South Africans are now missing payments and defaulting on loans

Arthur

Honorary Master
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Aug 7, 2003
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25,076
Disagree. Having credit information is critical in a modern economy. In a society where more and more people don't honour the contracts they freely enter into, it's vital that those who sell on credit know the payment history of the people they're dealing with.

More broadly, the solution to the problems caused by government meddling in the economy isn't more government meddling - that just pours fuel on the fire.
 

chrisc

Executive Member
Joined
Aug 14, 2008
Messages
8,535
There are people taking advantage of the crisis

One tenant rents 3 factory units at R92000 a month and has been trading all the time, selling food. He has paid nothing since March. No notification. On Friday I went round to see he bought a new Mercedes Sprint Tourer at R800k and has had it kitted out

When asked about the rent, he told me to f-off. I said the interest on the outstanding is R 6900. He shut the door.

Unfortunately for him, my partner is a sectional title lawyer
 

Arthur

Honorary Master
Joined
Aug 7, 2003
Messages
25,076
There are people taking advantage of the crisis

One tenant rents 3 factory units at R92000 a month and has been trading all the time, selling food. He has paid nothing since March. No notification. On Friday I went round to see he bought a new Mercedes Sprint Tourer at R800k and has had it kitted out

When asked about the rent, he told me to f-off. I said the interest on the outstanding is R 6900. He shut the door.

Unfortunately for him, my partner is a sectional title lawyer
Outrageous. To give your word to take value from another and them to renege on that promise is to sell your integrity for mere money. It ends in eternal hell.
 

eg2505

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Mar 12, 2008
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what did you expect to happen when you shut down an economy and make earning a living difficult for people.

sure in time, suicide and crime rates will go up as well.

all our house of cards society comes crumbling down, with one card removed.
 

rietrot

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Aug 26, 2016
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20,436
This is just the beginning.

Banks were handing out payment holidays like candy. Those normally go for 3 months. So give 2 more. Then give it 6 months for most companies to publish results.
 

Segg

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Feb 25, 2012
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what did you expect to happen when you shut down an economy and make earning a living difficult for people.

sure in time, suicide and crime rates will go up as well.

all our house of cards society comes crumbling down, with one card removed.
I saw an article in April saying just in South Africa the lockdown will cost +- 300 000 lives due to the increase in poverty - so I hope the fatalities so far are worth those 300 000... (I know this sounds horrible to say)

The definition of "caused by poverty" includes aspects like violent crime (being murdered in a robbery for example) suicide, absolute poverty; where disease and starvation etc will kill someone directly

The catch 22 is if SA didn't lock down in order to keep the economy going, would the direct COVID-19 deaths have matched or exceeded this number, also bearing in mind we wouldn't have escaped the global depression which would have increased poverty anyway? We can't really answer this question yet

But in that same breath, do we really export so little that the local economy would have been way better off now if we had just kept trading domestically? I.E kept the money flowing
 

marioat1

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Sep 18, 2016
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Oh another business tech copy paste article, just checked, no improvement. Will leave the click bait author on ignore for another year.
 

Moto Guzzi

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Apr 24, 2004
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993
South Africans are now missing payments and defaulting on loans

Experian South Africa has released its Consumer Default Index (CDI) for Q1, showing which South Africans - and which debt categories - have suffered the most as a result of the economic downturn brought by the Covid-19 pandemic and nationwide lockdown.
Monetary systems(Money=The flow of resources) ..versus...Societies depending on it....Versus Actions resulting from a Pandemic Declared(By a centralised organisation apart from each country already established health systems.

It is now clear that leaders did not understood the complications and human suffering as a result of a Parcial Lockdown(People only), meaning locking the people and their bussinesses down alone and not the monetary systems itself as well, got the whole financial Game out of wack & sync with the societies it plays off in and depends on its Fair-Flow. During this period money flowed that should not have.
For the 1st time in modern history did this scenario arises. This can be viewed against the cost over many years for taxpayers worldwide to support Political leaders, Health Leaders, Science Leaders and more leaders at enormous costs to the individual taxpayers.
Worldwide taxpayers had to sit and watch in awe how everything around them degrades over last 30+4 years, job oppertunities vanishes and in sync with that more and more leaders & leadership groups are installed, and as can be seen now leads to misunderstanding, insufficient leadership, misinformation, Corruption going rampant(Not the old white collar crime at all). The good people on the planet was fast asleep. Can this chotic scenarios now be solved, do we as humans honestly have the Social-Intelligence capability to still want to control 7 Billion plus individual minds from centralised points, it certainly do not seems so in practise. The world is hopelessly overmanaged and it show clearly, nobody wants to work anymore just control other people from behind a desk at a huge cost. If this leadership trend expands we will have 7 billion leaders and no citizens in the end, thats not sustainable.
 

ToxicBunny

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Apr 8, 2006
Messages
90,590
No, eternal hell is a merc without an extended service plan.
I would have pegged that as being a relatively short hell where it drains your bank account in short order and then demands all your blood as a sacrifice to keep it running.
 
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