Thabizolo Cash loans
2.8|13 reviews
ET
Eugene T
1 reviews | Active since Member
22 Sept 2023, 12:56
Thabizolo Cashloans (Trading as Incredible Cashloan) is a ****
16 August 2023 The Manager National Credit Regulator 127 15th Road Randjespark Midrand 1685 Dear Sir/Madam, COMPLAINT AGAINST THABIZOLO CASH LOANS CC (TRADING AS INCREDIBLE CASHLOAN) WITH REGISTRATION NUMBER: NCRCP10114 FOR FAILURE TO DISBURSE LOAN AND CHARGING UPFRONT FEES I am writing to lodge a complaint against Thabizolo Cash Loans Cc (Trading As “Incredible Cashloan”), for unfair and potentially ******** lending practices. On 11 September 2023, I entered into a loan agreement with Incredible Cashloan for R45,000. As part of this agreement, I paid the following upfront fees: ▪ Lawyer’s fees: R2,850 on 9 September 2023; and ▪ Loan insurance fees: R3,599. I begrudgingly paid the total fees of R6,449 to Incredible Cashloan’s attorney, Mr. MG Bharath on 9 and 11 September 2023, respectfully. Despite paying these fees and signing the loan agreement, Incredible Cashloan has failed to disburse the R45,000 loan amount to me. On 12 September 2023, I received the following email from Rejoice Johannes at Incredible Cashloan: “MGPFD/09/12/2023: Attn: EP TERBLANCHE the transfer order of ZAR48599.00 from HSBC to Capitec Account:1721920100 is still Pending due to Non Endor*****t payment of Marginal Fluctuation charges, you are required to Pay Endor*****t Refundable fee of R7450 to avoid much delay. Contact via whatsapp on 0832045024 immediately for Payment Details.” I have made multiple requests to Incredible Cashloan to either disburse the loan or refund the fees paid, but these requests have been ignored and I sent Sandra William, the loan consultant, a Whatsapp on 19 September 2023 cancelling the loan, 5 business days after receiving the demand for payment of the R7,450 as required by the National Credit Act, no. 34 of 2005 (“the NCA”). The fee of R7,450 was never mentioned in either the Loan Approval letter or the written agreement. 2 I believe that Incredible Cashloan is in violation of the NCA for the following reasons: ▪ Failure to disburse the principal loan amount as contracted. This is a violation of Section 90(2)(b). ▪ Charging upfront fees for a loan that was never disbursed. This may constitute reckless lending under Sections 80 and 81. ▪ Failure to respond to my requests for the loan or refund. This violates my right to fair treatment under Section 82(1). I request that the NCR urgently investigate Incredible Cashloan for these ******** lending practices. In addition to the return of my fees paid, I believe Incredible Cashloan should face appropriate penalties and sanctions for reckless lending and unfair treatment of consumers. Please find attached the following documents as evidence to support my complaint: ▪ Copy of Loan Approval Letter dated 6 September 2023 as Annexure A; ▪ Personal Loan Contract dated 11 September 2023 as Annexure B; ▪ Receipts for fees paid to Incredible Cashloan as Annexure C; and ▪ Whatsapp correspondence requesting loan disbursal or refund as Annexure D. I look forward to your acknowledgement of this complaint and proposed action. Please let me know if you require any additional information from me. I am happy to cooperate fully with the NCR’s investigation into Incredible Cashloan. Yours faithfully,
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Eugene T's updateReviewer Update
22 Sept 2023, 12:57 16 August 2023 The Manager National Credit Regulator 127 15th Road Randjespark Midrand 1685 Dear Sir/Madam, ESCALATION OF FORMAL COMPLAINT AGAINST THABIZOLO CASH LOANS CC (TRADING AS INCREDIBLE CASHLOAN) WITH REGISTRATION NUMBER: NCRCP10114 FOR MULTIPLE VIOLATIONS OF THE NATIONAL CREDIT ACT I am writing regarding an urgent formal complaint against Incredible Cashloan on 21 September 2021 for their deeply concerning and ******** credit practices that clearly violate multiple provisions of the National Credit Act, No. 34 of 2005 (“the NCA”). This is a follow-up complaint in order to escalate the matter as Incredible Cashloan has indicated that if I cancel the Loan Agreement, I will forfeit a refund. 1. BACKGROUND FACTS 1.1. On 6 September 2023, I received a Loan Approval Letter from Incredible Cashloan offering me a personal loan of R45,000 over 36 months at 5% interest per annum. 1.2. After reviewing this letter and determining it met my credit needs, I accepted the loan offer that same day by signing the letter and providing my bank details to Incredible Cashloan for loan disbur*****t. 1.3. On 11 September 2023, I entered into a written Personal Loan Contract with Incredible Cashloan for the approved loan amount of R45,000. 