Credit Provider Deregistered by NCR

Credit Provider Deregistered

The National Credit Tribunal have cancelled the registration of Rufus Financial Consultants.

Last year the National Credit Regulator and police swept through the community of Marikana swooping down on credit providers who were operating illegally. The NCR found that Rufus Financial Consultants were doing several illegal things and referred the matter to the National Credit tribunal. Of primary concern was the granting of credit to consumers who were already over indebted (they could not afford to make the repayments). This practice is called “reckless credit“.

Rufus Financial Consultants were also charging too much interest on loans and had even illegally taken consumers ID books and Bank Cards. The good news for clients of Rufus Financial Consultants is that they will now be repaid the interest charges they were illegally overcharged.