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New credit law will fix lenders

By unknown | Aug 17, 2007 | COMMENTS [ 0 ]

The article about debt collection in Sowetan of August 15, refers.

The article about debt collection in Sowetan of August 15, refers.

At the heart of the matter is that debt collectors care very little about the financial welfare of the people they collect from.

For many of them it's just about the money and covering the costs of administration. They don't care that many poor people are stuck in a financial hole.

The example reported in your paper where the money was collected, but never handed over is typical.

But the National Credit Act will help borrowers.

Nowadays lenders need to be transparent in their documentation, which includes any bills sent out.

Lenders can no longer send out those terrible letters that claim that this might not be the last fee that a person might have to pay.

The full and final amount must be shown so that the person in debt will know when his troubles will end.

Too many fly-by-night debt collectors have been living it up royally off the repayments of the truly poor.

It is now up to the National Credit Regulator to start enforcing the new credit law and collecting the penalties.

Let the unscrupulous debt collector feel what that's like.

Hermene Koorts,



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