Cap on Maximum Credit Insurance Premiums On Friday, 13 November 2015, the Department of Trade and Industry (dti) released draft legislation, proposing the maximum premium chargeable on credit insurance be capped at a much lower rate. Credit life insurance writes off a consumer’s debt, in the event of death, unemployment or other circumstances that leave [...]
In Breach of the NCA After investigating 21 lenders based in Cape Town and surrounding areas, 5 loan sharks were arrested last week for violating the National Credit Act (NCA). With the aid of the police, the National Credit Regulator (NCR) raided the premises of suspected loan sharks in Woodstock, Wynberg, Goodwood, Bellville, Strand, Robertson, [...]
The End of the Cyber-Affair You may have read all about the scandalous security breach of the adulterers’ dating website, Ashley Madison, eclipsing the news and hooking readers all over the globe, since its announcement last week. Just to play catch up, Ashley Madison is a Canadian social networking or paid online dating service for [...]
Administration vs. Debt Counselling Credit providers are recklessly and unlawfully granting credit to consumers who are under debt administration, to the apparent indifference of their administrators. An administration order is an outdated debt relief method regulated by the Magistrates’ Courts Act (MCA), for consumers whose debts are below R50 000 in total. Whereas, debt counselling is a [...]
Unscrupulous ‘Uncle’ JD After exposing JD Group for unlawful disability and retrenchment insurance sales to pensioners, the National Credit Regulator (NCR) has requested that the National Consumer Tribunal (NCT) fine the unscrupulous multinational. The retail conglomerate comprises Joshua Doore, Russells, Morkels, HifiCorp, Bradlows, Barnetts, Electric Express and Pride ‘n Price. In addition, the regulator has called [...]
The debt review restrictions and rules, under the National Credit Act (NCA) were put in place to protect consumers from reckless credit providers, over-indebtedness and their own misuse and abuse of credit. Nevertheless, depending on your personal situation, debt review restrictions can really trip you up in some cases. Before committing yourself to any legal [...]
Count Down to Debt Free Life From application to clearance certificate, debt review duration hinges on how long it takes to settle all of your unsecured debts. Even more so, the duration of debt review relies upon whether or not you honour your monthly commitments unfalteringly, as skipping one payment automatically terminates the debt review process. Debt [...]
The newest SA Consumer Confidence Index (CCI) indicates that our perspective of the current economic environment has plummeted to a 14-year low. We are all feeling the effects of slow economic growth, as the price of consumables, services and utilities continues to rise. CCI plunged from 0 to -4 from the last quarter of 2014 [...]
Threat of SA Ratings Downgrade South Africa is facing the threat of a credit ratings downgrade, in which case banks will be confronted with higher levels of bad debt, while consumers will be subjected to a rise in costs, according to the head of First National Bank (FNB), Jacques Celliers. Standard & Poor's (S&P), Moody's, [...]
You need to understand the psychology of debt and seek help from a debt counsellor in order to develop a healthy relationship with your emotions and money. Your finances reflect your state of mind and the only way to sustain any improvements in your financial health is to look inwards and have a genuine change of heart. [...]
