SA Corona Virus Online Portal Logo


Tag Archives | Credit


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 their personal finances to cope with the dramatic effects of the pandemic in addition to the fall in GDP and associated rise […]

Continue Reading

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 a ‘payment holiday’ during this difficult time may not be necessary, if you have credit life insurance cover. Gerrit Viviers, our NCA […]

Continue Reading

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 dealt with by the Credit Ombudsman. Credit bureau complaints involving banks vary and may include:  complaints related to the listing of inaccurate […]

Continue Reading

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 how the act will impact banks, government and consumers. The socio-economic impact assessment was conducted by Genesis Analytics. Fin24 reported that the […]

Continue Reading

The High Court rules in favour of the NCR – Credit Providers to implement necessary controls

“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Nomsa Motshegare, Chief Executive Officer of the National Credit Regulator (NCR) commented after a High Court ruling in Johannesburg last week. The High Court in Johannesburg ruled in favour of the NCR against Standard Bank that […]

Continue Reading

TransUnion SA Industry Insights Report – More South Africans are relying on credit

The latest TransUnion’s Industry Insights Report found that unsecured credit products, including credit cards and personal loans, which are typically used to fund household expenses and smaller ticket purchases, saw a significant year on year growth in Quarter 1 of 2019: Credit card balances grew by 6.6% Year on year Bank personal loans and non-bank […]

Continue Reading

Credit Insurance – Does it cover the self-employed?

Credit life or credit protection plans are insurance policies that afford cover to consumers of credit to provide assurance that in the event of their death, disability, terminal illness or retrenchment, the outstanding credit or finance charges will be taken care off. A recent FAIS Ombud newsletter discussed credit life policies in more detail. According […]

Continue Reading