Reckless lenders could face criminal charges

Massive relief could be on the cards for over-indebted consumers Reckless credit providers could find themselves in hot water should the National Credit Amendment Bill, which is currently being tabled in Parliament, be passed. This is according to Debt Rescue CEO Neil Roets, who told Business Tech that scrapping reckless loans granted to over-indebted consumers […]

Unsecured credit providers in SA still breaking the law on a ‘massive scale’

Debt management firm Debt Rescue says that widespread new legislative measures in the pipeline will bring relief to deeply indebted consumers in South Africa. Credit providers which includes everybody from micro lenders, retailers and the four big banks have been served notice that if they lend money to over indebted consumers these loans may be […]

Law to target gung-ho lenders

TOUGH: RECKLESS LOANS COULD BE WRITTEN OFF Many retailers are breaking law on massive scale, says Credit Rescue. Reckless lenders could find themselves on the wrong side of the law when new legislation comes into effect. Credit providers, including micro-lenders, retailers and even banks, who grant loans to over- indebted customers, could be tar­geted. Major […]

NCR takes aim at loan sharks

They’re unscrupulous, dishing out loans to blacklisted consumers with no affordability checks and exorbitant interest THE National Credit Regulator (NCR) will beef up the fight against unscru­pulous loan sharks who are dishing out loans to blacklisted consumers without doing any affordability checks and charging exorbitant interest rates. These illegal loans inevitably drive desperate consumers deeper […]