NCT writes off debts to Werlan Cash Loans

The National Consumer Tribunal  (NCT) has imposed a R900 000 fine on an unregistered creditor called Werlan Cash Loans and ruled that its clients don’t have to pay back their loans.

Werlan Cash Loans is situated in the Free State and was not registered as a creditor with the NCR and had did not given financial statements to the regulator as required by the NCA. Werlan had later registered with the NCR but the NCT hearing related to loans given prior to there registering. As soon as a company has more than 99 credit agreements they need to register and report to the NCR.