African Bank Reckless Lending
ARE YOU A VICTIM OF RECKLESS LENDING?
Before granting you credit, a credit provider must assess whether or not you can afford to take on the debt.
The provider’s affordability assessment must determine:
* Whether you understand the risks and costs of the credit for which you have applied.
* Whether you understand your rights and obligations under the credit agreement.
* Your debt repayment history.
* Your financial means, prospects and obligations. This includes your current and future income and financial commitments.
* Whether or not the credit agreement will result in your becoming over-indebted.
If a credit provider fails to conduct an affordability assessment before granting you credit, the provider could be guilty of reckless lending.
If you do not answer fully and truthfully the questions you are asked during the assessment, you may be guilty of reckless borrowing, in which case you will not have any grounds for bringing a case of reckless lending against the credit provider.
contact our hotlines or visit any of our branch near you for more inquiries
Tel: 011 256 9000
59 16th Road
Private Bag x170