Consumers caught in hidden debt trap as ombud flags unfair practices
From hidden VAS fees that quietly inflated balances to wrongful fraud listings, the NFO Credit Division’s interventions have secured millions in write-offs.
Credit
Bundled credit insurance ruled unlawful for consumers who can’t claim
Selling credit life insurance with retrenchment and disability cover to pensioners and disabled persons – who cannot meet the claim requirements – breaches the National Credit Act.
Personal loan surge: originations up 16.7% as lenders balance risk and demand
With credit card originations growing by 9.3% and Gen Z leading the charge, 38% of new credit cards were issued to first-time cardholders – the highest proportion since early 2020.
The banking crisis: a much-feared Black Swan has struck
The fallout could be very uncomfortable for equity investors and savers.
South Africans were R1.23 trillion poorer in the second quarter
An increase of R39 billion in the value of household debt and a decrease of R1.19 trillion in the value of household assets saw South Africans’ wealth (expressed in current prices) decrease by […]
High Court rejects lockdown as reason for not adhering to vehicle finance agreement
The High Court in Pretoria has rejected a purchaser’s defence that the lockdown made it impossible for him to adhere to his vehicle finance agreement, finding that his inability to pay was due […]
Consumer optimism wanes as pandemic continues to weigh on incomes
Twenty-six percent of South Africans expect they will invest more or increase their retirement fund contributions over the next three months, while the same percentage say they will invest and contribute less, if […]
Consumer credit market – Q2 2020 shows Lockdown impact on industry
The findings of the TransUnion Industry Insights Report, which looks at the South African credit market across three dimensions among credit products, originations, balances and delinquencies, confirm that consumers are having to prioritise […]
Unlawful credit agreements – What are the consequences?
To avoid unlawful credit agreements, it is imperative for both credit providers and consumers to be aware of the National Credit Act (NCA) and the effects thereof. “The NCA intends to achieve a […]
Unlawful credit agreements – What are the consequences?
To avoid unlawful credit agreements, it is imperative for both credit providers and consumers to be aware of the National Credit Act (NCA) and the effects thereof. “The NCA intends to achieve a […]
CPD – Learn about managing the Corona Virus and earn CPD credit gratis
For those advisers who have not reached their required hours yet, the Moonstone Business School of Excellence (MBSE) has developed various CPD online courses that will not only assist you to obtain the […]
South Africa’s Credit Industry Insights Report – A view of the state of consumer credit
With South Africa in lockdown, many consumers have a lot of questions about their financial well-being and what certain decisions will mean to their future. Questions like “What if I don’t pay my […]
South Africa’s Credit Industry Insights Report – A view of the state of consumer credit
With South Africa in lockdown, many consumers have a lot of questions about their financial well-being and what certain decisions will mean to their future. Questions like “What if I don’t pay my […]
COVID-19 – Credit Life benefits might cover obligations
Various financial institutions have implemented measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19. Several financial experts have also pointed in the media that, taking […]
COVID-19 – Credit Life benefits might cover obligations
Various financial institutions have implemented measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19. Several financial experts have also pointed in the media that, taking […]
Bank Ombud now also handles bank-related credit complaints
As of 1 October 2019, all banks and credit bureau listing related complaints, involving banks, will fall under the jurisdiction of the Banking Ombudsman. All non-bank related credit bureau complaints will still be […]
New National Credit Amendment Act – Study highlights negative impacts
Earlier this week, parliament’s Portfolio Committee on Trade and Industry was briefed on the new National Credit Amendment Act. As part of the briefing, parliament received a socio-economic impact assessment study (SEIAS) on […]
