Free State credit provider fined

Comment on this story
NewRandMoney Reuters.

Bloemfontein - A Winburg credit provider was fined R900,000 and his agreements declared unlawful by the National Consumer Tribunal on Friday.

National Credit Regulator CEO Nomsa Motshegare said an investigation by the regulator into Werlan Cash Loans revealed it was not registered at the time of concluding the credit agreements.

The NCR requires a credit provider to register with the NCR if it has entered into 100 credit agreements with consumers, or when the total principal debt owed under all outstanding agreements exceeds R500,000.

“It is important that credit providers ensure they register with the NCR,” Motshegare said.

This would prevent their credit agreements from being declared unlawful. - Sapa


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.