The NCR Raid Illegal Credit Providers
Financial News
It is illegal to offer credit for profit or to charge interest on money loaned without registering with the National Credit Regulator (NCR).
That’s exactly what 4 people in the Northern Cape town of Pampierstad were doing. And they just got caught.
Raiders of the Lost Cards
Picture from recent NCR & SAPS raid
4 people, Pulaetsile Albertina Phepheng (39yrs), Chwaro April (40yrs), Betty Mosala (40yrs) and Barend Pretorius (50yrs), were running an illegal credit provider operation without registering with the NCR and were up to all sorts of illegal shenanigans.
When the police and the NCR raided the property they operated from they found a whole lot of SASSA pension cards, ID books and bank cards from consumers who had fallen into their loan shark trap.
The police also recovered over R400 000 in cash on the property.
The suspects were arrested and have since been released on bail and their court cases will happen early next year.
Don't Fall Into Their Trap!
If you are desperate for a new loan, it is probably because you cannot afford to pay all your bills and still afford the things you need.
It is likely that you already have some debts and these also make it hard to cover your costs and still pay what you owe.
If so, rather than digging yourself further into debt why not go talk to an expert (like a Debt Counsellor) about getting out of debt entirely?
They can offer you budgeting advice and can discuss the option of debt review with you. Consumers in debt review often get reduced interest rates from credit providers, pay only what they can afford each month to their credit providers and get access to professional budgeting and legal assistance.
Don’t fall into the waiting arms of loan sharks and mashonisas. Rather make arrangements to get out of debt.
