Failure to register with CIPRO could cost thousands of rand in legal fees if one has to take the matter to court to prevent others from using your business’ name.

According to the Reserve Bank, growth in household spending slowed to 7,5% year on year in the first quarter from 7,75% in the last quarter of last year, while debt reached record levels.

House sales in May rocketed to double-digit figures reflecting pre-emptive house buying before the implementation of the NCA.

June is a different scenario altogether and a large national real estate company has revealed those most home loan applications have been turned down since the beginning of the month.

An undercover survey conducted by MoneyWeb revealed banks are charging low-income earners high rates of interest because “they are a high risk”. Self-employed people, no matter how lucrative their business, will also find it difficult to secure a loan, according to the survey.

The ‘undercover consumer’ delivered the following report about his attempts to secure loans with the “big four” banks:

“The man gave an uncomfortable smile when he heard I work for myself. He said it would be very difficult for me to get a loan because I was self-employed, and that was without looking at whether I had a good or bad credit record - or asking questions about income, assets or spending patterns.”