In a National Credit Regulator press release:

‘In a further boost for consumer rights, the Free State High Court has ruled in favour of the National Credit Regulator (NCR) in its case against Brusson Finance (Pty) Ltd, a company which used the so-called “reverse mortgage“ system of money lending which resulted in a number of consumers loosing their homes.

The NCR instituted proceedings in the Free State High Court, together with two borrowers, Mr and Ms Ditshego, who had lost their home to the scheme, against Brusson.

This was as a result of receiving various complaints from consumers in respect of loans concluded with Brusson and an investigation into the company’s business activities.

Adv. Jan Augustyn, Manager for Investigation & Prosecution at the National Credit Regulator said that “the investigation revealed that Brusson was an unregistered credit provider that targeted blacklisted, cash strapped members of the public, who cannot obtain loans and/or financial assistance from reputable credit institutions due to bad credit records. Brusson granted loans on condition that the consumer owns immovable property with substantial equity available in the property.” ‘

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