Comments on: Exorbitant micro loan interest fees capped thanks to the National Credit Act http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/ Fighting Financial Over-Indebtedness in South Africa Wed, 08 Sep 2010 08:21:29 +0000 http://wordpress.org/?v=2.1 By: Wouter Fouche http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-18 Wouter Fouche Thu, 28 Jun 2007 08:37:58 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-18 Additional to the charges of 5% interest and R150 initiation fee for the first R1,000.00 there are a R50.00 service fee that can be charged for each agreement on a monthly basis. Additional to the charges of 5% interest and R150 initiation fee for the first R1,000.00 there are a R50.00 service fee that can be charged for each agreement on a monthly basis.

]]> By: admin http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-19 admin Thu, 28 Jun 2007 09:00:49 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-19 Thank you Wouter! You are absolutely correct. In terms of section 105(1) of the NCA and section 44 of the Credit Regulations the maximum monthly service fee is R50 which can be charged annualy or per transaction... L8r! Thank you Wouter!
You are absolutely correct. In terms of section 105(1) of the NCA and section 44 of the Credit Regulations the maximum monthly service fee is R50 which can be charged annualy or per transaction…

L8r!

]]> By: ismaeel http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-250 ismaeel Tue, 11 Sep 2007 08:02:18 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-250 hi what if prior to to microloan act i already am paying heavy interest an this via a judgement garnishee.i am currently having to pay only 1 judgement out of 3 yet the paid up judgements still reflect. also i changed employee to current 1 an my garnishee has stopped, i signed it years back an requested paper work or copy of what i signed , requested from lawyer`s but to date received non an when i called on numerous occasions i was referred to all in building with either been told i am not entitled to paper work or will be called back but no avail,the lawyer in question is gerhard van de merwe, i feel im paying much more than i paid in 1st place plus lawyer`s interest the loan company is lantern finance, the reason for garnishee is my account changed from savings to cheque an bank said i have to call lantern to get debit order reinstated but i never had conact details to get hold of them an place i made loan ta initially was no longer there so i didnt know what to do , today im wiser an more educated as to procedures, please advice hi what if prior to to microloan act i already am paying heavy interest an this via a judgement garnishee.i am currently having to pay only 1 judgement out of 3 yet the paid up judgements still reflect. also i changed employee to current 1 an my garnishee has stopped, i signed it years back an requested paper work or copy of what i signed , requested from lawyer`s but to date received non an when i called on numerous occasions i was referred to all in building with either been told i am not entitled to paper work or will be called back but no avail,the lawyer in question is gerhard van de merwe, i feel im paying much more than i paid in 1st place plus lawyer`s interest the loan company is lantern finance, the reason for garnishee is my account changed from savings to cheque an bank said i have to call lantern to get debit order reinstated but i never had conact details to get hold of them an place i made loan ta initially was no longer there so i didnt know what to do , today im wiser an more educated as to procedures, please advice

]]> By: admin http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-270 admin Wed, 19 Sep 2007 17:24:20 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-270 Hi Ismael, I will do my best to answer your questions. The law cannot be applied retrospectively, however you can check with the National Credit Regulator regarding interest on microloans granted pre-NCA. Regarding the paid-up judgments that appear on your credit report, please <a href="http://www.liberatingconcepts.co.za/creditpress/?p=29#comment-268" rel="nofollow">click here to read this comment</a>. Basically you can get those removed. Perhaps you might want to go straight and speak to the Credit Information Ombud as your case is very unique, <a href="http://www.creditombud.org.za/" rel="nofollow">click here!</a> Regards. Hi Ismael,

I will do my best to answer your questions.
The law cannot be applied retrospectively, however you can check with the National Credit Regulator regarding interest on microloans granted pre-NCA.

Regarding the paid-up judgments that appear on your credit report, please click here to read this comment. Basically you can get those removed.

Perhaps you might want to go straight and speak to the Credit Information Ombud as your case is very unique, click here!

Regards.

]]> By: Joachim http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-10482 Joachim Fri, 06 Mar 2009 07:04:02 +0000 http://www.liberatingconcepts.co.za/creditpress/2007/06/27/exorbitant-micro-loan-interest-fees-capped-thanks-to-the-national-credit-act/#comment-10482 You are all missing the point here. The NCA do provides for certain aspects of credit agreements to be outlawed, but the furniture retailers do not calculate their interest charges wrong on the agreements - no sir! They recalculate their interest charges on their monthly statements AND on the so-called credit life insurance premiums, WHICH according to section 106(5)(a) is illegal. The Ellerines Group is a specific culprit and the NCR is doing nothing. Just try and work out their interest charges per mont and you will see how much money they are taking from their customers illegaly per month. You are all missing the point here. The NCA do provides for certain aspects of credit agreements to be outlawed, but the furniture retailers do not calculate their interest charges wrong on the agreements - no sir! They recalculate their interest charges on their monthly statements AND on the so-called credit life insurance premiums, WHICH according to section 106(5)(a) is illegal. The Ellerines Group is a specific culprit and the NCR is doing nothing. Just try and work out their interest charges per mont and you will see how much money they are taking from their customers illegaly per month.

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