HEARD on the street
COMPILED BY NEESA MOODLEY-ISAACS
Credit provider Capfin was recently issued with a compliance notice by the National Credit Regulator (NCR) for failing to observe the rules of the National Credit Act (NCA). When you obtain a loan from a credit provider, the NCA states that the credit provider has to:
Obtain and verify proof of your income with supporting documents so the credit provider can determine if you are able to afford the loan.
Maintain records of all documents used to assess your affordability.
Besides failing to do the above, Capfin’s adverts were misleading and could be interpreted to mean that income verification was not required for a loan.
Paying for goods and services has become easier with the introduction of digital payment systems and consumers are becoming increasingly comfortable with this new method of paying.
Standard Bank’s SnapScan, which was launched in May this year, has already attracted more than 70 000 registered users and more than 100 000 transactions have been processed.
You don’t have to be a Standard Bank client to use SnapScan. All you need is a smartphone and a Visa or MasterCard.
Once you download the app, you enter your bank card details.
If you shop at a store that uses SnapScan, the cashier will ring up your total and you can pay by scanning the shop’s QR code and entering your PIN.
The Eastern Cape High Court recently threw out an application by aggrieved consumers hoping to bring a class action against the company that sold the R699-a-month cars and the banks that financed them.
Port Elizabeth law firm Pieterse Cary Finlaison represented clients on a pro bono basis and the law firm is now responsible for the legal costs incurred by the Satinsky Group, Absa, Nedbank’s MFC and Standard Bank. The firm plans to appeal the cost order.
The outcome is that if you were one of the R699-a-month customers and you can no longer afford your car repayments, the onus is on each individual to speak to their bank to make payment arrangements.