Consumer Financial Wellness Portal

Most of us do not take the time to compare rates we are being offered by various credit grantors when applying for all sorts of credit, which is actually reckless of us.

When applying for credit what you should do is approach more than one (preferably 3) credit grantors and compare the various offerings to see which one ultimately costs you less in terms of repayments and total repayment. Yes it is time consuming but when you do the maths, you will realise it was worth it at the end.

Now go ahead and ask for a quotation… Actually you should DEMAND a quotation (since you should be given a quotation in a prescribed form (-¹nogal), setting out the principal debt, the proposed distribution of that amount, the interest rate and other credit costs, the total cost of the proposed agreement !)
See section 92 of the National Credit Act which is further detailed on the National Credit Regulations’ section 28. That’s if you are courageous enough and maybe you can help us decipher this wonderful piece of legislature!

Will this put you in a bad place with a credit grantor?
This is your era… You are protected! So don’t be shy, afraid or apologetic when exercising your rights since…

Protection of consumer credit rights

66. (1) A credit provider must not, in response to a consumer exercising, asserting or seeking to uphold any right set out in this Act or in a credit agreement-

(a) discriminate directly or indirectly against the consumer, compared to the credit provider’s treatment of any other consumer who has not exercised, asserted or sought to uphold such a right;

(b) penalise the consumer;

(c) alter, or propose to alter, the terms or conditions of a credit agreement with the consumer, to the detriment of the consumer; or

(d) take any action to accelerate, enforce, suspend or terminate a credit agreement with the consumer.

…

amongst other things.

¹ nogal is Afrikaans but in this context more South African slang meaning “after all” for the non South African reader!.