Capitec Have 22 Million Lively Shoppers

Capitec’s large boss, Mr Gerrie Fourie isn’t an enormous fan of debt assessment.

Sadly, because the financial institution’s market share is simply so large so too are the variety of purchasers they see who enter debt assessment.

‘some could assume, a direct results of the financial institution lending funds to purchasers recklessly’

This isn’t, as some could assume, a direct results of the financial institution lending funds to purchasers recklessly and so individuals must enter debt assessment. 

Quite, it’s associated to the truth that so many individuals who get into monetary hassle (and everyone seems to be in hassle) have already got not less than one account with Capitec Financial institution.

And when customers enter debt assessment all of the banks must put aside particular funds in opposition to the chance of restoration and this provides up. Particularly if in case you have a lot of purchasers. It squeezes their money stream and they also discover it arduous to love debt assessment.

Capitec Financial institution have a well-known debt assessment division that for a few years was an trade chief within the subject. Just lately, different banks have made inroads in opposition to their efficiency although, with ABSA financial institution particularly taking many key awards on the 2023 Debt Overview Awards.

‘Mr. Gerrie Fourie, earned about R65 Million in 2023’

Mr. Gerrie Fourie, earned about R65 Million in 2023 so, he could discover it arduous to personally relate to those that are trapped in debt however little question he sees the figures and may see customers are in a world of harm.

Apparently, Capitec Financial institution’s web site has some incorrect or deceptive data about debt assessment equivalent to the place it states:

Our expertise exhibits that 75% of individuals below debt assessment expertise no long-term advantages afterwards regardless of paying all of the debt assessment charges.

Beneath debt assessment:

    • You possibly can pay R9500 or extra in debt assessment charges
    • You gained’t be capable to use your present credit score
    • You gained’t be capable to get any new credit score for as much as 10 years afterwards


It’s hoped that they right or make clear the statements (the ‘as much as’ kind feedback are at all times complicated for customers, it’s unclear how lengthy long run is of their view). 

Notice: Shoppers are legally allowed to get entry to credit score as quickly as they’ve a clearance certificates from a Debt Counsellor and even throughout debt assessment (a consolidation mortgage).

Additionally, it’s good to notice that few purchasers ever pay R9500 or extra, with the trade median funds most likely being nearer to R3500 – R4000 however really being tailor made to every shopper and included in any compensation plan.

If you’re a Capitec shopper and begin to expertise debt compensation issues then be at liberty to strategy the financial institution to see what offers they’ll put in place that can assist you

If that fails, then be at liberty to go speak to a Debt Counsellor who will aid you cope with all your money owed.


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