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How to improve your credit score
Discover essential strategies to improve your credit score this New Year and unlock better financial opportunities.
NFO warning against consumers’ Black Friday impulse buying
Black Friday can be a double-edged sword for those relying on credit to fund purchases because while the discounted offers can seem like an opportunity to save, the financial aftermath can be severe.
Inside the shadowy world of loan sharks and South Africa's vulnerable
A new report has lifted the lid on how loan sharks are essentially holding Sassa beneficiaries hostage and there is nothing that can be done about it, legally.
Middle class and high income consumers are struggling to pay off their debts
The Experian Consumer Default Index has revealed that middle-class and rich consumers are having a hard time paying off their debts.
Avoid the Black Friday hype, warns National Credit Regulator
The National Credit Regulator (NCR) has urged South Africans to avoid being influenced by the hype generated around Black Friday and Cyber Monday, as not everything on sale may be a bargain.
‘Remember, the bank is legal owner of your financed car’ - Customers rush to Ombud as car repossessions spiral
Some customers complained, feeling that the financed vehicles came with tracking devices after representatives of banks confronted them at places, including shopping malls.
SA credit crunch: Over 22,000 vehicles repossessed in first half of year
More than 22,000 South Africans had their vehicles repossessed in the first six months of the year, as the cost of living becomes excessively expensive due to rising interest rates and inflation.
Car repos on the rise: credit stats paint grim picture for SA consumers
As the cost of living skyrocketed in South Africa in the face of constant interest hikes, the Banking Services Ombudsman said it recorded an increase in the number of complaints from consumers regarding vehicle repossessions.
Ruan Jooste’s Rants and Cents: Women account for half the country’s credit-active population
Women’s month has come and gone, but their financial deposition has not. According to the latest Experian Consumer Default Index (CDIx) for the second quarter, South African women account for half of the total amount of consumers on the credit bureau. This means that in terms of being credit-active, women are fairly represented in the credit economy. From a credit exposure perspective, however, only R0. 8 trillion out of the full R2. 18 trillion in outstanding debt is associated with women.
SCA has no jurisdiction over ‘pawn-and-drive’ car scheme
The scheme allowed the consumers to borrow between 30% and 50% of their motor vehicle’s market value, and consumers then transferred their vehicles into CMR’s name.
Seven arrested for possession of 148 Sassa cards in Bloemhof
Seven people were arrested for contravention of the National Credit Act 34 of 2005.
Unmanaged consumer debt is affecting every South African
As inflation and the cost of living continue to rise, a growing number of households in South Africa are struggling to meet their financial obligations. In many instances, despite various avenues available to the consumer to seek assistance, households avoid it, leaving debt to spiral out of control.
How poor citizens fall victims of dodgy lenders
‘Unscrupulous lenders’ continue to go to fleece the poor working class of their hard-earned salaries, leaving them with little to no income to survive the month.
There is a light at the end of the tunnel for over-indebted consumers
According to the National Credit Regulator’s (NCR) Credit Bureau Monitor for March 2023, South Africa currently has 27. 07 million credit active consumers with 90. 44 million accounts in the country. The number of consumers with impaired records increased to 9. 82 million whilst the number of impaired accounts increased from 19. 09 million to 19. 13 million. It further indicates that 6. 8% of consumers missed one or two instalments, 16. 05% missed three or more, 4. 25% had adverse listings and 0. 86% had judgements or administration orders. The NCR is a South African government agency that regulates the credit industry in the country.
Words on Wealth: Over-indebted? Do this before considering debt review
The debt review process, introduced into our consumer legislation in 2007, is widely touted as the best solution for consumers who have become over-indebted, and in these difficult times, debt counselling firms have seen a surge in applications. But although it offers a lifeline for people drowning in debt, it should not be undertaken lightly, and only when you have exhausted other debt-reduction options and know exactly what the process entails.
Employers fail to introduce measures to limit debt deductions from salaries
In order to broaden employee access to financial services and products, many employers allow service providers to deduct instalments and premiums directly from employee salaries. What most employers have failed to do, was to introduce measures to limit such deductions. The result is that there are thousands of employees who do not have enough take-home pay to sustain the minimum monthly expenses are effectively caught in a debt trap.
Listen: Consumers are in the dark about credit insurance
If you’ve seen the news reports about household names in the credit industry being taken to task by the Regulator for “incorrectly selling credit insurance products, was probably the first time you heard about credit life insurance, but if you have ever purchased anything on credit, or taken out an unsecured loan, chances are, you have also bought credit insurance.