If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without...
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How credit insurance can cover your debt
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without...
Video: Understanding credit insurance
If you have taken out credit, you mostly likely have a credit life policy linked to that loan for which you are paying a monthly fee. While it has many names such as credit life, credit protection insurance or payment protection insurance, it is...
Shopping around for credit insurance
The pricing cap on credit insurance is good news for new loans, but many existing credit customers are still paying over the odds. In August last year, price caps were introduced on how much a credit provider could charge for credit insurance and...
Cheaper credit insurance
On 9 August, the new limits on how much a lender can charge for credit insurance came into effect. Credit insurance is usually required when taking out a loan; the policy assists in the repayment of the loan if you die, are retrenched or become...
No more credit insurance rip-offs
A cap placed on how much a lender can charge for credit insurance could result in cheaper loans, but some warn it could also cut credit to higher-risk individuals. Last month the Department of Trade and Industry issued the final credit life...
The dubious world of credit insurance
Chickens are coming home to roost for the credit insurance industry. Last month the National Credit Regulator (NCR) referred the financial services arm of JD Group to the National Consumer Tribunal for the mis-selling of credit life policies,...
Credit Life Insurance 101
Credit life insurance is poorly understood in South Africa. This is ironic, because it’s one of the best risk-management tools available to the consumer – especially in challenging economic times. From COVID-19 to junk status, few would argue that...
How much are you paying for credit life insurance?
If you have any credit facility or a loan, there is a good change you have credit life insurance. This is an insurance which settles the loan should you die or become disabled, and in some cases covers your repayments for a period of time if you...
Clampdown on credit insurance abuse
Abuse within the credit insurance industry has led to an investigation by National Treasury into the practices of credit providers selling credit life to customers. If you have borrowed money, whether it be through a furniture retailer,...
Beware hidden costs on your credit card
A pensioner was shocked to discover that a TymeBank credit card comes with a mandatory fee for compulsory credit insurance. It is good financial management to check all the costs involved when taking on credit, and this is exactly what pensioner...
In search of a low-cost credit card
For the last 14 years I have been the happy owner of a Virgin Money credit card. The card has zero annual fees which made it a perfect credit card to hold for emergencies rather than using for day-to-day spending. In my case I also used it for...
How to save for your goals to avoid debt
One of the main reasons we have a credit crisis in South Africa is that we never plan and save towards our goals, because it’s just easier to borrow. Change your dependency on credit by planning for those money moments and start saving for your...
When your credit shortfall insurance leaves you short
Despite having credit shortfall insurance, many policyholders find themselves out of pocket when it comes to claiming because they don't properly understand how the cover works. In its 2019 annual report the Ombud for Short-Term Insurance (OSTI)...
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Video: Check your credit insurance
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without even being aware of...
How credit insurance can cover your debt
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without even being aware of...
Video: Understanding credit insurance
If you have taken out credit, you mostly likely have a credit life policy linked to that loan for which you are paying a monthly fee. While it has many names such as credit life, credit protection insurance or payment protection insurance, it is essentially an...
Shopping around for credit insurance
The pricing cap on credit insurance is good news for new loans, but many existing credit customers are still paying over the odds. In August last year, price caps were introduced on how much a credit provider could charge for credit insurance and consumers were also...
Cheaper credit insurance
On 9 August, the new limits on how much a lender can charge for credit insurance came into effect. Credit insurance is usually required when taking out a loan; the policy assists in the repayment of the loan if you die, are retrenched or become disabled. For several...
No more credit insurance rip-offs
A cap placed on how much a lender can charge for credit insurance could result in cheaper loans, but some warn it could also cut credit to higher-risk individuals. Last month the Department of Trade and Industry issued the final credit life insurance regulations which...
The dubious world of credit insurance
Chickens are coming home to roost for the credit insurance industry. Last month the National Credit Regulator (NCR) referred the financial services arm of JD Group to the National Consumer Tribunal for the mis-selling of credit life policies, highlighting the type of...
Credit Life Insurance 101
Credit life insurance is poorly understood in South Africa. This is ironic, because it’s one of the best risk-management tools available to the consumer – especially in challenging economic times. From COVID-19 to junk status, few would argue that 2020 qualifies as...
How much are you paying for credit life insurance?
If you have any credit facility or a loan, there is a good change you have credit life insurance. This is an insurance which settles the loan should you die or become disabled, and in some cases covers your repayments for a period of time if you are retrenched....
Clampdown on credit insurance abuse
Abuse within the credit insurance industry has led to an investigation by National Treasury into the practices of credit providers selling credit life to customers. If you have borrowed money, whether it be through a furniture retailer, micro-lender or a bank, you...
Beware hidden costs on your credit card
A pensioner was shocked to discover that a TymeBank credit card comes with a mandatory fee for compulsory credit insurance. It is good financial management to check all the costs involved when taking on credit, and this is exactly what pensioner Iain MacKinnon did...
In search of a low-cost credit card
For the last 14 years I have been the happy owner of a Virgin Money credit card. The card has zero annual fees which made it a perfect credit card to hold for emergencies rather than using for day-to-day spending. In my case I also used it for booking travel such as...
How to save for your goals to avoid debt
One of the main reasons we have a credit crisis in South Africa is that we never plan and save towards our goals, because it’s just easier to borrow. Change your dependency on credit by planning for those money moments and start saving for your short-term goals in a...
When your credit shortfall insurance leaves you short
Despite having credit shortfall insurance, many policyholders find themselves out of pocket when it comes to claiming because they don't properly understand how the cover works. In its 2019 annual report the Ombud for Short-Term Insurance (OSTI) found that 49% of...