Credit Life Insurance Remaining Uncapped in Amendments
On Friday, 13 March 2015, the amendments made to the National Credit Act came into effect. But surprisingly the amendment did not include a cap on the cost of credit life insurance that a credit provider may charge a consumer. This is a great disappointment for the consumer: Not having credit life insurance capped means that dishonest credit providers can add excessive credit life insurance charges to loans to up their profit.
Wikus explains how consumers in debt review can avoid being duped as a result of credit life insurance remaining uncapped in amendments.