Unfair Business Practise

<p>Hi,</p> <p> </p> <p>I send the below email to you on the 29/03/2017 and i havent received any aknowledgement or feedback,</p> <p> </p> <p>Good Day,</p> <p>Regarding the attached and the above matter,</p> <p><br />I would like to know the following:</p> <p><br />Was the personal loan approve according to the new national credit act,</p> <p><br />Can you supply me with the following in order for me to go through it,</p> <p><br />Affordability assessment that was done by Wonga, credit check that was done, everything that was done by Wonga to approve the personal loan,</p> <p><br />Please note the following and please provide me with proof that the below has been adhered to before granting the personal loan,</p> <p><br />The regulations issued under the amended Act state that, when conducting an affordability assessment, a credit provider must:</p> <p>Calculate a consumer’s discretionary income;</p> <p>Take into account all a consumer’s monthly debt-repayment obligations in terms of credit agreements, as reflected on the consumer’s credit profile held by a registered credit bureau; and</p> <p>Take into account a consumer’s maintenance obligations and other necessary expenses.</p> <p>The regulations define “discretionary income” as gross income less:</p> <p>– Statutory deductions, such as income tax and Unemployment Insurance Fund contributions;</p> <p>– Necessary expenses, which are defined in the regulations; and</p> <p>– All other payment obligations disclosed by the consumer, including what appears on the applicant’s credit records.</p> <p>The balance “is the amount available to fund the proposed credit instalment”.</p> <p>The regulations under the amended Act define “necessary expenses” as “the consumer’s minimum living expenses, including maintenance payments if applicable, but excluding monthly debt-repayment obligations in terms of credit agreements, as reflected on the prospective consumer’s credit profile held by a credit bureau”.</p> <p>Debt counsellors have long contended that, all too often, there is no evidence that a creditor checked a consumer’s credit report when it granted credit. They say failure to do so constitutes reckless lending.</p> <p>Your credit report reveals the extent to which you are exposed to credit and whether you are in default on any accounts. The implication of not being in good standing with one of your existing creditors is that you are not eligible to take on more credit.</p> <p>The amended Act also states that credit providers must take into account your debt-repayment history. This information is recorded on a section of your credit report known as your payment profile, which shows if you have defaulted on any of your credit agreements over the past 24 months.</p> <p>The credit provider must check your credit report in the seven business days before approving you for credit, or increasing an existing credit limit. In the case of an application for a mortgage bond, the credit provider must check your repayment history 14 business days before approving your loan.</p> <p>Magauta Mphahlele, the chief executive of the National Debt Mediation Association, says that, in terms of the prescribed affordability guidelines, where a consumer takes out a consolidation loan, credit providers are required to take reasonable steps to ensure that the loan is used to settle other debt and not to finance further spending.</p> <p>Deborah Solomon, a debt counsellor and the founder of DCI (an online information portal for debt counsellors and consumers), says the prescribed affordability assessment will go a long way towards preventing reckless lending, which begins when the credit provider does not process the application for credit properly,</p> <p><br />Will wait to hear from you and to get all the necessary information/documentation,</p> <p><br />Vuyani</p>