Tasto

Oh its wrong for Lonmin to give in to the demands of the poor miners maar the teachers want their debts to be cancelled.

Free houses Free jobs Free Health, 2014 Free loans Free credit no repayment?

What abt me I paid R36000 to NFSAS?
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thinya

I fully agree with this one comrades, if all the killers and rapists are given second chance by the law, why not us good citizens of the country?
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MommaC

So they want to reward irresponsibility?

I do think that the credit unions (oh the irony) are too swift to blacklist and too slow to take people off (especially when they are wrongly put on) but to simply bail people out because they were financially irresponsible, well that is just foolishness,
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malemaforpresident

Now we are correcting the imbalances of the past this is part of Economic Freedom that we are referring to remember in most cases race is considered when applying for a loan between the banks if you are pitch blac.k they Google your credit record but if you a bit pin.k you only propose the loan amount you want to borrow without visiting your credit record
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asaowe

Good call Cosatu i support u 100%, if criminals can get amnest y nut law abiding citezen.
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Tlakenyobehle!

ABSA CREDIT CARD R9 500
FNB OVERDRAFT R 18 000
ABSA CREDID CARD R15 000
NEDBANK PERSONAL LOAN R120 000
WES BANK CAR FINANCE R87 000
MTN CONTRACT R1500
WOOLWORHTS R 7000
TRUWORHT R5000
BOND R700000
PETROL CARD R3000
CROCERIES R2000
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MommaC

malemaforpresident

Tjo boete, you should write books. That is some kind of imagination you have there. I suggest fantasy as that would be right up your street
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Sekaku

Good Call Cosatu. we will be able to pic up private numbers again...
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iPhone4

Don't we have such a giving govt? I think am gonna start demanding they write off my bond...there's so many grants I wanna be granted something as well..
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Catswhiskers

Take them off on Monday, by Friday they're in the dwang again!
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CoffeeBean79

Seems like COSATU has the interests of the masses at heart. They vowed to resist E-tolling and now this... Good on you Vavi.
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Credo

Hhahaha !!!!!!!

Dream on !!!!!!!!!!!!!
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9janavy

One Word : SAVE!

Control your urges and save.Open a trust account and deposit R1000 every for 30 years.At the end of 30 years you have R360,000 in cash saved up.If you deposit a minimum of R5000 per month for 30years ,you will have saved up R1,800,000 at the end of 30 years.

Secondly invest in precious stones and metals e.g buy Gold coins (Mandela coins),Raw Gold, Diamonds,Rubys e.t.c These never lose value like paper money.Just get a safe deposit box from your bank or from private companies and keep your assets there.Make a list of the assets and hand the list over to the lawyer handling your will.

Take a portion of your money and invest in local and international company stocks.These days software ,electronics ,pharmaceutical ,mining and a few startup companies offering revolutionary products are great places to invest.

Self Control,Patience ,Common Sense and Careful planning is the key to staying wealthy.You don't need to live on credit to have everything you want,you just need to plan your life carefully.There is always a way,take your time and find it.Don't take short cuts as they end up biting you in azz badly.SAY NO TO LOANS!
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NwanaPhiri

intreasting... how did COSATU arrive at that specific amount ???
if it were to be considered, should it not come down to how much an individual was blacklisted for ???
thinking...
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RobinH

WTF!!! This will only encourage greater dependance on credit, the very cornerstone of capitalism. People will get to believe that it is perfectly okay to go into massive debt, knowing that they will be bailed out. It creates an environment of complete financial irresponsibility and in the long run will have a very negative affect on borrowers who DO actually pay their debts. Insane.
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Kon-Tiki

R200000 will only write off my yearly boose acount. Tšie e phala morogo. Bring it on, spongemaster.
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MarryMeNow

malemaforpresident
Now we are correcting the imbalances of the past this is part of Economic Freedom that we are referring to remember in most cases race is considered when applying for a loan between the banks if you are pitch blac.k they Google your credit record but if you a bit pin.k you only propose the loan amount you want to borrow without visiting your credit record
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you are talking rubbish, i guess if you do not have enough knowledge just shut up. All credit applications are scored via ITC irrespective of the applicant. Its such that people like you think credit is for free and you have not duty to repay. you have clothing accounts with all shops and you dont pay them on time or not at all.
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WarrenG

