Reckless Lending

What is reckless lending and have you been a victim of it? Get news, insight, information and advice on reckless lending here.

Emoluments Attachment Order

Reckless Lending: no to the garnishee order

Reckless lending is taking knocks, left, right and center

Reckless lending is a huge financial burden on some and is still prevalent across South Africa today. This occurs when credit providers enter into a credit agreement and the debtor does not have the means to pay back the amount. Never mind covering the cost of living expenses.

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debt forgiveness

Debt Forgiveness: ANC’s Suggestion for the Poor

Debt Forgiveness for the Over-indebted

A ‘debt forgiveness programme’ for low-income groups was suggested by Adrian Williams of the ANC. “This shouldn’t be for the rich who have just been spending recklessly,” he said at an NCR brief to MPs. Debt forgiveness entails writing off a portion of debt owed by a financially troubled debtor.

ANC committee chairperson Joanmariae Fubbs pointed out how successful debt forgiveness programmes had been in both developing and developed countries. Continue reading

A Debt Review Program

Who Can Enter a Debt Review Program?
If you are over-indebted or having financial problems, a debt review program will allow you to rehabilitate your finances, by enabling you to afford your monthly debt repayments, with a view to settling your debts and receiving a clearance certificate that wipes your credit record clean.

In order to qualify for a debt review program, you must be permanently employed and earning an income. Moreover, you must adhere to the rule of no access to loans or credit cards, while you are undergoing debt review, as doing so will lead to debt review termination. Continue reading