Reckless Lending

We will look at the financial agreement/s in question to determine if reckless lending has occurred. If your agreement is found to be reckless the Court can make an order to set aside all or part of the consumer's obligations and then suspend the credit agreement. Where the Court makes the above decisions you do not have to make any further payment to the responsible credit provider and your loan may be written off. The credit provider may not demand any payment from you. Which means no interest, fee or other charge under the agreement may be charged to you. Reckless lending can be identified as the following:

• The financial or credit provider did not do any type of assessment.
• The client did not understand the risk of the credit.
• The clients income is less than the credit agreement and so cannot afford the loan repayments.
• The loan or credit causes the client to become over-indebted.
• Reckless Credit Application
• Reckless Credit Agreement
• Reckless Credit Granting
• Reckless Credit Loans
• Reckless Credit National Credit

What is over-indebtedness?

A consumer is over-indebted if it’s assessed that they will be unable to meet all their financial obligations in a timely manner. Based on the majority of information available at the time of the assessment including their:

• Financial means.
• History of debt repayment.
• Over Indebtedness
• Over Indebtedness Help

 

We also offer reckless lending services to the following areas:

South Africa
Bloemfontein
Boksburg
Cape Town
Durban
Gauteng
Johannesburg
Kempton Park
Midrand
Port Elizabeth
Pretoria
Randburg
Sandton
Soweto