Ja right...asking for 'a handout' again. Get real bra, face the repercussions
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Ngwedane

9janavy
One Word : SAVE!
....................................................
You forgot to mention tik, mandrax, cocaine, rock etc
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Ngwedane

Cosatu is right, Gov must do it just once.
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ShadesOfGrey

Seems COSATU didn't learn from Zimbobwe that one cannot just print money without it becoming worthless. In the same way one cannot just make credit disappear without the currency devaluing, thereby punishing those who did save - as suddenly their rands cannot buy as much as it used to.

Twits.


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Nzwere

Let us not misunderstand the issue here, cosatu is calling for the removal of names from the credit beareu's records. not for the scrapping of debts. if your name has been listed on the credit beareau register and you still owe the companies that listed your name, you will still be liable to pay up your debt but you will get the opportunity to use your name again in the credid cycles.

it is a good call by cosatu though, I support it 100%. well some people will definately go back to being listed due to lack of discipline, but I am sure most people have been waiting for this opportunity and they will do everything in their power to grab it and sustain it.
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Mbeki_2

Mare hang on a minute! So the guy who decided to drive a MERC but can't afford it gets debt relief and everyone who chose a small car and can pay for it gets no help. That is fcku'd UP. Tomorrow they will be back in the shopping mall with a new credit card. You MUST pay what you buy.
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Mbeki_2

Mare hang on a minute! So the guy who decided to drive a MERC but can't afford it gets debt relief and everyone who chose a small car and can pay for it gets no help. Thats fcuk'd up. Tomorro they are back shopping with a new credit card. PAY what you BUY.
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Nzwere

They are talking about credit record here, not real debt(money) you will still pay you remaining instalment on you MERC baba, but your credit record will be cleared up to the tune of R200 000.
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RobinH

Mbeki: EXACTLY. Completely ridiculous view of Economics.
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MoNati

What?? who thinks up this SH!T?
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Ngwedane

RobinH
.......................
How are you white boy today? Are you going to do fishing this long weekend?
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MoNati

I think they should focus on E-toll and leave Economics alone.
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RobinH

Ngwedane: ???? I am fine thanks. And how is the darker chap? You do know that I do not like using racial terms for people, I presume. I am not interested in such things. And fishing? WHAT???? I don't fish. ANd which long weekend. What are you talking about?
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Ngwedane

RobinH
Ngwedane: ???? I am fine thanks. And how is the darker chap? You do know that I do not like using racial terms for people, I presume. I am not interested in such things. And fishing? WHAT???? I don't fish. ANd which long weekend. What are you talking about?
.....................................................
I am talking about this weekend, I assume you will be spending some quality time with your python. I wish that it eats you.
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piet

thet will never hapen,its just a dream of bored people

just we need to deal with our own budget on hand, and stop show off now december time with flashy bank cars

the good about me, im earning very little 14grnd but i cant afford high class life, no even a credit card, clothing,furniture,bond,car finance account.

show off wer as im the 1 to cry mths end,nooooo way

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malemaforpresident

21 Sep 2012MarryMeNow
malemaforpresident
Now we are correcting the imbalances of the past this is part of Economic Freedom that we are referring to remember in most cases race is considered when applying for a loan between the banks if you are pitch blac.k they Google your credit record but if you a bit pin.k you only propose the loan amount you want to borrow without visiting your credit record
-------------------------------------------------------------------------------------------------------------------------------------------
you are talking rubbish, i guess if you do not have enough knowledge just shut up. All credit applications are scored via ITC irrespective of the applicant. Its such that people like you think credit is for free and you have not duty to repay. you have clothing accounts with all shops and you dont pay them on time or not at all.

