May 2022 Debtfree DebtBusters Special Edition
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ILLEGAL CREDIT<br />
PROVIDERS MUST PAY A<br />
FINE OR GO TO JAIL<br />
Two unregistered credit providers were arrested for breaking<br />
the National Credit Act. The two people (Baby Miko and<br />
Sibusisio Nyundu) had been lending out money and charging<br />
fees and interest and so they should have registered with<br />
the National Credit Regulator (NCR). They had not done so.<br />
Instead, they were offering credit to people however they<br />
liked and at whatever rates they liked.<br />
The 2 loan sharks had also been taking consumers’ bank<br />
and SASSA cards as “security” from consumers. This is illegal.<br />
The NCR and Hawks swooped in to arrest the two.<br />
Baby Miko now has the choice to pay R8000 or go to jail<br />
for 10 months and Sibusiso Nyundu can choose to spend 12<br />
months in jail or pay a fine of R10 000.<br />
Dealing with loan sharks is unsafe and can lead to many<br />
problems. If you are struggling to pay your bills and can’t<br />
get more credit then rather speak to a professional Debt<br />
Counsellor rather than turn to illegal loan sharks.
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