The Independent on Saturday


The industry’s top experts offer their best advice, research, how-to’s, and insights

Consumers and credit providers should be cautiousabout misinterpreting a High Court judgment scrapping proof-of-income requirements, reports THERE was mixed reaction to the Western Cape High Court judgment in March scrapping a subsection of the National Credit Act (NCA) that required lenders to obtain documentary proof of income, such as payslips and three months’ bank statements, as… Continued

SOUTH Africans have been warned to brace themselves for tough times this year. Debt Rescue chief executive Neil Roets said major price increases are predicted for food and essential items due to the slow economic growth rate. Roets said their statistical analysis of the debt situation in South Africa showed consumers would notch up record… Continued

STAFF REPORTER A RAPIDLY growing number of South Africans are getting into financial trouble by “investing” in cryptocurrencies such as Bitcoin and Ripple. Neil Roets, the chief executive of debt counselling company Debt Rescue, says he was amazed when people driven to the brink of bankruptcy because they had bought into get-rich-quick schemes involving cryptocurrencies… Continued

THE LATEST fuel hike will have a big impact on over-indebted con­sumers who are advised to budget, plan trips and use public transport if possible to save, say experts. Motorists will pay 45c a litre more for petrol and 63c more for diesel from midnight tonight. Avhapfani Tshifularo, execu­tive director of the SA Petroleum Industry… Continued

FROM midnight tonight, con­sumers will pay more for fuel and should brace themselves for further increases including that of meat prices by year-end, say experts. The price of petrol will increase by 44c a litre and diesel by 22c. Gwarega Mangozhe, chief execu­tive at the Consumer Goods Council of SA, said the higher price of… Continued

Judgment to benefit the poor Siseko Njobeni THE CONSTITUTIONAL Court judgment on garnishee orders was likely to reduce the risk appetite of lenders and could see “risky” individuals struggle to obtain finance, Fincheck chief executive, Mi­chael Bowren said yesterday On Tuesday the court ruled that aspects of the enforcement of garnishee orders were un­constitutional. Various… Continued

Government revenues will, however, continue to remain vulnerable to a further deterioration in economic conditions IN ADDRESSING the persis­tent budget deficits, as ex­pected, a combination of in­creased taxes and cost containment has been pro­posed, with forecasts of a reduction in the budget deficit to 2.4 percent in 2019. With respect to increased revenue, the implications… Continued

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