@MarryMeNow
===========================
T&C Im already taken try next door kikikikikwaaaa hahahaha
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Mbeki_2

Nzwere
They are talking about credit record here, not real debt(money) you will still pay you remaining instalment on you MERC baba, but your credit record will be cleared up to the tune of R200 000.
-----------------------------------------------------------------------------------------------
Yho, thanks Bra, you stopped me just in time - I was nearly out the door and on my way to MERC showroom downtown.
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Ayobas

I wish the law-makers of this country take it into action what COSATU as soon as possible, le rona re tle re heme...
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Nzwere

Mbeki_2
Nzwere
They are talking about credit record here, not real debt(money) you will still pay you remaining instalment on you MERC baba, but your credit record will be cleared up to the tune of R200 000.
-----------------------------------------------------------------------------------------------
Yho, thanks Bra, you stopped me just in time - I was nearly out the door and on my way to MERC showroom downtown.
=======================================
Kwakwakwawa, no sweat bra, but you can still drive around with your new merc for the entire festive season and take it back in Jan 2013.hahahahah
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RobinH

Ngwedane: Where is this coming from. I have never even debated with you? Why the nasty little comment? Seems like someone with a very small mind with nothing to occupy it other than bitchiness. ENjoy your bitter little day.
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9janavy

@RobinH

Ignore Ngwedane,he is blogging from a mental institution.I guess the crazies have gotten to him today.
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Shredder

I SUPPORT THIS IDEA
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Shredder

Mbeki_2
Mare hang on a minute! So the guy who decided to drive a MERC but can't afford it gets debt relief and everyone who chose a small car and can pay for it gets no help. That is fcku'd UP. Tomorrow they will be back in the shopping mall with a new credit card. You MUST pay what you buy.
==================================================================
LOL. Those buggers that drive the Merc should live according to their affordability and stop impressing people with what they can't afford to pay.
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RobinH

Shredder. I am confused. Your 2nd comment there seems to contradict the first.
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Shredder

@RobinH
Shredder. I am confused. Your 2nd comment there seems to contradict the first.
========================================================================
Hahahaha!!! Choose the one you like most :-D
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Bundu1

Afha ngoho vhadovha vhorithusa chothe habe mishumo i khobala ngannthani hadzi Risk Assesment dzo declined due to bad credits now i am going to get that management position and controll my debts with enough salary,but when will this start...is there any1 who knows about this process commencing dates??
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skhokho21

This is a good idea if implemented correctly but I don`t agree about giving money, just clear the negative listing, 1st for those who paid up their debts, then those with debts must still pay from their own pocket but remove all negative listing in return they must not be allowed more credit until they meet the NCA requirements.
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2shy2call

I support this Cosatu..
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LBS

@malemaforpresident
Now we are correcting the imbalances of the past this is part of Economic Freedom that we are referring to remember in most cases race is considered when applying for a loan between the banks if you are pitch blac.k they Google your credit record but if you a bit pin.k you only propose the loan amount you want to borrow without visiting your credit record

---------------------------------------------------------------
Racist much?
Guess you live in Lala Land if you think anybody, especially YT just gets given credit without a thorough credit check and it's NOT on Google either!

Al All
Stupid idea anyway. Time everybody GREW UP and accepted responsibility for their own actions.
Anybody who is given amnesty will be running up credit at the first opportunity compounding the problem especially with Christmas coming up.
If you can't afford a thing don't buy it!!

Don't we already have to suffer with lower interest rates on savings to bale out those who are in debt?
Enough already!! :(
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RobinH

shredder. OK. I like that. Like modern exams. Multiple choice and one gets promoted regardless opf outcome, lol. Have a great weekend!

LBS: My feelings exactly. Why should honest, hardworking people who are frugal and live within their means have to tolerate this sort of promotion of financial irresponsibilty which in the final analysis will end up costing the taxpayers. Disgusting!
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Bundu1

@Skhokho1 i agree with you murena they must just remove those negetive accounts that a gud1 man
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Ngwedane

RobinH
Ngwedane: Where is this coming from. I have never even debated with you? Why the nasty little comment? Seems like someone with a very small mind with nothing to occupy it other than bitchiness. ENjoy your bitter little day.
................................................................
I was dru.nk last night so I am full of sh1t, now u telling me that I have a small mind. Okay yours is big and empty.

