The credit bureau monitor published by the National Credit Regulator informs us that 8.61million out of 18.5million credit active South Africans had negative credit records in December 2010. You cannot qualify for a home loan if you have a negative credit record and basically life becomes difficult as most of us need debt to get through life.  Here are my reasons why I want you to get out of bad debt:

  • You can stop worrying – too much debt can give you ulcers
  • You can start getting into good debt that will make you financially independent and hopefully rich
  • You can buy your own home or two or more homes.
  • You can use your money to secure a good future for yourself and your children instead of servicing debt repayments.

Types of complaints you can take to the Credit Ombud

The credit Ombud is doing excellent work FREE of charge. In 2010, they received a total of 3 870 complaints. 2 670 of these cases were resolved in favour of the consumer. The ombud takes between 40 to 50 days to resolve your complaints.

  1. Complaints about credit provided by a non-bank credit providers e.g. microlenders or furniture shops. These complaints usually are about credit providers who do not send statements to their customers or who send statements that do not show all the payments made by the customer.

  2. Complaints about credit information held by a credit bureau

  3. Complaints about debt counseling

  4. Complaints about high or never ending garnishee orders. If your garnishee order amount is so high that you end up unable to pay for your living expenses because of the garnishee order, you can complain about this to the ombudsman.

  5. Complaints about garnishee orders for prescribed debt

If a creditor or debt collection agent tries to garnishee your salary for debt that has prescribed, you can ask the ombud to assist you to stop the garnishee order. You can contact the Credit Ombud, Advocate Manie van Schalkwyk CallCentre 0861 662 837 or email ombud@creditombud.org.za