• Time to join war effort

    It may be time to join Eskom in its War Room efforts, says Matthew le Cordeur.

  • Foreign friends

    Immigrants bring a powerful injection of energy and talent to SA, says Mandi Smallhorne.

  • Top 10 user comments

    Eskom attracts lively commentary, but other issues also stimulated debate.

Loading...
See More

WesBank: Fewer owners in debt review

Aug 30 2011 11:25 I-Net Bridge

Company Data

FIRSTRAND LIMITED [JSE:FSR]

Last traded 57
Change 0
% Change 1
Cumulative volume 13186444
Market cap 0

Last Updated: 20-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Vehicle finance balloon payments in decline

Car dealers upbeat about sales

Wesbank bullish on 2011 vehicle sales

Commodity boom drives truck sales

Fuel price spike concerns Wesbank

 
Johannesburg- WesBank, the vehicle finance division of FirstRand [JSE:FSR], said on Tuesday it has recorded a significant reduction in the number of vehicle and asset finance customers going under debt review in terms of Section 86 of the National Credit Act.

The number of monthly applications for debt review fell by 71% during the past year to the end of July, indicating that the debt review process was now working much better than before, the vehicle financier said.

Chris de Kock, WesBank executive head, sales and marketing, said the reduction was due to a number of reasons. These include a stronger economy, legal clarification on the rights of credit providers and consumers around the debt review process, as well as improved consumer education.

"A lower interest rate environment and a stronger economy have certainly helped consumer's ability to repay debt, and we are seeing the benefits of this coming through improved customer account conduct profiles."

He cautioned though that while the number of people going under debt review had remained stable over the last few months, any major change in economic conditions would have a negative affect.

De Kock said the Supreme Court of Appeal's judgment this year confirming the credit providers' termination rights when consumers were in default also contributed to the falling number of people going under debt review.

"The ruling has helped clarify understanding of the rights of credit providers and has somewhat discouraged the abuse of the protection previously provided by Section 86 of the National Credit Act," De Kock said.

He added improved consumer education and awareness had also helped to convince people who were unable to meet their commitments of the importance of dealing with the problem sooner rather than later.


wesbank  |  firstrand  |  debt review  |  national credit act

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Karl Lagerfeld spotted with custom gold Apple Watch

Fashion designer Carl Lagerfeld has just proved that fashion and tech can indeed go together!

 
 

Luxury living

WATCH: Private luxury island for sale!
The most luxurious dog house!
Must see: The world’s most expensive timepiece
Exciting new luxury SUV arrives in SA!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What brand of smartphone has been stolen from you?

Previous results · Suggest a vote

Loading...