Women are increasingly taking charge of their finances and are more pro-active in sorting out their credit and financial woes, according to a study by the office of the Credit Ombud, which shows that 47% of complainants in 2013 were women.
Women are increasingly taking charge of their finances and are more pro-active in sorting out their credit and financial woes, according to a study by the office of the Credit Ombud, which shows that 47% of complainants 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," Credit Ombud Manie van Schalkwyk said in a media release.
Young women between the ages of 18 and 35 years accounted for 38% of the total figure of women who reached out for assistance. She said that although it is positive to see that young women are seeking help, it is worrying that so many people are facing trouble with debt at a young age.
The most common complaints from women were disputes about account statements and their salaries being attached. Van Schalkwyk cited the example of a woman who had a judgment taken against her as a result of an account fraudulently opened in her name.
A subsequent court order compelled her employer to deduct money from her salary to settle the debt.
The Ombud’s office proved the fraud and the woman was refunded R 17 980 and the judgment was rescinded at no cost to her.
"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 said.
Another case involved a pensioner. The Ombud’s office negotiated with the credit provider to write off R 43 143 outstanding debt, due to the fact that an affordability assessment prior to granting her the loan was not done properly.
As a result, she ended up with a credit agreement which she could not afford to repay.
Van Schalkwyk advised the following:
• Always pay accounts on or before the due date to avoid late payment penalties and listings at the credit bureaus.
• Always check statements to ensure all payments are reflected and keep tabs of your balance.
• If you are unable to pay your accounts for whatever reason make alternative arrangements with your credit provider.
• Ensure you always get agreements for payment arrangements in writing.
Consumers can use the Credit Ombud’s free services for any credit related problems by contacting the office on 0861 66 28 37 or emailing ombud@cre
