South Africa’s state-run power utility, Eskom, is set to cut power supplies to Zimbabwe by the end of this month (May) if Harare fails to clear arrears. Cutting its supply to Zimbabwe could trigger widespread power cuts in an economy that is already battling with a liquidity crunch, but hopes for faster growth this year [...]
A recent study performed by researchers at the Boston Consulting Group found that South African consumers don’t trust banks. Although South Africa is the largest economy on the African continent, our country is plagued by high levels of unemployment, income inequality and a poor education system. While mistrust, high prices and lack of relevant services [...]
This week, at the World Economic Forum (WEF) on Africa 2016 held in in Rwanda, the government has the opportunity to restore confidence in South Africa’s economy. Our country’s economic growth prospects have improved since dodging a possible ratings downgrade to junk status. Moody’s Confirms Rating On Friday, the country’s spirits were lifted after international [...]
Since the start of 2016, consumers have been spending a lot more, after being hit with one price increase after the next. It has become glaringly evident that we all need to learn how to make every rand earned stretch and we need to do this ASAP. One of the simplest ways to make ends [...]
Credit Ombud Annual Report The High Court case between Stellenbosch’s Legal Aid Clinic (LAC) and Flemix & Associates last year is unquestionably behind the Office of the Credit Ombud receiving fewer complaints about EAOs. Credit Ombudsman, Nicky Lala Mohan said this at his annual report last week. EAOs EAOs or emoluments attachment orders require the [...]
Achieving financial freedom is no stroll in the park, but it’s undoubtedly an incredibly worthwhile endeavour. Money. We all spend it to survive, some of us see it as a measure of success, a handful of us save it to build a financially secure future, and most of us stress over it, as there is [...]
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 [...]
