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NCR: investigating credit providers for shortfalls of repossessed vehicles and houses Print E-mail
Sunday, 05 October 2014

The National Credit Regulator (NCR) has announced that it is commissioning an investigation into various credit providers regarding shortfalls arising from sales of consumers' repossessed motor vehicles and houses by credit providers.

The investigation is part of the effort by the NCR to ensure that credit providers sell consumers' repossessed motor vehicles and houses as soon as reasonably practicable or for the best price reasonably obtainable.
 
"Credit providers should ensure that they sell consumers' repossessed motor vehicles and houses as soon as reasonably practicable or for the best price reasonably obtainable so that consumers are not liable to pay shortfalls that are substantially high. This is an issue of serious concern to the NCR", says Nomsa Motshegare, Chief Executive Officer of the NCR.

(Source - NCR Media Release)
 

 

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