Download Report On Mashonisas
Thousands of illegal credit providers operate country wide informally without being registered with the National Credit Regulator (NCR) who are engaged in a battle to prevent loan sharks from abusing consumer’s rights.
Wonga (who are an award-winning NCR registered credit provider), recently commissioned a report into how widespread the practice of loan sharks/mashonisas really is. The statistics will surprise and horrify you.
DOWNLOAD THE REPORT
The report clearly shows that South Africans love to borrow money and spend what they do not yet have. The illegal lending market is flourishing even as the NCR continue to work with the SAPS to try to shut it down and stop consumer abuses (like taking cards and ID books).
40 000 Unregistered Credit Providers? If you lend money to others (for profit) then that means you are a credit provider and as such should be registered with the National Credit Regulator (NCR). At present, the NCR has around 6000 … read more
NCR & Police Raid Credit Providers The National Credit Regulator (NCR) and South African Police Services (SAPS) began June with a series of raids on various credit providers in Grahamstown, Somerset East, Fort Beaufort and Humansdorp. The NCR is tasked … read more
Making Monthly Payments According to the National Credit Act, consumers can choose one of two ways to repay their debts while in debt review. An organized consumer, who doesn’t mind the risk and effort it takes, can pay each credit … read more
Debt Review Matters And Legal Fees Have you ever been in the situation where you make an arrangement with a creditor to pay them back a smaller amount and feel relieved when they agree, only to have a different person … read more
Debt Counsellors Reports Due Next Week Each quarter the National Credit Regulator asks Debt Counsellors to send them their latest debt review client statistics from their practice. These cover how many consumers are applying for help, how many have been … read more
Who Defaults On Their Debt Repayments? Credit Bureaus and the NCR like to track who is and isn’t paying their debts. They regularly report on how much money the 14.2 Million consumers owe and which of the 17.9 million active … read more
Lewis Vs NCR Over Club Fees The National Credit Act and regulations set out very clearly what fees can and can’t be charged for credit accounts. In 2016, after a report from Summit Financial Wellbeing and in the wake of several similar … read more
NCR And Resilient Argue Over Legal Terms The National Credit Regulator (NCR) is giving property company Resilient a hard time over interest carrying loans they offer their employees. The NCR want Resilient to register as a credit provider and Resilient … read more