What is reckless lending and have you been a victim of it? Get news, insight, information and advice on reckless lending here.
Unemployment and consumer debt seem to go hand in hand in many ways. Now while that may seem obvious, it also raises the question of how they secured a loan without income- this is where the biggest issue comes to light.
The National Credit Regulator and the National Consumer Tribunal are ineffective to the extent that individuals and companies are turning to the courts to obtain justice on behalf of the consumer.
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.
Raids by the National Credit Regulator (NCR) on several lenders in the Northern Cape lead to the arrest of four people over the weekend.
It is shocking and deeply troubling that the National Credit Regulator (NCR) declined to divulge information to investigators compiling a report about the collapse of African Bank.
To curb reckless lending, a new regulation has made it compulsory for all lenders to register with the National Credit Regulator (NCR).
Capitec Bank, a major provider of unsecured loans in South Africa, has lodged its opposition to Summit Financial Partners’ reckless lending charges and is set to submit responding court papers in early June.
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 […]
NCR Crackdown on Creditors Last week, the National Credit Regulator (NCR) referred 13 microlenders to the National Consumer Tribunal (NCT) for numerous violations of the National Credit Act (NCA). These referrals are part of a greater NCR crackdown on law-breaking creditors.
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 […]