Debtfree Magazine issue 9 of 2021-for download
SA's Free Magazine all about Debt, Debt Counselling & Debt Review. New, Tips, Reviews, Advice and more. This month we look at some of the nasty little lies you tell yourself about your debts. We also catch up on what happened at the Annual Debt Review Awards 2021
SA's Free Magazine all about Debt, Debt Counselling & Debt Review. New, Tips, Reviews, Advice and more. This month we look at some of the nasty little lies you tell yourself about your debts.
We also catch up on what happened at the Annual Debt Review Awards 2021
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NCR RECKLESS LENDING
GUIDELINE UNDER
CONSIDERATION
The National Credit Regulator (NCR) organises a group
discussion about industry topics at the Credit Industry
Forum (CIF) and calls for comments on known issues in
the industry.
One such area under discussion is reckless lending. This is
where a consumer is granted credit even though they:
• did not understand the language of the contract
• did not understand the obligations they were
agreeing to
• did not get a quote of the costs (a pre-agreement)
• did not get a contact document setting out the costs
and their obligations
It can also be reckless when a credit provider:
• fails to check if the consumer can actually afford the
debt
• finds the consumer can’t afford the debt but still give
them the credit anyway.
The final one is seen by most people to be the sole reason
why a credit agreement is reckless but all the other points
are not to be forgotten.