Another Loan Shark Raid

Loans Sharks Raided and Arrested

In a recent operation outside Nelspruit, the SA Police Services conducted a raid on unregistered credit providers and arrests were made.

Anyone who loans other people money for profit (charge fees or interest) has to register with the National Credit Regulator as a Credit Provider. This includes the country’s many loan sharks who previously fell under the threshold (or just operated illegally).

The SAPS operation was run in conjunction with the National Credit Regulator and SASSA.

During the raid, which follows shortly after another matter in Nigel early this month where 8 arrests were made, the police recovered 846 SASSA cards. A number of other items were also recovered (possibly taken as collateral)  as well as R343 075.

Police and the NCR indicate that these raids on illegal credit providers will continue in the weeks ahead.

 

Financial Problems?

Rather than take on more debt with a dodgy loan shark, talk to a Debt Counsellor about debt review and get out of debt totally. Don’t try to dig yourself out of a hole. You just get in deeper and deeper. Find professional help at the back of each issue of Debtfree magazine in the service directory section.

 

 

 

 

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