Defaulting consumers coaxed to hand over vehicles by credit providers - NCR

Nthopeng Mokgolego, Senior Legal Advisor at National Credit Regulator, says they have revealed through an investigation that Wesbank is in breach of the National Credit Act with their vehicle financing.

She says consumers, out of their own free will, can decide that an asset bought under a credit agreement that they don't need it anymore, whether they are in default or not.

The investigation shows that consumers are lured into handing over their cars when they default on payments, which contravenes the credit act.

If you are a consumer and you are asked to hand over your car you should ask for a warrant. Iif they don't have that warrant you must then know that it is not the process allowed to credit providers.

Nthopeng Mokgolego, Senior Legal Advisor at National Credit Regulator

What they are doing it is to coax you or pressurise you indirectly to relinquish possession of your vehicle. Truly speaking consumers can refuse...

Nthopeng Mokgolego, Senior Legal Advisor at National Credit Regulator

To hear more on this interview, please listen below:


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Money makes the world go round. These 7 business articles made it spin...

Money makes the world go round. These 7 business articles made it spin...

An under fire Murray & Roberts CEO gives an update... First Lewis, now NCR also after Shoprite... Africa's mega-structures...

NCR finds Shoprite guilty of 'reckless lending' practices

NCR finds Shoprite guilty of 'reckless lending' practices

Shoprite Investments and Shoprite Insurance Company Limited will now have to face a tribunal following the investigation.

NCR says 'no one is spared' in loan shark raids

NCR says 'no one is spared' in loan shark raids

Five alleged illegal credit providers have been arrested after Western Cape raids conducted by the National Credit Regulator.

How to deal with financial institutions when in payment arrears

How to deal with financial institutions when in payment arrears

We explore the legal procedure and law involved when South Africans renege on payment terms with credit providers.

National Credit Regulator takes aim at Lewis after claims of illegal action

National Credit Regulator takes aim at Lewis after claims of illegal action

The NCR has referred Lewis Stores and Monarch Insurance to the National Consumer Tribunal.

Popular articles
'He told me people would want to keep him quiet at any cost'

'He told me people would want to keep him quiet at any cost'

Journalist Gavin Evans says the late Mark Minnie spoke to him about his fears that those he exposed in his book might harm him.

Zille won't stop fighting to have SANDF property released for affordable housing

Zille won't stop fighting to have SANDF property released for affordable housing

Zille says properties under the control of the state should be made available for local government's affordable housing plans.

'There is no verse in the Quran that says women should cover their faces'

'There is no verse in the Quran that says women should cover their faces'

Dr Taj Hargey says he is advocating for the ban of women wearing burkas in public because they look ridiculous.

[LISTEN] IRR believes list of targeted farms is genuine

[LISTEN] IRR believes list of targeted farms is genuine

Institute for Race Relations researches Terence Corrigan explains why they believe the list Afriforum has released is genuine.