‘Thou shall not default on loan payments’

THE Competition and Consumer Protection Commission (CCPC) has urged consumers to ensure loan payments are remitted to their respective financial institutions in line with their individual loan agreements.
This follows several complaints received from the public arising from financial institutions penalising account holders who default on loan payments despite the loans being deducted on their payslips by employers.
“It is important to note that the loan agreement is between an individual and respective financial institution. Therefore, the responsibility solely lies on the consumer to ensure the loan repayments are remitted to the financial institution as per agreed terms and conditions. CLICK TO READ MORE

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