Guiding consumers since 2009

Regulator raids WC lenders

By Staff Writer
The National Credit Regulator (NCR) conducted raids in the Western Cape over the past week to “root out credit providers who are contravening the National Credit Act (NCA)".
 
The raids took place in Wellington, Paarl, Stellenbosch, Strand, Woodstock, Robertson, Bellville, Goodwood and Wynberg, and resulted in five arrests.
 
A total of 21 credit providers were investigated for unlawfully garnishing, retaining pension cards, bank cards, identity documents and the personal identity numbers (PIN) of their clients as surety, according to  Jacqueline Boucher, acting manager of investigations and enforcement at the NCR.
 
 
The investigation led to the arrest of five individuals for contravention of the NCA, as well as the arrest of an additional person by the South African Police Service (SAPS).
 
According to the NCR, the suspects who were arrested were in possession of 71 pension cards, seven ID books, and five bank cards.
 
Looking after the consumers
 
“This is part of the NCR’s ongoing strategy to ensure that all credit providers, no matter where they conduct business, comply with the provisions of the NCA. The exploitation of vulnerable and unsuspecting consumers by credit providers will not be tolerated and this is definitely not the last investigation of this kind,” added Boucher.
 
Another step that is being taken to protect consumers is amendments to the NCA, which will result in better affordability assessments being carried out, which should assist in reducing indebtedness as credit will be harder to attain, as well as provisions to ensure that consumers only get products that they can benefit from, and not products (such as a pensioner being sold unemployment cover), which they cannot benefit from. To read more, click here.

Recent Articles

Featured The bank took money from my account – is this allowed?

You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?

How much does it cost to draft a will?

Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.

Is your home correctly priced for the current market?

The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.

Fuel rewards programme – how to fill up on petrol and points

South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.

Deals

Mowana Voucher Special

Price: From R1,099
When: Before 24 December 2019
Where: Johannesburg

Birchwood Hotel Christmas Gift

Price: R959
When: Between 15 December 2019 to 1 January 2020
Where: Johannesburg

Burger & Lobster Lunch in 30 Minutes Special

Price: R99
When: Mondays
Where: Cape Town