Consumer Protection Act is best legislation to protect consumers - Deputy Minister Masina
The Deputy Minister of Trade and Industry, Mr Mzwandile Masina says the Consumer Protection Act is the best piece of legislation that consumers can use to protect themselves against unscrupulous lenders and service providers. He was speaking at the Consumer Awareness Imbizo hosted by the National Consumer Commission (NCC) and the National Credit Regulator (NCR) in Kwa-Thema Community Hall, Ekurhuleni yesterday
The Imbizo took place on the World Consumer Rights Day which is celebrated every year on 15 March as a vehicle for consumer rights organisations to mobilise the global community to know, take ownership and demand their rights as key role-players in the economy.
“It is a well-known fact that in the past lending institutions were self-regulated and they did as they pleased with our credit information. Now government, through both the NCR and the NCC has done away with that anomaly. When applying for credit, lending institutions must explain to you the cost, terms and conditions of your contract,” said Masina.
He also cautioned against the practice of acquiring multiple life covers.
“Unfortunately multiple life covers do not translate to multiple pay-outs in the event of death. It is best to rather opt for credit life insurance instead. That way you will ensure that your family will not have the burden of inheriting your debt in the event of death,” said Masina.
Deputy Minister Masina expressed that his wish was for people who attended the Imbizo to leave knowing their rights and obligations as consumers.
“As a consumer, you have the right to be heard, you have the right to redress, you have the right to be informed and you have the right to choose,” he added.
The Chief Executive Officer of NCR, Ms Nomsa Motshegare said consumers have a right to be addressed in their own language when accessing services at finance institutions.
“It is of the utmost importance that you immediately alert your lending institution as soon as you encounter payment challenges. Do not wait to be contacted. You are able to negotiate your payment terms when in difficulty. Most importantly, do not lend from one institution in order to pay another,” she advised.
Motshegare added that her office was always on call to help all in need of its services.
The NCC Commissioner, Mr Ebrahim Mohamed indicated that since the establishment of the Commission in 2011, the bulk of consumer complaints related to issues of goods and services from the motor vehicle, telecommunications and retail industries.
“Consumers are unfortunately not making enough use of my office and I urge them to make use of us as we are mandated by government to assist them,” he added.
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