Reckless Lending

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

Case Studies:

Unemployment and consumer debt: Fueling the fire

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.

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Credit Regulator Failing Consumers

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.

Posted in Garnishee Orders, National Credit Act, News, Reckless Lending | Comments Off on Credit Regulator Failing Consumers

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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Dodgy Lenders Arrested After NCR Raids

Raids by the National Credit Regulator (NCR) on several lenders in the Northern Cape lead to the arrest of four people over the weekend.

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NCR Dodges Questions about Reckless Lending at African Bank

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.

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New Regulation to Curb Reckless Lending

To curb reckless lending, a new regulation has made it compulsory for all lenders to register with the National Credit Regulator (NCR).

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Capitec Bank to Fight Reckless Lending Charges

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.

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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 […]

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NCR Crackdown – 13 Microlenders Referred to Tribunal!

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.

Posted in consumer protection, consumer rights, credit fees, National Credit Act, Reckless Lending | Tagged , , , | Leave a comment

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 […]

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