Tag - reckless lending

Moves to address reckless lending

Changes to the National Credit Act are necessary to deal with reckless lending, but proposed amendments may have unintended consequences. The Department of Trade and Industry recently proposed amendments to the National Credit Act to deal with reckless lending. One of these amendments proposes that the National Credit Regulator be allowed to refer...

Profile of a reckless lending case

Without a proper record of credit, can a provider be responsible for reckless lending asks Maya Fisher-French How does someone get into the position where their debt levels reach 217% of their income and who is responsible? While a desperate consumer may take whatever loans are available, what incentive does a credit provider have to lend to...

Reckless lending charges are no deterrent

We are starting to see cases of reckless lending being brought before the courts, but the process will remain slow unless the National Credit Regulator provides support Despite many court rulings charging credit providers with reckless lending, the practice appears to continue unabated. The recent high-profile case of African Bank, who could face...