According to statistics from antivirus software provider McAfee’s Global Cost of Cybercrime report, cybercrime costs the South African economy about R5.8 billion a year. In light of Safer Internet Day celebrated on 9 February 2016, Candice...
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Where can I report an illegal garnishee order?
Nkosenhle writes: I took a loan from a credit provider in 2002 and after a few payments I was unable to continue, so the company issued a garnishee order against my salary until the amount was paid off. Despite having settled the amount, after a...
Ensure your travel insurance meets your needs
While attending a business conference in Guangzhou, China, Mrs Sithole collapsed and was rushed to the intensive care unit of a local hospital with cerebral bleeding. She was diagnosed with an aneurysm and was hospitalised in China for four and a...
Survey reveals South Africans’ gift and holiday dreams
Technology gifts and beach holidays come out tops, while most of us keep mum when we get gifts we don’’t like. A snap holiday survey conducted by Visa in South Africa has revealed what South Africans want most for Christmas gifts, where they want...
Absa allows customers to reverse illegal debit orders
Absa is the first bank to allow customers to reverse unauthorised debit orders online. Debit order fraud is on the increase in South Africa. Syndicates are obtaining a database of accounts illegally, and hitting these accounts with small amounts....
Edgars Club fee under scrutiny
A referral by the NCR may see the removal of the Edgars Club fee. In early November, the National Credit Regulator (NCR) referred Edcon Limited to the National Consumer Tribunal for charging consumers a club fee on credit agreements. This follows...
What your credit report says about you
Make sure you know more about your credit report than your creditors do. Mosala wrote to me when she discovered that she had been ‘blacklisted’. She had lost her job and fallen behind on some payments, and wanted to find out out who had blacklisted...
Cellphones: to contract or not
I have always had a cellphone contract. In fact, I am embarrassed to admit that I recently had to ask someone how to buy pre-paid data. The thing is, I got my first cellphone back in the dark ages when phones where the size and weight of a brick...
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,...
How to buy a car on auction
Auctions are typically associated with property or fine art, however, you can also pick up a good second-hand car at an auction. The first thing you need to know when buying a car on auction is that it is sold “voetstoots”, which means that you buy...
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Time to question that garnishee order
If you have an emolument attachment order (garnishee order), contact the Credit Ombud to find out whether or not it is legal. Recently, a landmark ruling raised questions about the legality of many emolument attachment orders (EAOs), commonly known as garnishee...
Are you insured against power surge damages?
If you haven’t specifically taken out cover for power surges you will receive a nasty shock when your electronic goods are fried during load shedding, as one of my readers discovered. “I have faced a huge financial setback with my gate motor, alarm system and three...
Hundreds of South Africans fall victim to loan scam
It was only when Patricia received a call from Wonga’s head of communications that she realised she had been the unwitting victim of a phising scam that has so far conned over 200 people into parting with their money. Two weeks ago Patricia received an SMS from – what...
Keeping your cellphone costs manageable
Cellphones have become an indispensable part of our lives. Unfortunately, those cellphone bills can become all too costly, all too quickly. Here is a basic summary of some good options to help keep those costs down. Looking at cellphone contracts and costs can be...
How to sell your car privately
As people’s budgets come under increasing pressure, the number of people who can afford to buy new cars is dwindling fast. With banks financing two used cars for every new car purchase, the second-hand car market is booming. If you want to sell your car privately,...
How to score using your loyalty programme’s rewards
Too much month at the end of your money? It might be time to start really paying attention to your loyalty programmes so that you can get the best value for your money. Recently FNB announced that eBucks members had earned R5 billion in eBucks since the inception of...
Tweet your complaint to resolution
You have a complaint against a financial services company and you are frustrated beyond belief. So, you find their Facebook page and post your tale of woe along with all the relevant information. Stop. Have you thought about the full implications of doing so? Most...
Court mediation available to over-indebted consumers
Consumers in Gauteng and the North West who are not able to pay their debts and who are being taken to court by credit providers can now request the magistrate to refer the matter to court mediation. Magistrates will also encourage parties to go for mediation on any...
How to cut your fuel bill
The fuel price increase on 1 April was unfortunately no April Fool’s joke. Motorists are now paying an extra R1.62 per litre of petrol, which means that if you fill up your 50-litre tank twice a month, you're now spending an additional R160 per month on fuel. It is...
The high cost of insuring your loan
Despite an investigation into the rates charged by credit providers for insurance, borrowers are still paying high rates for their credit insurance. If you were stuck for cash and needed to borrow R5 000 which you would pay back over just four months, how much do you...