Shoprite lends recklessly! - Pretoria High Court
Shoprite lends recklessly by altering credit bureau information and its customers’ future financial liabilities to ensure they qualify for credit, confirmed the Pretoria High Court.
The retailer has 30 days to pay a R1 million fine.
The most astonishing aspect of Shoprite’s approach is the fact that many customers still had negative affordability figures after the 'adjustment' exercise. In view of the aforesaid, I agree with the finding of the tribunal that Shoprite extended reckless credit.Pretoria High Court
The victims of Shoprite’s misconduct are predominantly pensioners and poor people, the court said.
Consumers who believe they may be a victim of reckless credit granted by Shoprite can lodge a complaint with the National Credit Regulator.Nomsa Motshegare, CEO – National Credit Regulator
Nickolaus Bauer interviewed Roy Stocker, a senior legal advisor at the National Credit Regulator (NCR).
If we receive further complaints – if we find reckless lending on a larger scale – that fine will be much larger… The tribunal is empowered to impose a fine of up to 10% of the annual turnover of a respondent...Roy Stocker, senior legal advisor - National Credit Regulator
We are empowered to cancel their registration as a credit provider… it actually occurs on a regular basis.Roy Stocker, senior legal advisor - National Credit Regulator
Listen to the interview in the audio below.
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