I was really looking forward to planting some plants in my little garden and pots this spring, but with the water shortage looking real I don’t think I’ll bother, although I could plant some succulents which won’t need much watering.
Pansies and impatiens are my favourites, but they do need lots of water, so, if anything, succulents it is! I’ll let you know how I go on.
So often we wonder what our rights as a consumer are, and I came across the information below, so thought I should share it with you.
Your rights as a consumer
Every person has the right to apply for credit. However, that doesn’t always mean that you will be able to receive it. Luckily, thanks to the Consumer Protection Act (CPA), your rights are much simpler to understand.
According to Mark Young, deputy CEO at Bayport Financial Services, consumers must make a point of knowing their rights and insisting on them. “Knowledge about your rights protects you against unfair practices, and helps you to understand your side of the agreement you enter into with a credit provider,” he says.
Treated as equal
Everybody must be treated equally and their application must be assessed in the same way.
While your credit application can be refused for reasonable business reasons, it cannot be refused based upon your race, religion, pregnancy, marital status, ethnic or social origin, gender, sexual orientation, disability, culture or language.
Pre-Agreement
Once you have submitted your credit application, you should receive a pre-agreement statement and quotation, which is valid for five business days, to give you enough time to make a carefully thought out decision.
Fees and charges
Your credit provider must state the fees that may be charged and how much those fees could be. Insurance cover on loans is allowed, but it must be reasonable and you have the right to use an existing policy instead of taking out a new one, provided the benefits of your policy are the same, or better than, the policy offered by the credit provider.
Reckless lending
Your credit provider must make sure you can afford the loan you have applied for, to prevent you getting into too much debt. Remember, however, that you are only protected from reckless lending practices when you answer the questions on the application form honestly and fully.
Understanding fully
Your credit agreement must be in plain language, so that it is easy for you to understand. You also have the right to receive your documentation in your official language, so if you do not understand the terms and conditions of the credit agreement, do not sign it!
Unsuccessful applications
If your credit application has been declined, you do have the right to be given the reason in writing.
Ending early
Want to settle your loan earlier? You do have the right to settle your loan and end the credit agreement at any time. No penalty or early settlement fees may be charged if you do choose to settle your loan early.
Credit reports
Any new credit agreements or changes to an existing agreement must be reported to all credit bureaus in SA by your provider. You have the right to one free credit report a year and you can query or challenge any information about you that is kept by credit bureaus, at no charge to you. You can obtain your free credit report from www.experian.co.za, www.transunion.co.za or www.xds.co.za
Confidential information
Credit bureaux and credit providers must keep the information they have about you confidential. They may only use your information for the purpose you gave it to them.
Harassment protection
Unless you have invited them or they have an agreement with your employer, agents may not come to your house or place of work.
Following rules
Credit providers have set rules about how they can collect outstanding debt from you, including the specific letters they have to send you and how long you must be in breach of your contract before they can take legal action against you. However, you must realise that, ultimately, the credit provider has the right to legally pursue repayment of your debt, so it’s important to avoid getting into this situation. Talk to your credit provider about payment arrangements as this is generally a better outcome for both parties.
Getting extra help
When you cannot repay your debts, you have the right to get help from a debt counsellor. However, you will not be able to get more credit while the debt counselling process is taking place.
“Ultimately, every right a consumer has places a duty on the credit provider and gives the consumer protection during the credit process,” says Young. “The provision of credit requires honesty and cooperation between consumer and credit provider. Consumers need to show that they are creditworthy and able to afford the credit, while credit providers need to show that they follow the correct practice. The relationship only works when both parties feel completely comfortable with the process.”
Credit for the right purpose can really help consumers achieve their life goals, but only if used for the right reasons and only if it is affordable to the consumer and issued responsibly by the credit provider.
That’s it for this week. Shop till you drop.
Julie
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