The National Credit Amendment Act (NCA) was signed into law in 2019. The Act included provisions for debt relief.
Tag - National Credit Regulator
A landmark ruling by the High Court has found against the excessive over-charging of debt collection fees on garnishee orders.
One million garnishee orders could be removed if excessive fees and interest paid on judgement debt is curbed.
There has been an increase in loan scams as people become financially desperate and see a cheap loan as a way out of a financial crisis.
A bank may no longer unilaterally transfer funds from your bank account to settle your outstanding bank debts.
Between 2015 and 2018, over 84 000 consumer profiles were compromised as part of a massive ID fraud syndicate.
A company claims to be offering loans to blacklisted people at an interest rate of just 3.5% per annum.
Beware the false hope behind debt relief headlines.
In the current economic climate, many South Africans need to borrow money out of desperation just to help them survive. It is here where scam artists and unscrupulous marketers prey on the public,
When pawning an asset or borrowing money, be very careful about who you are dealing with, understand the terms of the loan and the risk taken and also make sure you know the rules under the National Credit Act as to the fees that are allowed to be charged.