prescribed by the NCA regulations
• Protection against reckless credit lending

3. Affordability Assessment

Before approving any FloatPay payment plan, we conduct an affordability assessment as required by section 81 of the NCA. This assessment considers:

• Your gross income and declared living expenses
• Your existing debt obligations and monthly repayment commitments
• The total cost of the proposed FloatPay agreement
• Your credit bureau profile, where applicable

We will decline your application if we determine that the credit may result in over-indebtedness. This is not a personal judgement — it is our legal obligation under the NCA and our ethical commitment to your financial wellbeing.

4. Reckless Credit

The NCA prohibits reckless credit lending. FloatPay does not grant credit if:

• We have not conducted an affordability assessment
• The consumer does not understand the risks, costs, and obligations
• Granting the credit would make the consumer over-indebted

If a court finds that a credit agreement was reckless, it may suspend or set aside the agreement. If you believe FloatPay has granted you reckless credit, you may contact the NCR at 0860 627 627.

5. Late Payments

Missing a FloatPay instalment may result in:

• A late payment fee as disclosed in your credit agreement
• Your account being referred to our collections process
• A negative entry on your credit bureau record, which may affect your ability to obtain credit in the future

If you anticipate difficulty making a payment, please contact us before the due date at [email protected] or call +27 21 073 5519. We will try to assist you with a payment arrangement.

6. Your Rights as a Credit Consumer

Under the NCA, you have the following rights:

• Right to information: You are entitled to receive a copy of your credit agreement, statements, and all notices.
• Right to apply for debt review: If you are over-indebted, you may apply to a registered debt counsellor to have your debts restructured.
• Right to complain: You may lodge a complaint with the NCR if you believe your rights under the NCA have been violated.
• Right to early settlement: You may settle your FloatPay agreement early at any time, and you will receive a rebate of any unearned charges.
• Right to access your credit record: You are entitled to one free credit bureau report per year from each registered credit bureau.

7. Debt Counselling

If you are over-indebted, a registered debt counsellor can help you negotiate a reduced repayment plan with your creditors. Debt counselling is a formal process under the NCA and provides legal protection from credit enforcement action during the review period.

To find a registered debt counsellor or for more information:

• NCR Hotline: 0860 627 627 (free from most networks)
• NCR Website: www.ncr.org.za
• National Debt Mediation Association (NDMA): www.ndma.org.za

8. Credit Bureaux

FloatPay may report positive and negative credit information to registered South African credit bureaux. You are entitled to one free credit report per year from each credit bureau. Registered credit bureaux include:

• TransUnion: www.transunion.co.za
• Experian South Africa: www.experian.co.za
• Compuscan (Experian): www.compuscan.co.za

9. Contact FloatPay

For queries about your FloatPay account, payment arrangements, or to request a copy of your credit agreement:

FloatPay (Pty) Ltd
Portside Tower, 5th Floor, 4 Bree Street, Cape Town, Western Cape 8001
Email: [email protected]
Phone: +27 21 073 5519

For complaints or regulatory issues, contact the NCR: 0860 627 627 or www.ncr.org.za.