Competition and Consumer Protection Commission (CCPC) has called on Financial Services consumers to know their obligations and responsibilities by reading and understanding the information that is provided when engaging into a loan agreement.
Commission Senior Public Relations Officer Namukolo Kasumpa told Money FM News that CCPC has been receiving numerous complaints from members of the public arising from financial institutions penalizing account holders who default on loan payments despite the loans being deducted on their pay slips by employers.
Ms. Kasumpa said it is important to note that loan agreements are between the individual consumer and the respective financial institution.
“Therefore the responsibility lies on the consumers to ensure that loan repayments are remitted to the financial institutions as per agreed terms and conditions.”
“It is in this regard, that the Commission is calling upon consumers to know their obligations and responsibilities by reading and understanding the information that is provided when engaging into a loan agreement,” Ms. Kasumpa said.
She advised consumers of their obligations to ensure that loan payments are remitted to their respective financial institutions in line with their individual loan agreements.
Furthermore, Ms. Kasumpa reiterated the Commission’s commitment to ensuring that all consumers are protected in all sectors of the economy.
She also advised affected consumers to engage their respective employers in order to resolve the matter amicably.
“However, it is also imperative that consumers adhere to the terms of all contracts they engage in, the Commission is advising affected consumers to engage their respective employers in order to resolve the matter amicably,” she stated.