The new maximum interest rates do not apply to existing credit cards In May 2016, amendments to the National Credit Act came into effect which set new maximum interest rates which can be charged on a loan based on the repo rate. In many cases this...
As times get tougher, don’t fall into the credit survival trap. The latest figures from the Old Mutual Savings and Investment Monitor show a sharp deterioration in the financial stability of higher-income earners. The survey, which interviews 1 000...
Rainfin CEO Sean Emery frequently holds investor meetings with his family who are all investors in small businesses funded through funding platform RainFin. “My mom is an investor and she always asks me “am I making money” and “am I helping...
Applying for a home loan is stressful for most people, but this simple financial process can become disproportionately complex for entrepreneurs or freelancers ‒ people who have uncertain or unpredictable income flows. The rigorous affordability...
I often receive complaints from people who have signed agreements they haven’t fully understood. Unfortunately there is little recourse for the consumer in such cases. Take time to read the fine print. As consumers we tend to be very emotional...
Morake writes: A friend of mine’s home loan is nearly paid off and she wants to know if she should close the home loan or keep it open. What is the procedure to closing a mortgage? Do you have to pay transfer duties to get the title deed? Maya...
Andy writes: What information are banks able to buy from credit bureaus about my financial history and standing and what do they use it for? Credit bureau TransUnion replies: When someone applies for credit from a lender, such as a bank, the lender...
Katlego asks: To what extent does your credit record affect your chances of getting a job and can an employer run a credit check? If you have a bad credit record does this affect your prospects and does a good one increase your chances? Maya...
Tshepo writes: I would to know what the next step is, after you have settled your debts, to improve your credit score – in other words, clear your credit record. Maya replies: According to the office of the Credit Ombud, once the consumer has...
There is much to be said for renting when it comes to electronics, appliances and even furniture. When I was young, everyone rented a TV, most of them from Teljoy. In those days, TVs were simply unaffordable and credit was not as easily available...
In our article How trying to build a credit record led to a debt-trap, Afika’s decision to take out a credit card to create a credit record ultimately led him into a situation where he had over R70 000 in credit card debt and R3 500 a month was going to pay off his...
In this podcast we search for the truth behind credit cards – are they really a good thing to have in your wallet? We chat to Chris Labuschagne, CEO of FNB credit card and we asked him how many of their customers pay off their cards in full at the end of every month,...
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 the referral of JDG...
While personal loans and credit cards have peaked, payday loans grow by 150% writes Absa Asset Management’s Cornette van Zyl. When recently presenting on the SA Banks, it dawned on me - the industry as a whole, and the consumer in general, came out of our recent...
In this episode of Change in your Pocket, we expose the hidden costs that you incur when taking on debt. https://youtu.be/xo63SxHBCwU – Video supplied by BrightRock Welcome to The Change Exchange, where we are helping you find ways to make the most of out of your...
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 her. Salem Dyafta,...
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...
The One Rand Family project followed the experience of a relatively well-off family living on cash only ‒ in fact R1 coins ‒ for a month. If you haven’t followed the trials and tribulations of the One Rand Family aired on e.tv during July, it’s really worth catching...
Open up your bank statement and calculate how much of your monthly salary goes to repaying debt. Imagine if, apart from your mortgage, you had no debt repayments – think of all that money now available for savings. The reality is that we have already spent our future...
Lindi wrote to me looking for advice regarding her car repayments. She had fallen behind on her repayments to BMW Finance as her business was in financial difficulty. She wanted to find out if she could hand back the car to the financial institution and what the...