Bikelife finance

[Thor Buttox]

That (D-I ratio) may be so but 48% of credit active consumers have impaired credit records (3 CONSECUTIVE PAYMENTS MISSED or more).

 

Don't feel bad about lending, access to credit is a fundamental part of any capitalist system.

Yup, theoretically. But 'access to credit' and 'irresponsible accessing of credit' are very close. Unbridled capitalism is just as bad as any other system. Just like too much lemon meringue can actually be bad for you... Which to me should be impossible.

[nonky]

Yup, theoretically. But 'access to credit' and 'irresponsible accessing of credit' are very close. Unbridled capitalism is just as bad as any other system. Just like too much lemon meringue can actually be bad for you... Which to me should be impossible.

 

Agreed, but you do need allow adults to make their own credit decisions...even if they are "bad".

 

Predatory lending is another thing entirely and should be banned.

[Slowbee]

Agreed, but you do need allow adults to make their own credit decisions...even if they are "bad".

 

Predatory lending is another thing entirely and should be banned.

On a totally personal level, I feel that a large portion of credit providers are in this bracket.

 

A huge percentage of our country are financially uneducated. And because of this they get "preyed" on.

 

Time and time again I see it with out staff. A small income suddenly becomes access to huge ticket items without understanding the implications. The organisations dont even provide the relevant information, even though they should. But as with all things, the big companies hide behind T&C's, while the little financially illiterate folk suffer.

 

And lets not get started on telemarketers! Especially when no one has your number, you apply for a loan and BOOM everyday someone is calling you. They can say what they like, your data is worth alot of $$ to someobody and so gets bought and sold on the hidden T&C's market.

[AllAboutRides]

Yea I was thinking of putting a stop order from the end of July because I think that is when my contract finishes.

 

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and by doing that....in a few moths they will list you on ITC????

[nonky]

On a totally personal level, I feel that a large portion of credit providers are in this bracket.

 

A huge percentage of our country are financially uneducated. And because of this they get "preyed" on.

 

Time and time again I see it with out staff. A small income suddenly becomes access to huge ticket items without understanding the implications. The organisations dont even provide the relevant information, even though they should. But as with all things, the big companies hide behind T&C's, while the little financially illiterate folk suffer.

 

And lets not get started on telemarketers! Especially when no one has your number, you apply for a loan and BOOM everyday someone is calling you. They can say what they like, your data is worth alot of $$ to someobody and so gets bought and sold on the hidden T&C's market.

 

This typre of lending has changed radically since the Nat Credit Amendment Act, which forces credit providers to do an affordability assessment along strict criteria and using certain minimum amounts.

 

If this is not done, the loan is not enforceable.

 

The credit ombud and national credit regulator will resolve any such problem for free.

 

 

The data issues are another thing entirely but will also change completely after POPI.

The days of cowboy capitalism in SA are coming to an end, thankfully. 

[BSG]

and by doing that....in a few moths they will list you on ITC????

Luckily I got through to them, but still awaiting my request for almost a week now again. [emoji54] [emoji36]

 

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[Escapee..]

This typre of lending has changed radically since the Nat Credit Amendment Act, which forces credit providers to do an affordability assessment along strict criteria and using certain minimum amounts.

 

If this is not done, the loan is not enforceable.

 

The credit ombud and national credit regulator will resolve any such problem for free.

 

 

The data issues are another thing entirely but will also change completely after POPI.

The days of cowboy capitalism in SA are coming to an end, thankfully. 

 

Also huge penalties to credit providers if they are caught doing this

[Slowbee]

This typre of lending has changed radically since the Nat Credit Amendment Act, which forces credit providers to do an affordability assessment along strict criteria and using certain minimum amounts.

 

If this is not done, the loan is not enforceable.

 

The credit ombud and national credit regulator will resolve any such problem for free.

 

 

The data issues are another thing entirely but will also change completely after POPI.

The days of cowboy capitalism in SA are coming to an end, thankfully. 

to you and I and most other hubbers we understand that we can bounce around words like credit act, consumer act, protection etc.

BUT, the majority of folk do not.

 

In chatting to many people from Nomzamo, here in the Helderberg basin, you realise that many many many people have no idea what lending and borrowing is all about, unless of course it is from Mr Nigeria loan shark, hell even Mr micro lending loan shark. A simple thing like bank charges is is not understood.

 

Words like, R4 for the first R100, or part there of, and R3 for everyone hundred rand, or part thereof, thereafter shall apply.

