BLACK DEBT COUNSELLOR’S FORUM PIONEERS TALKS WITH UNSECURED LENDERS - PRESS RELEASE There is serious concern in the credit industry about the astronomical rise of unsecured lending in South Africa statistics quoting a 389% rise within the last five years. In its pursuit to protect consumers the Black Debt Counsellor’s Forum is initiating talks with major players in the unsecured lending industry. BDCF is very concerned about this distressed borrowing and the resultant vulnerability to consumers and has become proactive in addressing the problem. BDCF has initiated groundbreaking talks with African bank one of the major players in the field of unsecured lending. The key areas discussed were high interest rates, reckless credit and consumer education ‘’We want to point out that this was not a name and shame exercise but a proactive approach in which for the first time African Bank was able to sit down with a Debt Counsellor’s Forum and carve a way forward to the interest of the consumer. The BDCF maintains that debt counsellors’ role in curbing the spiralling of debts are not fully appreciated in the industry. We want to alter the misperceptions and be catalyst for positive change in consumer protection. BDCF will soon be engaging with Capitec Bank and Bayport on the same matters. BDCF will be holding a seminar in Alberton on Friday 19th July in which African Bank will be presenting its perspective on how communication with Debt Counsellor’s can be improved. All interested stakeholders are invited Thandi Nhlengetwa Chairperson
Posted on: Thu, 11 Jul 2013 13:21:58 +0000
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