9ja must just shut the fu.ck up.
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Mahube1

They are talking about people who are blacklisted and probably those who have judgements on their names, not current debts which you can pay at the end of the month.
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|Sinudeity|

Removing the black listing from certain folks will have the same result as paroling criminals. Some of the people will merely black-list themselves again. Just like some paroled criminals returned to crime.
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RobinH

Ngwedane> Go drown your sorrows again then. Lament the lack of a brain. Now let the grown ups talk.
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LBS

@RobinH

LBS: My feelings exactly. Why should honest, hardworking people who are frugal and live within their means have to tolerate this sort of promotion of financial irresponsibilty which in the final analysis will end up costing the taxpayers. Disgusting!

-------------------------------------------------------------------------------

Thing is, this nanny state is getting out of hand in more ways than one.

Starting with the anc government who think there's an endless pot of money to be squandered on their whims indulgences and fancies.
This thought (haha) process spills over to the rest of the population who constantly expect a bale out for their own stupidity. When they get it, they carry on regardless and do the same stupid things over again expecting another baleout.

Personally I am gatvol of the whiners who have more children than they can afford to support themselves and who think 'bling' they can't afford makes them important.
Once again the minority suffer for the stupidity of the majority.

Pity being stupid isn't more painful!!
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Mahube1

It will be a relieve.
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LBS

@Mahube1
They are talking about people who are blacklisted and probably those who have judgements on their names, not current debts which you can pay at the end of the month.

-------------------------------------

A question if I may ask - What is the point of getting your name off the blacklist or clearing your name if you have a judgement against you.
Isn't it to allow you to get more credit?

Back into debt go these same people without having learned a thing, or am I wrong?
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Ngwedane

RobinH
Ngwedane> Go drown your sorrows again then. Lament the lack of a brain. Now let the grown ups talk.
......................................................
You haven't left the teenage stage remember.
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Bundu1

@Robin-Hood whats up with you man
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Brighteyes

@ LBS
Thing is, this nanny state is getting out of hand in more ways than one.

Starting with the anc government who think there's an endless pot of money to be squandered on their whims indulgences and fancies.
This thought (haha) process spills over to the rest of the population who constantly expect a bale out for their own stupidity. When they get it, they carry on regardless and do the same stupid things over again expecting another baleout.

Personally I am gatvol of the whiners who have more children than they can afford to support themselves and who think 'bling' they can't afford makes them important.
Once again the minority suffer for the stupidity of the majority.

Pity being stupid isn't more painful!!
--------------------------------------------------------------------------------------------------------------------
Well said !!! Some people just wount understand. It aint gonna help clearing the names of the black lists coz the companies will keep on calling on you for their money.
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CYBORICO

good but vague idea, they will have to be more specific and refined for this to be of real help, taxpayers money will b involved, we cannot just bail out everyone but tax payers themselves, they just need good criteria for qualifying taxpayers, otherwise i cant afford seeing my tax money bailing out tha tender dude who too 90% of the tender money tied it to the front of his winny, left job unfinished, never paid nobody, whose now sinking in debt, I say the better start with the salary earners whose collection of monthly tax(site and paye) has never been problematic, i belive these r the citizens deserving a break, they witnessed millions of their tax contributions being wasted and they still contributing till today, the deserve a bells served on rocks
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sledgezn

I also agree with COSATU. Now they are really fighting for workers. Im forced to owe sars, sabc(with their bullshit programmes), before we even get to my credit. Anyway the truth is that we dont even owe the banks. I've read about it on New Economic Rights alliance websiteit goes like this;

In theory, all 19 million South Africans who have “credit” could make similar claims against their bank. This is primarily due to securitisation, a process that the banks are extremely secretive about.
This important case argues that a bank is not allowed to pretend that a customer is indebted to it. Banks send out regular statements of account.
They collect monthly payments, they make claims for money and even threaten to take assets away on public auction. According to the evidence presented, all of this is illegal because the bank has secretly sold the debt to a third party, and in doing so loses its claim of right. In fact, the bank has already profited as a result of the securitised sale, and investors are protected by an insurance policy in case of a default.

The case document is very easy to read here: http://downloads.newera.org.za/Summons_34355_12.pdf.

