If you suspect that you have been a victim of reckless lending, our accredited debt counsellors and specialist attorneys can assist you. They will assess all of your credit agreements to see whether any of them can be classified as reckless lending.
If the consumer does not understand the risks, costs and obligations created by the proposed credit agreement, such credit agreement is considered as reckless lending. If the credit provider conducts an assessment and conclude that entering into the proposed credit agreement would cause the potential consumer to become over-indebted, but still enters into the credit agreement with the consumer, such credit agreement is classified as reckless lending.
Credit providers have a statutory obligation to actively prevent reckless credit in terms of Section 48A and 81 (3) of the Act.
Consumers are required to fully and truthfully answer the requests for information that creditors put to them. Creditors on the other hand are experts at financial matters and they use very sophisticated computer programs to figure out what the consumer can and cannot afford so they must be certain about the consumer’s financial status before they offer credit.
Our specialist attorneys will approach the courts on your behalf. A court can decide to either make the reckless credit provider wait till after all other debt is repaid before they receive a cent or the debt can be written off.
If reckless lending has been identified, it can assist over-indebted consumers that is why it is necessary to identify reckless lending. It is necessary to identify reckless lending as it is in line with the purposes of the Act.
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