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Loan Shark Jailed For Life

A loan shark has been sentenced to life in prison after attacking and killing a client who was slow to repay their debt.

When people deal with illegal credit providers like loan sharks they may literally be taking their life into their hands due to the way many of these loan sharks collect on debt using intimidation and violence.

In a recent incident that highlights the risk, a 46 year old loan shark in the Port Elizabeth area (Noziswe Stefaans) went to collect funds from a 32 year old client (Mr Blom) at his home. She took her boyfriend with her to try to intimidate the consumer into paying.

When Mr Blom (the client) said he could not pay until the next week, Noziswe (the loanshark) and her boyfriend took out knives. They then stabbed Mr Blom several times and he died as a result. They then even stabbed 3 other family members who were in the house before grabbing valuables and making their getaway.

Mr Blom only owed R500 in debt.

Arrested & Sentenced To Life

The loan shark was later arrested by the police over the murder but her boyfriend has evaded arrest thus far. The police are still searching for him.

The Port Elizabeth Regional Court has since heard the case and found that Noziswe never showed any remorse for what she did. As a result, she has now been sentenced to life in prison along with several other sentences that will run concurrently.

NCR Registered Credit Providers

It is much better to deal with credit providers who are registered with the National Credit Regulator and who stick to the requirements of the National Credit Act and regulations about collecting on debts honestly.

Even though these collections methods can be difficult to deal with (like email, calls and SMS) they are not allowed to resort to violence and will stick to the law in their efforts to convince you to repay what you have borrowed.

‘one household out of every 10 may be illegally offering credit to their neighbours’

A fairly recent report on credit use in South Africa said that as many as one household out of every 10 may be illegally offering credit to their neighbours without registering with the National Credit Regulator. These illegal credit providers or Mashonisa often do highly illegal things like demand ID books or SASSA or bank cards and pins from clients. They do this so that they can pressure their clients into paying or even go take the money themselves from their clients’ accounts.

If someone has demanded such things of you in order to loan you money then you can refuse and report them for breaking the law to the NCR and SAPS.