In another initiative to facilitate broad-based empowerment, the NEF is offering MTN shares to the masses. This is said to ensure that not only a selected few benefit from BEE transactions.
25 June – The National Empowerment Fund (NEF) launched a historic share scheme over the weekend, which is intended to bring more black South Africans into the economic mainstream and to encourage a culture of saving and investment, said CEO Philisiwe Buthelezi at a press conference in Soweto today.
Click here for the MTN - NEF ASONGE SHARE SCHEME press release.
In the past you may have experienced firsthand interest rate charges as high as 100%, or you may have heard friends tell you horrific stories. Some of you might have seen the story ran by Carte Blanche detailing how consumers where sometimes led into signing Micro Loan contracts instead of the normal Hire Purchase (Instalment Sale Agreements) all for a better profit at the poor consumer’s cost.
What has the National Credit Act done for us with regards to this subject?
Beware…
there are some companies / websites out there advertising that consumers can obtain copies of their credit bureau reports from them at exorbitant fees.
Did you know that: -
- you can request your credit report from any credit bureau directly?
- the Consumer Credit Report price is regulated at R20?
- Paying up to R100 for something that is supposed to be R20 is ridiculous…
- Even better, you may qualify for a free credit report with a credit bureau
- if you request your Consumer Credit Report from a credit bureau you will have access to it for 30 days?
- only a credit bureau may sell credit reports?
- Unless there is a special contract and relationship with a credit bureau.
- requesting your credit report via “un-authorized” parties may negatively affect your credit score?
- when you request your own consumer credit report via a credit bureau, special measures are taken to ensure that your score remains intact.
Now that you know, what are you going to do?
Click here to continue reading ‘Don’t Get Ripped Off on Your Personal / Consumer Credit Report’
Is focus shifting to you?
In 2006, Time Magazine published that the person of the year 2006 was …YOU!!
In the same year in South Africa introduced the National Credit Act which started regulating the Credit Bureaux. Now we find ourselves in the first month (June 2007) of full regulation of the credit industry by the National Credit Regulator. Yes the NCA applies fully and is in effect!
If you watch closely, there is this wave of change, challenging the status quo around many things but for this article we’ll keep the focus on YOU…
There are two more pieces of legislation which the South African Government, through the DTI will introduce late 2007 and/or early 2008 depending.
Click here to continue reading ‘Legislation to empower and protect YOU the consumer!!’
The National Credit Act No.34 of 2005
The Act was passed into law by Parliament and signed by the President in March 2006. This aims to protect consumers taking credit or entering into consumer credit transactions.
In 1 June 2007 the act began to apply fully and what these 116 pages of legal terminology (not counting the regulations!!) are aiming to achieve is:
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