Cape Town – The tough ruling against Lewis Stores is a clear warning that illegal practices in the credit industry will not be tolerated, according to Debt Rescue CEO Neil Roets. The National Credit Regulator (NCR) found Lewis Stores guilty of infringing the National Credit Act (NCA), relating to credit insurance and disability cover sold… Continued
Rather than helping consumers, the debt forgiveness programme being mooted by government will plunge consumers deeper into debt in the long term, according to a leading economist. The National Credit Regulator (NCR) briefed Parliament’s Standing Committee on Trade and Industry on Tuesday morning about the state of South Africa’s credit market and its financial performance,… Continued
The rand broke through a psychological level of R16 versus the dollar in morning trade on Wednesday (16 March) amid concerns that Pravin Gordhan’s job may be in jeopardy. At 10h10, the rand traded at R16.11 – down 1.25%, having lost 3% on Tuesday against the dollar. It traded at R22.68 versus the pound (down… Continued
Cape Town – A widely expected rate hike by the South African Reserve Bank (Sarb) on Thursday is going to have a devastating impact on consumers, Debt Rescue CEO Neil Roets told Fin24. He said all indications are that Sarb will increase the repo rate by 0.5%. This comes on top of a proposed 8%… Continued
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