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 Ensure your family doesn’t feel the impact of your retrenchment

Retrenchment doesn’t only change the way you view yourself; it also alters the relationship between you and your family. Things can go from good to bad within a short space of time. But you can do something to prevent your family from feeling the impact of retrenchment.

Someone got injured on my property – now what?

Life is unpredictable and no matter how careful we are, accidents happen. But what if someone has an accident while visiting your house? Your guest could fall off the stairs, slip on the floor or get bitten by your dog. 

Are you ready for a house upgrade?

You moved into your home knowing one day you would need to make some changes to turn it into your dream home - add a new bedroom, a second bathroom, build a double storey or even move out.

How income protection can help you when you’re sick

Your greatest asset is probably your ability to earn an income, which provides a certain lifestyle and the capacity to take care of your dependants. That’s why it’s so important to protect your income against unforeseen illness or injury and to provide for your dependents after your death.

Deals

Baby Boom Toy Specials

Price: Available on request
When: Daily
Where: Online

Readers’ Warehouse Book Bundle Deals

Price: From R40
When: While stocks last
Where: Online

Bidorbuy Crazy Wednesdays

Price: From R1
When: Daily
Where: Online


Latest Guide

Complete guide on personal income tax