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More desperate South Africans are ‘tweaking the truth’ on loan applications
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South Africa recorded many instances of consumers being granted loans that they could not afford to repay, prior to legislation tackling ‘reckless lending’.
Sebastien Alexanderson, chief executive officer of debt counselling agency, National Debt Advisors said that practice of reckless lending was put under the spotlight following the introduction of the National Credit Act 34 of 2005 (NCA) and subsequent amendments and affordability guidelines provided in the Act, in 2013.
Bringing attention to the responsibility of the lender and more so but commonly overlooked, the borrower.
According to Alexanderson, a consumer has the chance of having their obligations towards a credit agreement completely set-aside or suspended if:
Consumers urged to be truthful on loan applications
By Opinion
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Before legislation tackling reckless lending was put in place, there were many instances of consumers being granted loans that they simply could not afford to repay. Sebastien Alexanderson, CEO of SAâs leading debt counselling agency, National Debt Advisors says that practice of reckless lending was firmly put under the spotlight with the introduction of the National Credit Act 34 of 2005 (NCA) and subsequent amendments and affordability guidelines provided in the Act, in 2013. Bringing attention to the responsibility of the lender and more so but commonly overlooked, the borrower.
According to Alexanderson, a consumer has the chance of having their obligations towards a credit agreement completely set-aside or suspended if:
You Still Have Rights, No Matter Your Financial Situation iafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iafrica.com Daily Mail and Mail on Sunday newspapers.