Some credit companies prioritise profit over fairness, warns the NFO.
Credit companies often gamble with consumers’ livelihoods, extending agreements or enforcing measures without proper authority. Profit-driven practices often override fairness and legality.
This is according to the National Financial Ombud Scheme SA (NFO), which reported that 62% of complaints lodged against credit companies with the NFO have been upheld in favour of consumers.
Nerosha Maseti, Lead Ombud for Banking and Credit at the NFO, commented that too often, credit providers prioritise profit over fairness, and in doing so, some sidestep the due legal processes meant to protect borrowers.
“Consumers must also become more alert to the terms of credit and must be equally vigilant when lenders fail to follow the law. Awareness is the first line of defence against exploitation,” she said.
