You may be in a debt trap due to reckless lending Nearly half of the 18.07 million consumers with credit in South Africa are struggling to meet their debt obligations, Gabriel Davel, the chief executive of the National Credit Regulator, says. [Full Story...]
Ways proposed to make debt counselling work better In a bid to help thousands of over-indebted consumers sooner rather than later, a debt review task team appointed by the National Credit Regulator (NCR) has come up with ways to streamline the debt counselling process. [Full Story...]
Ombud can now handle credit complaints In an effort to streamline the handling of consumers' complaints about creditors, Manie van Schalkwyk, the credit information ombud, has extended his jurisdiction to hear such complaints. [Full Story...]
NCR resolves most complaints within 90 days The National Credit Regulator (NCR) received 1 646 complaints from the public, mostly about interest rates or debt counselling, between April last year and March this year, according to the regulator's latest annual report, tabled in Parliament last week. [Full Story...]
Credit 'repair' services may do you harm If you have defaulted on your debt repayments and have a poor credit record as a result, you may be tempted to respond to organisations that offer "credit repair" or "credit rescue" services. However, these organisations often charge you for services that you can do yourself at no cost. [Full Story...]
Tribunal backs credit regulator in acting against microlender The National Consumer Tribunal has ruled in favour of the National Credit Regulator (NCR), which called for the deregistration of microlender HD Finance Group after the company was repeatedly found to be breaking the law. [Full Story...]
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