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NCR issues a Compliance Notice to Wonga Finance SA (Pty) Ltd for breach of the National Credit Act Print E-mail
Thursday, 17 July 2014

The National Credit Regulator (NCR) has announced that it has issued a Compliance Notice to Wonga Finance SA (Pty) Ltd for breach of the National Credit Act 34 of 2005.

The investigation conducted by the NCR revealed that:
 
·       Wonga does not obtain proof of consumers’ income and living expenses and also does not require consumers to provide supporting information or documentation to verify the income and living expenses in order to determine the ability of the consumers to repay the credit applied for;

·       The consents to judgments issued by and/or on behalf of Wonga to consumers contain a clause which expresses, on behalf of consumers, consent to the jurisdiction of a court seated outside the area of jurisdiction of a court having concurrent jurisdiction; and

·       Wonga does not maintain and keep records of documentation in support of affordability assessments and the steps taken after default by consumers for the prescribed period of three years.

The notice requires Wonga to submit an audit report that confirms that Wonga has implemented systems and procedures to comply with the National Credit Act in respect of these issues.
 
The notice also requires Wonga to remove adverse credit bureau listings recorded on consumers’ credit records and also rescind judgments taken against consumers, at its own expense, on loans where Wonga did not obtain proof of consumers’ income and living expenses.

(Source - NCR Media Release)
 

 

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