Article: SA banks are owed R1 billion

I think banks are owed a crap load more than R1bn....

What about all the bonds etc etc?
 
I was like :wtf::confused: when I saw this on News24 earlier. Very weak title and reporting - should be R1b on credit cards. Or probably R1b in arrears on credit cards. A billion is nothing.

How in Debt are We?

Rajeen Devpruth, Post-Grad (Accounting), CTA, CIS, is the Manager: Statistics at the National Credit Regulator.

The majority of credit owed is in respect of: Mortgages accounted for R760.68 billion (63.99%); “Secured credit” was R221.72 billion (18.65%); Credit facilities were R131.86 billion (11.09%); Unsecured credit was R73.80 billion (6.21%) and short-term credit was R728.57 million. Out of the 35 million outstanding accounts, there are 1,8m mortgages, 4.6m vehicle and furniture accounts, 22.3m in credit and store cards and 6.4 m in personal loans.
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source
 
It's 1 billion in over due payments on 38 million credit accounts.
That's only R26 per account which is peanuts. :confused:

I keep getting final demand letters from ABSA for the previous owner of the house.
I've given up trying to get ABSA to remove my address from their system.
I guess they can't trace the previous owner and refuse to remove the address from their systems until they have a new address to capture. :(
 
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Paul_S said:
It's 1 billion in over due payments on 38 million credit accounts.
That's only R26 per account which is peanuts. :confused:
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Ye that is peanuts. I mean the banks earn more than that per month off of the banking charges they charge, for god knows what imaginary service they are offering that requires that money.Bunch of thieves.
 
SoulTax said:
Ye that is peanuts. I mean the banks earn more than that per month off of the banking charges they charge, for god knows what imaginary service they are offering that requires that money.Bunch of thieves.
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Actually,, they don't earn if people don't pay - they writeoff. The real thieves are those that lend and disappear.
 
Considering the banks created the money out of thin air in the first place I have no sympathy for them.
 
DreamKing said:
simple ..... print more money........ :rolleyes:
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reactor_sa said:
Actually,, they don't earn if people don't pay - they writeoff. The real thieves are those that lend and disappear.
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Freshy-ZN said:
Considering the banks created the money out of thin air in the first place I have no sympathy for them.
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Our monetary system is possibly the strangest thing on the planet. How we came to allow our money to be created as debt is beyond me.
 
Derrick said:
South Africans owe banking institutions an estimated R1 billion, the Banking Association of SA has said in court papers, according to a report on Thursday...
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They do not even know exactly how much is owed to banks?! Now that is a scary thought!
 
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