CCPC Guides Financial Services consumers on payment of loans
2020-06-29The Competition and Consumer Protection Commission (CCPC) wishes to advise consumers of their obiligations to ensure that loan payments are remitted to their respective financial institutions in line with their individual loan agreements.
The Commission has been receiving numerous complaints from members of the public arising from financial institutions penalizing account holders who default on loan payments despite the loans being deducted on their pay slips by employers.
It is important to note that loan agreements are between the individual consumer and the respective financial institution. Therefore, the responsibility sorely lies on the consumers to ensure that loan repayments are remitted to the financial institutions as per agreed terms and conditions.
It is in this regard, that the Commission is calling upon consumers to know their obligations and responsibilities by reading and understanding the information that is provided when engaging into a loan agreement.
Further, the Commission wishes to reiterate its commitment to ensuring that all consumers are protected in all sectors of the economy. However, it is also imperative that consumers adhere to the terms of all contracts they engage in.
Finally, the Commission is advising affected consumers to engage their respective employers in order to resolve the matter amicably.