What consumers should know about vehicle repossessions
The Ombudsman for Banking Services sets out the legal position regarding prescription, repossession, and a voluntary surrender.
National Credit Act
Before you invest … tell-tale signs that a stokvel is not the real deal
Unscrupulous operators are taking advantage of the ‘light touch’ regulation of the stokvel sector. Here’s what you should know about the laws and bodies that govern stokvels.
Deadline for credit providers to renew their registration draws near
Like the regulator’s annual renewal registration process, the National Credit Act is filled with potential pitfalls. MBSE’s online courses help you to master the requirements of the Act.
How the Credit Ombud helped consumers in 2022
Two-thirds of disputes were settled in favour of consumers.
Credit agreement concluded electronically is valid, High Court confirms
Defendant also argues a recorded phone call should not be considered because he was not warned it might be used in court.
Nedbank takes consumer to court for not disclosing vehicle’s location
The buyer returned the second-hand car to the dealership, which was in a dispute with the person on whose behalf it sold the car.
Agreement between Absa, clients not lawful in terms of the NCA, judge finds
At issue: was the acknowledgement of debt/power of attorney a supplementary agreement?
Monday briefing: a round-up of recent financial services news
Pawn-while-you-drive warning | Guardrisk insurtech platform | OM buys digital wills start-up | Investec outperforms Alsi
High Court rules on the inclusion of ‘on the road’ fees in credit agreements
National Credit Regulator wanted three vehicle finance houses to refund consumers OTR fees and interest charged since 2007.
Tribunal rules in ‘reckless lending’ case against Direct Axis, FirstRand Bank and Sanlam Personal Loans
Summit claims ‘routine’ abuse of the exception to the Minimum Expense Norms table when assessing whether consumers can afford credit.
Overkill on the road to better regulation?
Chris Rea, the English rock and blues singer, has a different perspective on what the road to Hades comprises in his ode to the infamous ring road around London: She said, “Son, what […]
Judge slams bank, lawyers for shoddy application against defaulting homeowner
Standard Bank and its lawyers have come under fire from a Durban High Court judge for taking shortcuts in an application against a defaulting homeowner. The bank sought default judgment and an order […]
Ombudsman sets out what consumers should know about prescription
The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant […]
Check out MBSE’s redesigned and updated National Credit Act courses
Moonstone Business School of Excellence (MBSE) has completely revamped its two popular online courses on the National Credit Act (NCA) and will add a third course. All three courses provide the practical knowledge […]
‘Instant loans’ sign was sufficient grounds for investigation by the National Credit Regulator
A sign outside a microlender’s premises advertising “instant loans” and an employee’s verbal information that interest of 30% a month was charged on short-term loans were reasonable suspicion for the National Credit Regulator […]
Registrars can grant default debt judgments, says High Court
The full bench of the Mpumalanga High Court has ruled that registrars are entitled to grant default judgments in matters related to the National Credit Act (NCA) – thereby either clarifying or adding […]
National Consumer Tribunal pulls Onedebt MD’s debt counselling registration, issues R500k fine
The National Consumer Tribunal (NCT) has cancelled the debt counselling registration of the managing director of Cape Town-based Onedebt and fined him R500 000. The NCT found Johan Fourie guilty of numerous transgressions of […]
