Illegal loan sharks continue to operate across South Africa, using threats to collect payment, keeping customers’ bank cards and IDs, and charging interest rates so high that the client will never be able to pay it off.
Tag - National Credit Act
The latest figures from the TransUnion SA Consumer Credit Index suggest that South African consumers are starting to wean themselves off credit and are learning to better manage their debt repayments.
The NCR is taking Standard Bank to court over the bank's use of the set-off principle to take money from clients to settle outstanding debt.
Amendments to the National Credit Act have set new maximum interest rates which can be charged on a loan, based on the repo rate.
Applying for a home loan can be a complex process for entrepreneurs or freelancers ‒ people who have uncertain or unpredictable income flows.
A referral by the NCR may see the removal of the Edgars Club fee.
You can withdraw from debt review if your financial situation has changed significantly or you only have your mortgage left to pay.
The DTI’s decision to delay the implementation of the NCA Amendments relating to affordability tests has resulted in an alarming increase in ‘payday’ loans.
The National Credit Regulator is clamping down on the type of unethical practices that have long plagued the consumer credit insurance industry.
If you have an emolument attachment order (garnishee order), contact the Credit Ombud to find out whether or not it is legal.