Women are increasingly taking charge of their finances, and are more pro-active in sorting out their credit and financial woes. The recently released annual results of the office of the Credit Ombud show that 47% of complainants who sought assistance in 2013 were women.
“When compared to previous years, the number of female complainants’ has steadily been on the rise, an indication that women are increasingly speaking out and taking steps to address their credit related problems,” says Credit
Ombud Manie van Schalkwyk.
In addition, young females aged between 18 and 35 years accounted for 38% of the total figure of women who reached out for assistance. It is positive to see that young females are knowledgeable when it comes to reaching out for assistance, but it could also be worrying if too many are already facing debt troubles at a young age.
The most common complaints from women were disputes about their statements of account as well as disputes regarding emolument attachment orders emanating from credit agreements and loans.
“It is of utmost importance that consumers scrutinise their accounts, loan and bank statements, their payslips or any other documents which relate to them paying over any money as this will be a guaranteed way of noting any discrepancies which may occur as a result of fraud or being over-charged,” Van Schalkwyk says.
Being listed for prescribed accounts was the top complaint raised by women in terms of credit bureau complaints. Prescribed debts refers to any debt older than three years and which a consumers has failed to acknowledge and did not make any payment in that period. The law prohibits the listing of a debt that has become prescribed, and many consumers raised this issue with our office.
“In the past, the onus was on consumers to raise prescription as a defence when pursued to pay for debts that had prescribed. The changes in the law as a result of the National Credit Amendment Act will hopefully bring much relieve to consumers where prescribed debt complaints are concerned,” says van Schalkwyk.
“Once the National Credit Amendment Act comes into operation, it would be in contravention of the Act for credit providers to collect on prescribed debt or to sell or hand over for collection any debt which has prescribed.”
