Grant beneficiaries given ‘reckless’ loans by Net1 unit, must be helped
Urgent measures need to be taken in providing debt relief to social grant beneficiaries who have been granted reckless and sometimes fraudulent loans by Net1 subsidiaries, lobby group the Black Sash said in Parliament on Friday. The proposed debt relief should extend for three years to allow people to repay their loans at a rate that they can afford, the organisation said in a submission to Parliament’s trade and industry committee. It also said the outstanding loans found to have been recklessly granted should be written off with interest and charges being refunded, Black Sash national advocacy officer Elroy Paulus said in the submission. The committee is holding public hearings on the need and advisability of introducing debt relief measures to assist the overindebted. The Banking Association, major commercial banks, debt counsellors and other stakeholders in the sector have already made submissions. The Black Sash has taken up the cause of social grant beneficiaries many of whom ...
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