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Shoprite shrugs off reckless lending charges

15 January 2020 8:19 PM
Tags:
Shoprite
Loan sharks
Micro money lending
reckless lending
Wendy Knowler
#ConsumerTalk
Shoprite has been found guilty of reckless lending and fined. How serious do companies take such verdicts and fines though?

The Shoprite Group has been ordered to pay a R1 million fine for lending credit recklessly.

This follows an investigation by the National Credit Regulator which found that nine out of sixty agreements were reckless.

NCR senior legal adviser Roy Stocker says if it receives further complaints and finds reckless lending on a larger scale, the fine will increase.

It was a scathing judgment - but Wendy Knowler, consumer journalist, feels that Shoprite’s response was dismissive.

They stated that the matter related to agreements with 'just nine consumers out of thousands'. It is a bit arrogant.

Wendy Knowler, consumer journalist

It is still very damning that it's happened. For me the most shocking thing was when their counsel in court was defending why they granted loans in these cases - in three or four of the cases they'd say 'well the person was married so the wife would help'...ridiculous!

Wendy Knowler, consumer journalist
A Shoprite store. Picture: Supplied.

Listen to the full interview with Wendy Knowler below.

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This article first appeared on 702 : Shoprite shrugs off reckless lending charges


15 January 2020 8:19 PM
Tags:
Shoprite
Loan sharks
Micro money lending
reckless lending
Wendy Knowler
#ConsumerTalk

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