Shoprite LTD Have Been Ripping Off Pensioners

NCR Take Shoprite to the NCT

The National Credit Regulator (NCR) have been on the rampage across the country going from one retail credit provider to the next looking into their insurance offerings.

Several months ago a newspaper expose’ revealed that a credit provider was charging pensioners and disabled customers insurance against disability and income loss which they could never actually claim. After the newspaper articles the NCR investigated and took the matter to the National Consumer Tribunal (NCT). Since then the Regulator has been doing the rounds looking for similar violations. Their latest stop has been with Shoprite Investments Ltd and their insurance arm Shoprite Insurance Company.

The Investigation revealed that some credit had been issued in a reckless manner. They have asked the NCT order these loans written off. The NCR’s investigation also revealed that in some cases where finance was given over a 6 month period the insurance offered had a 6 month waiting period. This means that consumer could never have benefited from the insurance but still had to pay anyway.

The NCR say that they want to protect vulnerable consumers. They have asked the NCT to order not only a massive fine but also order that the effected consumers get refunded.