A number of debt collectors are still advising clients that they, the debt collectors, can recover the entire collection commission and debt collection costs from the client’s debtors – this is, simply put, illegal.
Prior to the enactment of the Debt Collectors Act, the only persons or companies able to legally collect the costs of debt recovery from debtors were attorneys. However with the enactment of the Debt Collectors Act in 1998, the law was changed to enable properly registered debt collectors to collect certain fees and commissions from debtors. …

Ethel Hazelhurst on Business Report:
Johannesburg – Credit extension figures released yesterday sent mixed signals about the need for a further interest rate hike when the Reserve Bank’s monetary policy committee meets next week.
Aggregate figures broadly support the case for an increase in the bank’s official repo rate, after a 3.5 percent increase to 10.5 percent since June last year.
Growth in claims on the private sector slowed only marginally from 22.46 percent over the year to September to 22.27 percent in October.
But a closer look at mortgage loans, which make up …

Ethel Hazelhurst on Business Report:
“A breakdown of September credit figures shows companies are the big borrowers in South Africa.
They are borrowing more and at a faster rate than individuals, according to a Reserve Bank analysis of the DI 900s – monthly returns, submitted by the banks to the central bank’s banking supervision department.
Nico Kelder, an economist at Efficient Group, said: “The recent shift in the economy, away from consumer spending towards the production side of the economy, is becoming evident in the credit data.”
He highlighted the trend in a research …