CreditVision, a new product from TransUnion, should make it easier to get financing without a credit record. One of the reader queries we receive regularly is from people who have chosen not to take out short-term credit. They have sensibly avoided...
Once you borrow money from a loan shark, you will be indebted to them for life. City Press has received an increase in the number of readers complaining about loan sharks as illegal moneylenders or mashonisa operate across the country, using...
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...
Tighter lending criteria as well as consumer awareness is resulting in an improvement in debt levels. The latest figures from the TransUnion SA Consumer Credit Index suggest that South African consumers are starting to wean themselves off credit...
If you want to draw down on the equity built up in your property, you may be in for a nasty surprise. Paragon Lending Solutions recently issued a press release warning investors and small business owners that if they try and access additional...
Is financial education more important than free education? According to figures published by the Consumer Credit Panel in the USA, a student who leaves college with a $100 000 student loan is twice as likely to repay that debt than a student who...
US President Donald Trump famously declared himself bankrupt four times – a fact that Hillary Clinton loved to rub his nose in. In South Africa, filing for bankruptcy is possible, but it’s not easy. “If someone files for bankruptcy or...
The experience of an 80-year-old widow turns into an important lesson on why every woman needs to have her own credit record. https://youtu.be/bDhwXXcJOiY Related: Women and money Should a wife have her own financial adviser? Why money is different...
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...
Disputed debit orders could lead to the collapse of the entire debt counselling industry unless the Department of Trade and Industry takes urgent action. The entire debt counselling industry could collapse, destroying over 5 000 jobs and leaving an...
We’ve lost the plot when it comes to borrowing and saving Recently I had a conversation with a young woman who, along with her husband, is under debt review. She told me that they had just let their lifestyle get ahead of them – they bought a house, went a bit...
Sharon Coppola, Senior Executive Risk and Compliance at Experian South Africa, unpacks the myths and truths behind credit reports and credit scores. As more South Africans seek ways to manage their personal finances during the current economic times, it has become...
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 has reduced the...
A landmark ruling by the Constitutional Court on garnishee orders will not be applied retrospectively. Last month, the Constitutional Court issued its ruling relating to emolument attachment orders (known as garnishee orders) in a case that had been brought before it...
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 metro households...
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 people?” That sums up the...
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 assessments required...
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 about our purchases. We...
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 replies: A mortgage...
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 will purchase that...