1.4. Per the contract terms, I was required to pay R6,449 in upfront fees to Incredible Cashloan's attorney before the loan would be disbursed. This included: R2,850 in Lawyer's Fees paid on 9 September 2023; and R3,599 in Loan Insurance Fees paid on 11 September 2023. 1.5. Despite paying these upfront fees in good faith and signing the loan contract, Incredible Cashloan failed to disburse the R45,000 principal loan amount to me as contracted. 2 2. ******** CANCELLATION FEE DEMAND 2.1. Shockingly, on 12 September 2023, I received an email from Incredible Cashloan demanding an additional upfront Endor*****t Fee of R7,450 for loan disbursal. 2.2. Neither the Loan Approval Letter nor the Personal Loan Contract mentioned any fee besides the R6,449 already paid. 2.3. Incredible Cashloan essentially sought to alter key credit terms and impose arbitrary new upfront costs not contractually agreed upon, which constrained my right to terminate this dubious credit agreement. 3. FAILED REQUESTS FOR LOAN OR REFUND 3.1. I immediately contacted Incredible Cashloan on 12 September 2023 requesting they either: Disburse the R45,000 loan amount per our agreement; or Fully refund the R6,449 in upfront fees I had already paid. 4. Despite multiple calls and emails, Incredible Cashloan failed to respond and ignored my reasonable requests. The loan amount was never disbursed nor were my upfront fees refunded. 5. Sandra William, Incredible Cashloan’s consultant, informed me on Whatsapp (No: 0832045024) on 21 September 2023 and again on 22 September 2023 that if I fail to progress and pay the R7,450 or cancel the loan, I will forfeit a refund. 6. ******** CREDIT PRACTICES IN BREACH OF THE NCA 6.1. Therefore, I submit this escalation of my initial formal complaint regarding Incredible Cashloan's egregious violations of the NCA, including: 6.1.1. Failure to Disburse Principal Loan Amount (Breach of Section 90(2)(b)) 6.1.1.1. By failing to disburse the principal loan amount of R45,000 as clearly detailed in the Loan Approval Letter and Personal Loan Contract, Incredible Cashloan is in direct violation of Section 90(2)(b) of the NCA. 6.1.1.2. This provision expressly prohibits credit agreements containing terms that authorize a credit provider to ********ly “fail to do anything that is required in terms of this Act.” 3 6.1.2. Reckless Lending (Breach of Sections 80 and 81) 6.1.2.1. Incredible Cashloan displayed reckless lending behaviour by charging R6,449 in upfront fees on a loan that was never actually disbursed. 6.1.2.2. This violates Sections 80 and 81 of the NCA which prohibit extending credit without properly assessing affordability or disregarding the consumer’s financial situation. 6.1.3. Unfair Treatment of Consumer (Breach of Section 82(1)) 6.1.3.1. I made numerous reasonable requests for Incredible Cashloan to either disburse the R45,000 loan or refund my R6,449 in upfront fees paid. 6.1.3.2. They repeatedly ignored these requests, in clear violation of Section 82(1) of the NCA, which requires fair and responsible treatment of consumers. 6.1.4. ******** Cancellation Penalty Fee (Breach of Sections 121 and 122) 6.1.4.1. By demanding an additional R7,450 cancellation penalty fee not contractually agreed to, Incredible Cashloan sought to ********ly hinder my NCA rights to terminate this credit agreement under Sections 121 and 122. 6.1.4.2. Their conduct constrained my statutory right to exit agreements where the credit provider failed to disburse the loan amount. 7. SANCTIONS BY NCR 7.1. The National Credit Regulator (“the NCR”) has several penalties and sanctions at its disposal to take action against a credit provider like Incredible Cashloan that violates provisions of the NCA: 7.1.1. Compliance Notices (Section 55) 7.1.1.1. The NCR can issue a compliance notice directing Incredible Cashloan to take specific steps to rectify its non-compliance with the NCA within a set timeframe. 7.1.1.2. Failure to comply with such notices can lead to referral to the National Prosecuting Authority or the National Consumer Tribunal. 4 7.1.2. Administrative Fines (Section 151) 7.1.2.1. The NCR can refer the matter to the Tribunal to impose sizeable administrative fines on Incredible Cashloan. 7.1.2.2. As per section 151, these fines can be up to 10% of the credit provider's annual turnover or R1 million, whichever is greater. 7.1.2.3. Fines are an important remedy for contraventions like reckless lending. 7.1.3. Cancelled Registration (Section 57) 7.1.3.1. If a credit provider repeatedly violates the NCA conditions of registration, the NCR can cancel their registration completely. This would prohibit Incredible Cashloan from operating until all NCA violations are addressed. 