15.1.2021 01:56 pm
Uncertainty about when the economy can operate fully again is also making lenders jittery, with supply from credit providers decreasing by 30 percentage points to 40%.
The credit industry is another part of the economy that was severely impacted by the pandemic, leading to changes in the credit market that would probably be permanent.
Remember: you do not have the right to exchange something for the simple reason that you do not like it. You can only depend on the goodwill of the store to exchange a Christmas gift you do not like.
If you spend without a proper budget during the festive season, you could end up applying for credit to get through January.
A spokesperson for Telesure Investment Holdings said that each claim would be assessed on its own merit, as driving during curfew would not in itself be a reason to reject a claim.
Credit providers need your express permission if they want to move their debit orders forward, and if they don’t stick to the credit agreement, you can report their conduct to their regulatory body.
‘Compromising your personal information can create opportunities for criminals to impersonate you but does not guarantee access to your banking profile or accounts. However, criminals can use this information to trick you,’ SA Banking Risk Information Centre’s Nischal Mewalall said recently.
Absa is investigating how one of its employees allegedly managed to unlawfully make selected customer data available to a small number of external parties in the second data leak this year.
On Black Friday 2020 there were no fist fights about toilet paper and most websites, where consumers now do their shopping after getting used to it during lockdown, did not crash this year. While some consumers declared on social media that the specials were not up to scratch, the stacked trolleys at some stores told a different story.
Financial authorities said they do not support this practice as it exposes consumers to several risks, like compromising their access credentials.
South African consumers have always been wary of online shopping because they did not feel safe divulging their confidential banking information online.
‘Used responsibly, credit can help people afford items they might not otherwise be able to buy, but it is essential that consumers only spend what they can afford to repay,’ says Lee Naik.
According to the NCC it engaged with 76 consumers during the mediation period and resolved 53 of them. Three claims were rejected as the losses didn’t fall within the parameters of the settlement agreement.
Although consumers were warned about overspending often, a recent survey by Debt Rescue showed that these appeals more often fell on deaf ears.
We have all suffered financially this year, with many people having to make do with a reduced salary while some were retrenched. For those of us still lucky enough to have a job, that bonus or 13th cheque is a prick of light in the darkness that is 2020. But what if your employer says no bonus or 13th cheque this year?
People like to use WhatsApp calls because they are cheaper than normal voice calls, but they are increasingly finding that the people on the other end cannot hear them. Is there something wrong with WhatsApp?