Edcon in trouble with the NCR
The National Credit Regulator have announced that they will be asking the NCT to administer a big fine to Edcon for charging consumers a club fee on credit agreements.
The NCR launched an investigation which turned up the fact that Edcon had been charging consumers a club fee on their credit agreement. Part of the issue is that Edcon had not noted it in their pre-agreement or quotation to consumers about their credit accounts. As such the NCR will be asking the NCT to make Edcon pay back the money. This amount will be added to the brands recent debts and losses woes, which currently run to the tune of around R20 Billion.
The good news is that it does not seem that they got into trouble for charging any pensioners income insurance or disabled people disability cover – like so many other credit providers who have recently been probed by the NCR.