Credit Regulator reports Edcon to Consumer Tribunal

06 November 2015 - 11:23 By RDM News Wire

Edcon has been referred to the National Consumer Tribunal (NCT) for charging “consumers a club fee on credit agreements”. The National Credit Regulator (NCR) announced on Friday that the practice “is not permitted by the National Credit Act (NCA)”.“The NCA allows consumers to be given a quotation which sets out the cost of credit before signing credit agreements‚” the NCR’s acting manager of investigations and enforcement‚ Jacqueline Boucher‚ said.“Consumers should request this quotation from their credit providers so that they can properly check the cost of credit that is being offered.”The NCR wants NCT to order Edcon to:- Refund affected consumers the club fees charged;- Interdict Edcon from continuing with their unlawful conduct; and- Impose an appropriate administrative fine.“The NCR will continue to conduct industry-wide investigations on the cost of credit to root out illegal charges and fees that consumers are charged‚” a statement said...

There’s never been a more important time to support independent media.

From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you.

For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime.

Already subscribed? Sign in below.



Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.