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Freestate credit provider fined

Feb 15 2013 15:32 Sapa

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Bloemfontein - A Winburg credit provider was fined R900 000 and his agreements declared unlawful by the National Consumer Tribunal on Friday.

National Credit Regulator (NCR) CEO Nomsa Motshegare said an investigation by the regulator into Werlan Cash Loans revealed it was not registered at the time of concluding the credit agreements.

The NCR requires a credit provider to register with the NCR if it has entered into 100 credit agreements with consumers, or when the total principal debt owed under all outstanding agreements exceeds R500 000.

"It is important that credit providers ensure they register with the NCR," Motshegare said.

This would prevent their credit agreements from being declared unlawful.

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