CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow National Credit Regulator refers Wesbank to the National Consumer Tribunal
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
National Credit Regulator refers Wesbank to the National Consumer Tribunal PDF Print E-mail
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.
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

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.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

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.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197