 

So they go to the atm and withdraw R250 and dont understand just how much it cost them to buy by the months shopping from checkers for R230, when they could have swiped the card and paid R5 for one swipe and not paid cash.

 

Sorry been a long year.

[Thor Buttox]

to you and I and most other hubbers we understand that we can make a bounce around words like credit act, consumer act, protection etc.

BUT, the majority of folk do not.

 

In chatting to many people from Nomzamo, here in the Helderberg basin, you realise that many many many people have no idea about lending and borrowing is all about, unless of course it is from Mr Nigeria loan shark, hell even Mr micro lending loan shark. A simple thing like bank charges is is not understood.

 

Words like, R4 for the first R100, or part there of, and R3 for everyone hundred rand, or part thereoff thereafter the first one hundred shall apply.

 

So they go to the atm and withdraw R250 and dont understand just how much it cost them to buy by the months shopping from checkers for R230, when they could have swiped the card and paid R5 for one swipe and not paid cash.

 

Sorry been a long year.

Yup, I totally agree - it is always easy for us to talk about this on behalf of the uneducated. But sadly, the regulated companies try every trick to skirt legislation, so who knows what lengths the unregulated will go. I feel so sorry for otherwise intelligent people who will do anything to put food or small disposable items in their kids' lives.

[porqui]

And as for the Lewis flat bed bakkie - I hate them and all they stand for.

 

This bike financing question begs another question !!

 

What % of your salary should you be allowed to spend on your bikes and periphery ??

[Riaan H]

I did not finance my current bike.  I was considering buying a Camber this year and my girlfriend bought a 2015 Camber at the end of 2015, that’s why I used the Camber as an example.  At that moment, she did not have the cash to pay for the bike but she was able to afford the monthly instalments without compromising on any other necessary expenses.

Yes, the 2015 Camber does not have a build in lunch box and only has 110mm of travel compared to the 120mm of the 2017 Camber.  But it is still plenty of bike for her and she will run out of skill way before she runs out of bike for quite some time.

Would she have been the same rider she is now if she had to wait 2 years before so could buy the bike?  I don’t think so….

Was it worth it?  For sure!   She would not have had the confidence she has on the Camber if she was still on the 26” hardtail and we would not have enjoyed riding together like we do now.

And that's exactly why my wife is now on a 2016 Epic we found at a bargain. She loves riding since we got it, which was not the case with hetmr 650b hardtail.

[Captain Fastbastard Mayhem]

And as for the Lewis flat bed bakkie - I hate them and all they stand for.

 

This bike financing question begs another question !!

 

What % of your salary should you be allowed to spend on your bikes and periphery ??

Grrrrr.... yeah. Those folks....

 

 

Anyway. Depends entirely on your circumstances. No debt /rent etc why not the whole hog?

 

Ideally make space for retirement savings, but it's not a question of "allowed". It's entirely situation dependant

[Patchelicious]

I really doubt that a bunch of uneducated workers financed their Sworks commuters through BikeLife....

[Slowbee]

Yup, I totally agree - it is always easy for us to talk about this on behalf of the uneducated. But sadly, the regulated companies try every trick to skirt legislation, so who knows what lengths the unregulated will go. I feel so sorry for otherwise intelligent people who will do anything to put food or small disposable items in their kids' lives.

It took me the better part of a year, and even now, it is tricky to understand. Interest is a HUGE thing that not even some educated folk get.

 

That couch costs R2000. If you borrow the money to buy it they will charge you delivery fee, initiation fees (and I still cant figure out what the hell these are), a little insurance add on by the wayside, and the monthly installment is R250 for 12 months. WOW easy peasy and I have a couch, just supply 3 months payslips, dont even need bank statements.

 

SO you whip out the sompompie and do the maths with them. It costs R2000. You paying R250 for 12 months, so that is, R3000. And then you get the 1000 yard look and a HAAIBO!! Why they charging me so much ! Then you try explain that if they can afford R250 a month, rather save it (which is another discussion all together), and in 8 months you can go buy the couch cash, AND if I come with you, we will get a discount for you. All this makes total sense to you and I. But to the MAJORITY of south africans, these are foreign concepts.

 

And just like you say Thor, the big companies know how to market to the masses and milk them clean.

[Slowbee]

I really doubt that a bunch of uneducated workers financed their Sworks commuters through BikeLife....

its better than beating dead animals

[New Landy new life]

I had the fotunate chance to sell a month's leave to my company to buy my shiny Trance 2 a couple years back. No interest, just a lack of rest from wek.

 

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