7.1.4. Referral for ******** Prosecution 7.1.4.1. In cases of serious or willful NCA contraventions, the NCR can refer the credit provider for ******** prosecution. 7.1.4.2. Offenses under the NCA carry penalties of fines and/or imprisonment up to 10 years. 7.1.5. Debt Counselling and Reckless Credit Declarations (Sections 83- 85) 7.1.5.1. Where reckless lending or over-indebtedness is evident, the NCR can facilitate court orders declaring the credit agreement reckless and suspending its force and effect. 7.1.5.2. This shields affected consumers. 7.1.6. Enforcement Orders (Section 150) 7.1.6.1. The NCR can obtain wide-ranging orders from the Tribunal to enforce compliance, including interdicts and declarations against prohibited conduct. In my case, I submit Incredible Cashloan's ******** actions warrant stern sanction, including cancellation of registration, administrative fines, and reckless credit declarations to protect other consumers. I hope this overview of the NCR's enforcement powers demonstrates the seriousness of NCA contraventions. Please advise if you need any clarification or additional details. 5 In summary, I request the NCR urgently investigate Incredible Cashloan for these serious breaches of the NCA provisions designed to protect consumers from exactly such predatory and reckless lending practices. Please acknowledge this escalation of my initial complaint and confirm next steps. I am happy to provide any further information required to hold Incredible Cashloan accountable for these ******** credit practices. Yours faithfully,
ET
Eugene T's update22 Sept 2023, 12:57
Reviewer Update
16 August 2023 The Manager National Credit Regulator 127 15th Road Randjespark Midrand 1685 Dear Sir/Madam, ESCALATION OF FORMAL COMPLAINT AGAINST THABIZOLO CASH LOANS CC (TRADING AS INCREDIBLE CASHLOAN) WITH REGISTRATION NUMBER: NCRCP10114 FOR MULTIPLE VIOLATIONS OF THE NATIONAL CREDIT ACT I am writing regarding an urgent formal complaint against Incredible Cashloan on 21 September 2021 for their deeply concerning and ******** credit practices that clearly violate multiple provisions of the National Credit Act, No. 34 of 2005 (“the NCA”). This is a follow-up complaint in order to escalate the matter as Incredible Cashloan has indicated that if I cancel the Loan Agreement, I will forfeit a refund. 1. BACKGROUND FACTS 1.1. On 6 September 2023, I received a Loan Approval Letter from Incredible Cashloan offering me a personal loan of R45,000 over 36 months at 5% interest per annum. 1.2. After reviewing this letter and determining it met my credit needs, I accepted the loan offer that same day by signing the letter and providing my bank details to Incredible Cashloan for loan disbur*****t. 1.3. On 11 September 2023, I entered into a written Personal Loan Contract with Incredible Cashloan for the approved loan amount of R45,000. 1.4. Per the contract terms, I was required to pay R6,449 in upfront fees to Incredible Cashloan's attorney before the loan would be disbursed. This included: R2,850 in Lawyer's Fees paid on 9 September 2023; and R3,599 in Loan Insurance Fees paid on 11 September 2023. 1.5. Despite paying these upfront fees in good faith and signing the loan contract, Incredible Cashloan failed to disburse the R45,000 principal loan amount to me as contracted. 2 2. ******** CANCELLATION FEE DEMAND 2.1. Shockingly, on 12 September 2023, I received an email from Incredible Cashloan demanding an additional upfront Endor*****t Fee of R7,450 for loan disbursal. 2.2. Neither the Loan Approval Letter nor the Personal Loan Contract mentioned any fee besides the R6,449 already paid. 2.3. Incredible Cashloan essentially sought to alter key credit terms and impose arbitrary new upfront costs not contractually agreed upon, which constrained my right to terminate this dubious credit agreement. 3. FAILED REQUESTS FOR LOAN OR REFUND 3.1. I immediately contacted Incredible Cashloan on 12 September 2023 requesting they either: Disburse the R45,000 loan amount per our agreement; or Fully refund the R6,449 in upfront fees I had already paid. 4. Despite multiple calls and emails, Incredible Cashloan failed to respond and ignored my reasonable requests. The loan amount was never disbursed nor were my upfront fees refunded. 5. Sandra William, Incredible Cashloan’s consultant, informed me on Whatsapp (No: 0832045024) on 21 September 2023 and again on 22 September 2023 that if I fail to progress and pay the R7,450 or cancel the loan, I will forfeit a refund. 