The NCR is asking the Tribunal to:
• Order the group to refund the affected consumers the club fees charged;
• Order the group to conduct an independent audit into its loan book to determine the number of consumers to be refunded;
• Interdict the group from charging consumers a club fee on credit agreements;
• Impose an appropriate administrative fine on the group.
The NCR will continue to conduct industry-wide investigations on the cost of credit to root out illegal charges and fees that consumers are charged.
“The National Credit Act allows consumers to be given a quotation, which sets out the cost of credit, before signing credit agreements. Consumers should request this quotation from their credit providers so that they can properly check the cost of credit that is being offered,” says Nthupang Magolego, senior legal advisor at the NCR.
