HEARD on the street


Car fi­nance

Con­sumers are in­creas­ingly sign­ing up for longer car fi­nance agree­ments, stretch­ing to as much as 72 months or six years, ac­cord­ing to the lat­est sta­tis­tics from the Na­tional As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers of SA.

Wes­sel St­ef­fens, head of Absa’s ve­hi­cle and as­set fi­nance divi­sion, notes that the main driver be­hind this trend is af­ford­abil­ity.

If you are ap­ply­ing for car fi­nance, re­mem­ber an in­creased loan term may make your monthly re­pay­ments more af­ford­able, but this also in­creases the in­ter­est you pay in the long term.

If you need to stretch your car fi­nance agree­ment to more than five years to re­duce your monthly re­pay­ment, then this is a red flag that you are buy­ing a car you can­not af­ford.

So­cial me­dia

So­cial me­dia has be­come such a big part of our lives that you might not think twice about post­ing de­tails re­gard­ing an up­com­ing hol­i­day. How­ever, re­cent re­search by The Co-Op­er­a­tive In­sur­ance in the UK shows as many as 78% of ex-bur­glars re­vealed that so­cial me­dia was in­creas­ingly be­ing used to tar­get homes to rob.

Re­mem­ber that any in­for­ma­tion you post on so­cial me­dia, such as Face­book and Twit­ter, is im­me­di­ately in the pub­lic do­main.

You wouldn’t hang a sign out­side your home telling peo­ple that your home is un­oc­cu­pied, so don’t do it on so­cial me­dia ei­ther.

Pen­sion funds

Amanz­ingwe Hold­ings, a com­pany that op­er­ates a con­fer­ence cen­tre and ho­tel, was re­cently or­dered by the Pen­sion Funds Ad­ju­di­ca­tor (PFA), Muvhango Lukhaimane, to cal­cu­late the ar­rears con­tri­bu­tions due to the Con­sol­i­dated Ben­e­fit Provident Fund and make such pay­ments im­me­di­ately.

The fund com­plained to the PFA af­ter Amanz­ingwe Hold­ings did not pay con­tri­bu­tions on be­half of staff from Au­gust last year to Jan­uary this year.

If you are con­tribut­ing to a pen­sion or provident fund via your em­ployer, the onus is on your em­ployer to en­sure all con­tri­bu­tions are paid to your pen­sion or provident fund timeously.

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