Stats SA released the key findings regarding liquidations for August 2009.
The total number of liquidations increases at slower rate. The  total  number  of  liquidations  recorded  for  the  first  eight  months  of  2009  increased  by  29,7%  (from  2 037  to 2 643) compared with the first eight months of 2008. However, the total number of liquidations recorded for August 2009 decreased by 7,4% (from 285 to 264) compared with August 2008, due to decreases in the transport, storage, communication  and  the  financing,  insurance,  real  estate,  business  services  categories  (22  and  13  …

Reporting from Reuters Business Report :
“Growth in South Africa’s private sector credit is likely to have slowed further in August on the back of the country’s first recession since 1992.
A Reuters poll of 12 economist on Friday showed private sector credit extension (PSCE) is seen slowing further to 2.75 percent in the year to August — which would be the lowest rate of growth in more than 5 years — from 3.4 percent in July.
High levels of consumer debt and job insecurity have seen households cut back on credit, while …

Previously we had commented on the in duplum rule and its connection to the NCA and also reported on the judgment of Judge du Plessis on the declaratory order brought by the National Credit Regulator which dealt with procedural and other legal issues relating to the debt rearrangement process, but also dealt with the issue of the so-called statutory “in duplum” in terms of Section 103(5) of the National Credit Act.
Now Maureen Marud, a Consumer Editor at Independent Newspapers, reports on IOL that:
“Two of the four major banks are challenging …

The National Credit Regulator has released the following press statement:
The National Credit Regulator (NCR) is concerned over several instances of non-compliance with the requirements of the National Credit Act (NCA), its Regulations and conditions of registration by CR-registered debt counsellors. Adv Jan Augustyn, Manager of Investigations and Prosecutions, said that such non-compliance could cause further prejudice to already over-indebted consumers and the NCR is proceeding with numerous investigations to ensure debt counsellors do comply with legislation. Augustyn said a number of these investigations have already been referred to the National …

Section 127 of the National Credit Act gives the consumer an extraordinary right, namely to rid themselves of their credit agreement when goods are involved, by unilaterally deciding to return the goods to the credit provider so that they can be sold by the credit provider in order for the agreement amount to be settled.
This right and procedure relates only to instalment agreements, secured loans and leases as defined in the NCA.

Moneyweb‘s Chris Blaine reports:
Banks are cutting clients credit card limits often with little notification potentially placing them in an embarrassing situation and leaving many frustrated.
FNB’s Stephen Higgins says that customer contracts state “credit limit is at the discretion of the bank” and that “[we] can confirm that we are reviewing clients”.
Both FNB and Standard Bank say that this process is not new. In fact, it has been ongoing for over 18 months. But because of how banks notify clients few are aware of this.
FNB believes that SMSing clients about these …

Maarten Mittner on Fin24.com reports:
Discussions between the government, other role-players and heads of banks on how the financial crisis should be approached are on the right path, declared Sim Tshabalala, chief executive of Standard Bank SA, on Tuesday.
The discussions related to what banks’ lending polices should be in the current difficult conditions.
Tshabalala says the bank chiefs “firmly and thoroughly” communicated the message that their primary function is to pay back depositors’ money and ensure shareholders of a decent return.
In the process it is necessary for them to satisfy the needs …

” When someone does something good, applaud! You will make two people happy.”

Samuel Goldwyn