Law failing consumers drowning in debt http://www.assistdebt.co.za The National Credit Regulator (NCR) needs more muscle to deal with rampant reckless lending, the Department of Trade and Industry (DTI) says. It needs the power to carry out “proactive” investigations, impose fines on reckless lenders and order compensation for consumers. So the DTI has proposed amending the National Credit Act (NCA) accordingly. As it stands, the Act prohibits reckless lending and makes it the job of a debt counsellor to check whether […]

Tags: consumers, credit provider, debt, debt counsellor, national consumer tribunal, national credit act, over-indebted consumer, reckless lending

 Little loans can get you into big trouble http://www.assistdebt.co.za Reporters like me can get up to 15 press releases a day. A few are excellent: the message is useful and well crafted. Most are okay – the copywriter has found a topical angle in an attempt to make punting their client’s product newsworthy. And then there are those that are downright bad, like the one issued on behalf of LittleLoans.co.za last week. This is not a rant about bad press […]

Tags: consumers, credit provider, debt, debt counsellor, national consumer tribunal, national credit act, over-indebted consumer, reckless lending