Author: Imali-admin

7 lies we’ve been told about personal finances

How do you know what personal finance information is true? Trying to find valid ways to manage your money is difficult, especially when you have one “financial guru” telling you one thing, and another telling you something completely different. Even the smartest of us can get fooled from time-to-time. So, how are you being lied to? Here are a few myths about finance that you should be aware of: Myth #1: Once you’re over 50, it’s too late to save for retirement If you are 50 and have not started saving for retirement yet, you may struggle to keep up...

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Credit extension slows down

Today, the National Credit Regulator (NCR) released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM), which are based on data submitted to the NCR by registered credit providers and credit bureaus respectively. The latest edition of the reports covers credit market information up to March 2017. The number of applications for credit decreased by 9.49% quarter-on-quarter from 10.52 million in December 2016 to 9.53 million in March 2017. The total value of new credit granted decreased by 5.63% quarter-on-quarter from R123.40 billion to R116.46 billion. The following were some of the most significant trends observed...

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Registration of Hua Xiang Loans CC cancelled with immediate effect

On 27 July 2017, the National Consumer Tribunal (NCT) heard the case between the National Credit Regulator (NCR) and Hua Xiang Cash Loans CC (Hua Xiang), a registered credit provider operating in Makhado and Malelane with the registration number NCRCP3505.The NCR argued that Hua Xiang was in contravention of the provisions of the National Credit Act, 34 of 2005, as amended (the Act). The NCT made an order whereby the registration of Hua Xiang was cancelled, with immediate effect. The remainder of the prayers sought by the NCR were reserved for the NCT to deliver a written judgment in...

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Tax Returns: Ways to Pay Less And Save More

They say nothing’s certain in life, but death and taxes. But there’s no reason why you can’t get savvier with your tax returns and apply savings towards a cushy retirement or other smart investments. We’ll help you better understand your tax liability, ways to reduce your tax bill, and how to save tax-efficiently in a retirement annuity. Who has to pay tax and who has to tell SARS more about it? We know how it goes: you start your first job, your company kindly deducts your tax and UIF, and you’re left with, well, what you’re left with. No one...

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Consumers warned about the “pawn your car and drive it” scheme

The National Credit Regulator (NCR) has referred Sun Finance South Africa (Pty) (Ltd) (Sun) to the National Consumer Tribunal (Tribunal) following an investigation by the NCR which revealed that terms of the “ pawn to drive” agreement entered into by Sun Finance were in contravention of the National Credit Act. In May 2017 the National Consumer Tribunal declared the  Allied Capital “pawn your car and still drive it” scheme (“scheme”) unlawful and prohibited by the National Credit Act 34 of 2005 (“NCA”). The consumers only wanted to borrow money using their cars as security for loans” says Jacqueline Peters,...

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