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NCR applies to the National Consumer Tribunal to cancel Moneyline Financial Services registration Print E-mail
Monday, 22 September 2014
The National Credit Regulator (NCR) has announced that it has applied to the National Consumer Tribunal to cancel the registration of Moneyline Financial Services (Pty) Ltd, a subsidiary of Net 1 Applied Technologies South Africa (Pty) Ltd, for breach of the National Credit Act 34 of 2005 (NCA).

The investigation conducted by the NCR revealed that:
 
·       Moneyline Financial Services granted credit to consumers receiving child support grants and foster child grants meant for the upkeep of children which grants were used as income for assessing the consumers’ ability to repay credit.

·       Moneyline Financial Services granted credit to consumers receiving social grants without assessing their debt repayment history.

·       Moneyline Financial Services granted credit to consumers receiving social grants without taking into account their monthly living expenses.

·       The credit agreement provided by Moneyline Financial Services to consumers is not in the prescribed form and does not contain crucial information about the rights and obligations of consumers.

·       Moneyline Financial Services does not keep and maintain documentation in support of the affordability assessments relating to consumers’ income and debt repayment history.

“The use of child support grants and foster child grants as income for purposes of conducting affordability assessments on credit applications is totally unacceptable. It deprives children of money meant to provide for their daily necessities”, says Nomsa Motshegare, Chief Executive Officer of the NCR.

(Source - NCR Media Release)
 

 

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