Sharks circle while people wait for new credit act

The full effect of the new National Credit Act will come into force on June 1. But in the meantime, debt collectors and their ilk are using this window period to mislead consumers.

The full effect of the new National Credit Act will come into force on June 1. But in the meantime, debt collectors and their ilk are using this window period to mislead consumers.

Several consumers have written to me to say they have received letters that don't reflect the debt collector's registration number. Others have asked for copies of their debt records, but received the run around, still others haven't been allowed access to debt counsellors.

After June 1, consumers will be allowed to apply for credit, all applications should be easy to understand and all loan institutions have to make every effort to prevent you from drowning in debt. Consumers may also apply to the credit bureaux for their credit records.

Hermène Koorts, DA spokesman on finance, Gauteng

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