Business Report on IOL reports that:
“Johannesburg – Absa Group expected an increase in bad loans after the central bank raised interest rates earlier this month, said chief executive Steve Booysen.
The lender still expected to meet its targets on credit impairments and profitability, Booysen said yesterday in Cape Town, where he is attending the World Economic Forum.
The Reserve Bank raised its benchmark interest rate by half a percentage point to 9.5 percent on June 7, after increasing it four times between June and December last year.
“We are in a different interest …

An overview for Commercial Creditors.
This is a one day seminar in Johannesburg to be held on the 26th July 2007, at 8.30am for 9am.
It is aimed at commercial creditors (businesses who supply other businesses on credit). It will cover all the basics that are needed to run a successful commercial credit control department with a business.

By Tonny Mafu on Business Report on IOL.
“Johannesburg – The well-to-do emerging black middle class – also called black diamonds – had grown by 30 percent to 2.6 million in less than two years, fuelled by the availability of credit, a study has revealed.

The school fee collection seminar hosted by Bentley Credit Control has been moved back from June 2007 to July 2007. Unfortunately this is a result of continuing strike action in government schools and uncertainity as when the schools would re-open.

Despite all the hype and media attention around the National Credit Act, there still appears to be a degree of confusion out there about the implications of the NCA, particularly with creditors and whether they should be registered with the National Credit Regulator or not. It appears that some “credit consultants” out there are advising every man and his dog to apply to register as credit providers.
A very large percentage of the creditors that I have come into contact with fall under the definition of incidental credit providers.

“Never doubt that a small group of committed people can change the world. Indeed it is the only thing that ever has.”
Margaret Mead

By Tonny Mafu on IOL, Business Report:
“Johannesburg – It was time consumers educated themselves on how to act in a low interest rate environment, as they seemed unable to “have low interest rates without spiralling inflation”, Reserve Bank governor Tito Mboweni told a gathering of business people at the Johannesburg Country Club on Friday.

I received the following joke in my email today, which shows the perception that the National Credit Act is over paternalistic and a bit big brotherish…..

“Correction does much, but encouragement does more. Encouragement after censure is as the sun after a shower.”
Johann Wolfgang von Goethe

With the National Credit Act’s impact on many aspects of law relating to credit, one of the issues to be considered is its impact on rescission of judgment application.
The primary reason people seek a rescission of judgments is to remove judgments which has
been taken in default against them from their credit bureaux records after they have settled the judgment debt so that they can obtain credit.