NCR Blitzkrieg hits Marikana
The NCR recently swooped down on 12 lenders in the Marikana area in response to the public outcry over the plight of the Lonmin miners and their financial woes.
They have now found that 10 out of the 12 who were investigated in this first wave of local investigations have been acting in an illegal manner. Such offenses as: Not doing sufficient evaluations into affordability on the part of consumers, Retention of Credit Cards to make repayments towards granted loans as well as getting consumers to sign blank documents regarding consent to judgments. There have also been reports of over charging in connection with garnishing orders and legal fees.
There are about 16 credit providers in the Marikana area who were making loans at up to 30% to troubled mine workers.
During all the excitement of the Marikana Blitzkrieg it seems that officials at the NCR let slip that they were also investigating FNB, African Bank and Capitec in regard to possible reckless credit. Though they later retracted that statement there are not only emails but recordings talking about these investigations which have now been made public by the media personal involved.
Why the NCR would want to make a retraction is unclear, especially since they had said that they wanted the public to know they were not just focusing on the little fish but also going after the larger credit providers as well.