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sledgezn

we confirm from this press release that charges of civil fraud have been laid against Standard Bank (case number 34355/2012) in the Johannesburg High Court. NewERA is not party to this case, but we have a duty to keep our Members informed. The charges include:

- Five counts of misrepresentation
- Five counts of fraud
- Three breaches/contraventions of the Bank Act

Related to my previous comment.
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MasheleJ

Such a very good idea, COSATU and we're all hoping that y'all gonna be the organisation to underwrite and indemnify the potential losses of creditors and the revenue service when compensatory tax-deductions for these "write-offs".

Oh wait! This is just more of Vavi's ill-considered remarks designed to boost the ANC political credibility on the eve of the upcoming elections.

Have you no shame? You appear to lack any moral perspective...
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MasheleJ

@ sledgezn

Actually, sledgezn you should note that the usual "securitisation" agreements authorise the banks to act as collection agents and that most national retail institutions [car rentals, clothing and furniture stores to name a few] are registered and authorised as financial services providers (in other words "banks") to enable them to "securitize" their customers debts in order to free-up this tied-up capital for continuing trading purposes. Otherwise they'd all go bankrupt and millions more would lose their jobs. There are more technical ways of explaining this but obviously you lack any sort of commercial background!

But of course you're intelligent enough to know that, hey? And you're also very aware that any serious breach of the Financial Services Act by registered financial service providers will be acted on by the NPA.

So one wonders what on earth what you really be bleating about and your true motivations behind your allegations?

Have you heard of slander and libel laws? This ain't the territory you want to get into, believe you me!




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sledgezn

@Mashele I get u bru. here is the reason below or lets say I do not understand it. lighten me up mo . . .

Thanks to a string of successful cases in the United States against securitisation. The most recent case involved Citigroup, who was forced to settle for $590 million in damages. In the US, banks and brokerages have been under fire since the 2008 crisis where ‘sub-prime’ securitisation was considered to be the cause of the crash.

Securitisation occurs when banks sell bundles of loans, credit cards and shop cards to third parties, who in turn trade them on various bond and stock exchanges. The profit margins can be enormous because those loans become “bets” called derivatives which can be traded many times over.
The person repaying the loan has no idea that he is responsible for his share of a global industry estimated to be 20 times larger than the GDP of the entire planet, and this is why We must resolute in getting the media to finally get behind the people and start asking the hard questions of the “banksters”
.
“Securitisation is bringing down this country” . ”It is a giant pyramid scheme that has to keep sucking more and more debt to stop it from crashing. This debt comes from us – our homes, cars, credit cards, businesses and assets. It must be exposed. It must be stopped or our children will not survive the next few years. The banksters are stealing the country from its people.”

As strange as it sounds, banks do not possess the money they claim to “lend” the customer, and therefore the loan agreements should be declared invalid.
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MasheleJ

@ sledgezn
OK pal, now I'm with you. You're talking about the "wide boys" who abuse the financial system for personal gain.

Sure, that's basically what happened to cause the mortgage crisis in the USA. There the issue lay not with the mortgages but with how certain individuals leveraged mortgage values and I'm sure that these same chancers could abuse a basic business tool such as overselling debtor obligations in the same way. So we be onna same page! Thanks for your response.

But the problem lies with those offering credit and those accepting such offers. Those accepting such offers usually do so to resolve personal issues such as low self-esteem. It becomes a vicious circle with those in the marketing and banking industries exploiting these very human failings.

In my world credit would be limited to those commercial entities who could demonstrate the benefit to any given GNP. Yes, exploitation also benefits GDP but sooner or later the bubble bursts as a consequence of major unpredictable fluctuations in the global economy and then these so-called "assets" become unrecoverable.

But the CE O's of major corporations are paid to enhance equity values even when the global economy is in a dive and, betimes, they use unethical/immoral but not [mostly] illegal methods to do this. But sooner or later the aforementioned bubble will burst 'cos of one fact. THERE ARE NO FREE LUNCHES The CEO don't give a damn 'cos he/she be rewarded in the short term [annually] while the consequences of his/her depredations lie in the relatively distant future. Think Bernie Madoff et al.

I trust my above wern't too tedious...
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