HEARD on the street

COM­PILED BY NEESA MOOD­LEY-ISAACS

CityPress - - Business -

CAPFIN WARNED

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.

DIG­I­TAL PAY­MENTS

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.

R699-A-MONTH CARS

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.

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