6. ******** CREDIT PRACTICES IN BREACH OF THE NCA 6.1. Therefore, I submit this escalation of my initial formal complaint regarding Incredible Cashloan's egregious violations of the NCA, including: 6.1.1. Failure to Disburse Principal Loan Amount (Breach of Section 90(2)(b)) 6.1.1.1. By failing to disburse the principal loan amount of R45,000 as clearly detailed in the Loan Approval Letter and Personal Loan Contract, Incredible Cashloan is in direct violation of Section 90(2)(b) of the NCA. 6.1.1.2. This provision expressly prohibits credit agreements containing terms that authorize a credit provider to ********ly “fail to do anything that is required in terms of this Act.” 3 6.1.2. Reckless Lending (Breach of Sections 80 and 81) 6.1.2.1. Incredible Cashloan displayed reckless lending behaviour by charging R6,449 in upfront fees on a loan that was never actually disbursed. 6.1.2.2. This violates Sections 80 and 81 of the NCA which prohibit extending credit without properly assessing affordability or disregarding the consumer’s financial situation. 6.1.3. Unfair Treatment of Consumer (Breach of Section 82(1)) 6.1.3.1. I made numerous reasonable requests for Incredible Cashloan to either disburse the R45,000 loan or refund my R6,449 in upfront fees paid. 6.1.3.2. They repeatedly ignored these requests, in clear violation of Section 82(1) of the NCA, which requires fair and responsible treatment of consumers. 6.1.4. ******** Cancellation Penalty Fee (Breach of Sections 121 and 122) 6.1.4.1. By demanding an additional R7,450 cancellation penalty fee not contractually agreed to, Incredible Cashloan sought to ********ly hinder my NCA rights to terminate this credit agreement under Sections 121 and 122. 6.1.4.2. Their conduct constrained my statutory right to exit agreements where the credit provider failed to disburse the loan amount. 7. SANCTIONS BY NCR 7.1. The National Credit Regulator (“the NCR”) has several penalties and sanctions at its disposal to take action against a credit provider like Incredible Cashloan that violates provisions of the NCA: 7.1.1. Compliance Notices (Section 55) 7.1.1.1. The NCR can issue a compliance notice directing Incredible Cashloan to take specific steps to rectify its non-compliance with the NCA within a set timeframe. 7.1.1.2. Failure to comply with such notices can lead to referral to the National Prosecuting Authority or the National Consumer Tribunal. 4 7.1.2. Administrative Fines (Section 151) 7.1.2.1. The NCR can refer the matter to the Tribunal to impose sizeable administrative fines on Incredible Cashloan. 7.1.2.2. As per section 151, these fines can be up to 10% of the credit provider's annual turnover or R1 million, whichever is greater. 7.1.2.3. Fines are an important remedy for contraventions like reckless lending. 7.1.3. Cancelled Registration (Section 57) 7.1.3.1. If a credit provider repeatedly violates the NCA conditions of registration, the NCR can cancel their registration completely. This would prohibit Incredible Cashloan from operating until all NCA violations are addressed. 7.1.4. Referral for ******** Prosecution 7.1.4.1. In cases of serious or willful NCA contraventions, the NCR can refer the credit provider for ******** prosecution. 7.1.4.2. Offenses under the NCA carry penalties of fines and/or imprisonment up to 10 years. 7.1.5. Debt Counselling and Reckless Credit Declarations (Sections 83- 85) 7.1.5.1. Where reckless lending or over-indebtedness is evident, the NCR can facilitate court orders declaring the credit agreement reckless and suspending its force and effect. 7.1.5.2. This shields affected consumers. 7.1.6. Enforcement Orders (Section 150) 7.1.6.1. The NCR can obtain wide-ranging orders from the Tribunal to enforce compliance, including interdicts and declarations against prohibited conduct. In my case, I submit Incredible Cashloan's ******** actions warrant stern sanction, including cancellation of registration, administrative fines, and reckless credit declarations to protect other consumers. I hope this overview of the NCR's enforcement powers demonstrates the seriousness of NCA contraventions. Please advise if you need any clarification or additional details. 5 In summary, I request the NCR urgently investigate Incredible Cashloan for these serious breaches of the NCA provisions designed to protect consumers from exactly such predatory and reckless lending practices. Please acknowledge this escalation of my initial complaint and confirm next steps. I am happy to provide any further information required to hold Incredible Cashloan accountable for these ******** credit practices. Yours faithfully,