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National Credit Regulator wins case against reverse mortgage operator

Thursday, 09 September 2010 22:06

In a further boost for consumer rights, the Free State High Court has ruled in favour of the National Credit Regulator (NCR) in its case against Brusson Finance (Pty) Ltd, a company which used the so-called “reverse mortgage“ system of money lending which resulted in a number of consumers loosing their homes.

The NCR instituted proceedings in the Free State High Court, together with two borrowers, Mr and Ms Ditshego, who had lost their home to the scheme, against Brusson.

This was as a result of receiving various complaints from consumers in respect of loans concluded with Brusson and an investigation into the company’s business activities.

Worst strike season ever

Thursday, 09 September 2010 21:57

JP Landman Political Comment - September 2010

The numbers
The numbers merely confirm what we already knew – it was the worst strike season in SA history. Including Monday the 6th September, our estimate of the man days lost through strike action came to 16,3 million for the year to date(1).

These are the highest number of strike days lost since 1979 when Black trade unions were legalised. The second highest year was 2007, when there was also a public sector strike and a total of 12,9 million strike days were lost. Thus, 2010 so far exceeds the 2007 record by about 26%. Clearly the troops are restless.

But which troops? It is particularly noticeable that the public sector, including local government, contributed 14,7 million or 90% of these strike days lost. The public sector employs just over 10% of all workers in SA – yet they caused 90% of strike days lost so far this year.

Employees beware! Debt is an insidious trap

Thursday, 09 September 2010 21:52

According to data from Statistics South Africa, employment contracted by 1.3% or 171000 jobs between the fourth quarter of 2009 and the first quarter of 2010. The year on
year picture, shows that 833 000 jobs have been lost over the past year. According tothe National Credit Regulator’s statistics, there are over 18 million credit active consumers,of these, 45% have impaired records. A consumer is classified as having an impairedrecord if he/she has three or more payments in arrears, or has an "adverse listing", or arecord that reflects a judgment or an administration order.

Marcus: SA has too much debt

Thursday, 09 September 2010 21:48

Johannesburg - South Africa's debt ratio still seems much too high for an emerging nation that hopes to achieve sustained growth and realise the goal of a better life for all, said central bank governor Gill Marcus on Friday.

In a public statement to mark the beginning of national savings month, Marcus said that South Africa's ratio of household debt to annual income in the first quarter of 2010 declined slightly to 78.4%, but is still too high.

FNB plays hardball over debt review

Thursday, 09 September 2010 21:44

Aug 11 2010 10:03 Helena Wasserman

Johannesburg - Some First National Bank clients who are under debt review may get a nasty surprise.

The bank has apparently been terminating debt reviews and started legal proceedings to recover unpaid debt without warning.

If a registered debt counsellor determines that you are over-indebted, creditors cannot take any action against you for 60 days.

In that time, the counsellor has to put together a repayment plan (usually instalments are reduced and the payment time extended) and obtain approval from your creditors.

If creditors do not agree, the counsellor will ask the court to approve the plan.

Joint news release

Thursday, 09 September 2010 21:39

National Credit Regulator (NCR)

Banking Association of South Africa (BASA)

Debt Counsellors Association of South Africa (DCASA)

EMBARGO: 10h00 Wednesday, 08 September 2010

Banks and credit regulator join hands to help debt stressed consumers

In an unprecedented move to deal effectively with consumer debt related challenges, the Banking Association of South Africa (BASA), the National Credit Regulator (NCR), and the Debt Counselling Association of South Africa (DCASA) today (Wednesday, 08 September 2010) announced the launch of a joint national consumer awareness campaign that will run through until 19 December 2010.

Pensioner wins case after bank flouts SA Credit Act

Wednesday, 05 May 2010 11:08

2010/04/30
Hendrick Mphande
The Herald

Taken from the Herald:

A PORT Elizabeth pensioner has won a landmark court case against Absa bank after it granted him a bond for R350000, despite knowing the instalments were more than his entire monthly income.

When the man inevitably defaulted on his repayments, the bank threatened to repossess his Lorraine home. However, debt counsellors took up his case and it went to the Port Elizabeth Magistrate’s Court.

Debt Counselling in South Africa - Are You Sure You Want to Be A Debt Counsellor?

Tuesday, 09 February 2010 15:51

Debt Counselling appears to be among the fastest growing industries in SA at the moment.

There are currently 1510 registered Debt Counsellors in SA and we see new Dc's every day. Becoming a Debt counsellor is relatively simple, one attends a 5 day training course costing about R5 000, you then submit information to NCR for registration. This takes about 6 - 8 months.

The Credit Crunch - Yes it is YOUR own fault - Become Debt Free in 7 easy Steps...

Tuesday, 09 February 2010 15:45

Credit Crunch, Debt Stress, Financial Meltdown and Great Depression –WOW!

All these lovely words to describe the mess most of the world is in.

* Don’t you love the way we have all been given a scapegoat for our problems?
* Who’s fault is it that we have crippling Credit Card debt, apparently not ours if we believe the news, it’s the banks fault, it’s a sub-prime bond problem, it’s the Americans?

Debt Crisis Hits Harder

Thursday, 22 October 2009 16:31

This was in the Herald today:

2009/10/22
Nomahlubi Sonjica HERALD REPORTER This e-mail address is being protected from spambots. You need JavaScript enabled to view it

THERE has been a dramatic rise in the number of people in the Eastern Cape seeking help in dealing with debt as the recession bites.

There are still about half a million people countrywide who cannot cope and need counselling, according to figures released yesterday by the Debt Counsellors’ Association.
About 115000 had applied for counselling and the number was increasing by 9000 a month.

Increasing consumer debt