Latest News Headlines
Commercial Credit News
|National Credit Regulator refers Wesbank to the National Consumer Tribunal|
|Thursday, 30 March 2017|
The National Credit Regulator (NCR) has announced that it has referred Wesbank a division of FirstRand Bank Limited to the National Consumer Tribunal for alleged breaches of the National Credit Act 34 of 2005 (NCA) following an investigation into Wesbank’s debt collection practices.
The NCA allows consumers under an instalment agreement, lease or secured loan to surrender the goods that they have purchased under these credit agreements.
“The typical example is motor vehicles that are bought under instalment sale agreements which can be returned voluntarily by defaulting consumers to credit providers,” says Jacqueline Peters, manager investigations and enforcement.
“The investigation by the NCR revealed that Wesbank through its debt collection agents coaxed defaulting consumers into relinquishing possession of their motor vehicles. This procedure undermines the voluntary nature of the surrender process, added Peters.
“The voluntary surrender procedure provided in the NCA is one of the options available to a consumer who is in default under a credit agreement. The consumer also has the right to apply for debt review”, says Peters.
“Consumers are reminded that a credit provider can only repossess a motor vehicle from the consumer if there is a court order authorising the credit provider to do so”, concluded Peters.
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197