Selling credit life insurance with retrenchment and disability cover to pensioners and disabled persons – who cannot meet the claim requirements – breaches the National Credit Act.
South Africa mainly uses two credit-scoring models, but they’re not identical. Understand how each model evaluates your financial habits, and how to improve your standing in both.
The judgment addresses several aspects of the National Credit Act, including the obligation to register as a credit provider and permissible interest charges.
The changes, which include stricter compliance rules and clearer protocols for stopping debit orders, are designed to streamline the process and protect consumers.
Fees in separate agreements between a service provider and consumers are not automatically illegal, provided they are kept separate from the fees regulated under the credit provider’s agreement.
The most recent revision to the maximum interest rates and fees that credit providers can charge was in November 2015.
Moonstone Business School of Excellence’s engaging and interactive National Credit Act courses are tailored for industry professionals.
In the battle against fraud, Sameer Kumandan, managing director of SearchWorks, a data aggregation platform, underscores the pivotal role of robust Know Your Customer (KYC) and Know Your Business (KYB) checks.
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