Know your personal finance consumer rights

By Staff Writer

Human Rights day is just around the corner, but did you know that 15 March 2011 is World Consumer Rights Day?

Do you know what your rights are when it comes to personal finance, especially things like banking, medical aid, debt and insurance? We thought we’d help you out, just a bit.

Five rights when it comes to debt

If you have not heard from a creditor regarding a particular credit agreement in 3 years and then a collector suddenly calls, advise them it is a ‘prescribed debt’.

When a consumer is struggling with their debt payments, they should now know that the National Credit Act and the statutory debt review process is there to help them find a solution.

As a consumer you can get a free credit report in the month of your birthday and this is well worth doing.

If your credit report is showing debts that you know nothing about, then you have the right to bring this up with the credit bureaus to investigate and to resolve.

If a consumer gets a summons then the consumer has a right to defend the summons. Most simply ignore the summons, which causes further financial issues down the line.

Five rights when it comes to insurance

When you are not the guilty party in an accident, you have the right to ensure that your Insurance Company recovers your excess.

You have the right to view your policy documentation before the commencement of an Insurance policy.

You have the right to expect great service where the promises made to you – are kept.

If you are in financial difficulty – you have the right to ask your Insurance Company about options available to reduce the premium.

Some Companies will offer more discounts if you take out more cover with them – for example:  If you have contents, buildings and vehicle insurance – you will pay less per unit  in comparison to covering them individually.

Two rights when it comes to medical aid:

A medical scheme must accept all applicants, no matter what their age or health status is. What the scheme can however do to protect itself is to subject the membership to penalties and waiting periods.

If a member voluntarily moves between schemes after having enjoyed 24 months + unbroken cover, the member can be levied with a waiting period, however, the client will still be entitled to PMB cover in this waiting period.

Recent Articles

Featured Do you need credit to survive Easter?

Easter weekend is here and with it the expectation of celebration. While there is nothing wrong with this, it often means spending more money than you bargained for.

 

Read more

Young woman building a legacy brick by brick

When her dad passed away, Siyasanga Ngcongca, an internal auditing graduate, took over the family business. Ngcongca Construction, as her company is known, is a service provider to five insurance companies, handling building and commercial claims.

Read more

Can you evict paying residential tenants?

One of the most common reasons for wanting to evict a tenant is non-payment of rent. But there are many other situations that landlords may encounter. These can range from damaging property and breaching contract, to being reported as a continuous disturbance by neighbours.

Read more

How one entrepreneur designed her financial future

From as early as Cannon remembers, she recalls her grandmother seated behind a sewing machine. Through this influence she was sewing her own aprons and doll dresses by the time she was ten, and by the time she was 16, she started designing and make her own clothes.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Hartbeespoort Romantic Weekend Special

Price: R2,999
When: Weekends
Where: North West

Da Vinci Happy Hour

Price: Available on request
When: Weekdays
Where: Cape Town

Glenburn Spa Easter Package

Price: From R1,065
When: 18 -22 April
Where: Muldersdrift