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The Namibian Home PageTue 28 Apr 2015, 03:02Last update: 27 Apr 2015
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The Namibian
Mon 27 Apr 2015
 *THE “Thank God it's Friday” culture allows public servants to wear jeans, T-shirts and takkies on Fridays. This practice should stop, especially for staff members from the Office of the Prime Minister.
 *HOW can you be a councillor and have a permanent job at the same time? One will suffer as the President said. The councillor's jobs must be reserved for the unemployed.
 *VEIKKO Nekundi, do you still remember what Nahas Angula told you after your election to the top Swapo structures? I just want you to recall it. That's all.
 *MINISTER of urban and rural development, thank you for your move here in the Zambezi region. Serviced land is just too expensive.
 *WHAT is wrong with the police in Khorixas? They do not take a statement even when one is insulted because of skin colour.
POLL
Who will be the big winner of NAMAs 2015?

1. Gazza

2. Exit

3. Oteya

4. Lize Ehlers


Results so far:
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FRONT PAGE | 2011-10-07
Banks Commit 'Daylight Robbery'
ALLOW me to give information on how the private lending institutions are ripping off our hard earned money. A typical real loan of N$9000 (nine thousand dollars) taken at a commercial bank reveals the following:
Cash amount received: N$9000.00
Stamp duties     11.00
Namfisa    90.00
Credit life insurance    1628.64
Bank admin fees    180.00
Administration fees 540.00
Finance charges 15.05%    2849.20
Total     14 298.84
The above total loan of N$9000.00 amounted to N$14298.84 and was repaid from February 2011 till January 2014, in 36 months (i.e. 3 years) for N$397.19 each month. As if the charges are not enough, the bank adds 2% of the instalment plus VAT of N$9.14 (this amount is paid to the administrator of the government payroll deduction system).
The new total deduction will be N$406.33 per month for 3 years.
In terms of the contract, you the borrower, will be punished for paying off the loan early. Is this really legal?
How can I be punished when I am willing to pay sooner? I thought that it makes common sense since I will not be owing until 2014. But no, to the banks it does not make economic sense.
This is daylight robbery, hence the change to the old Usury Act still been used in Namibia is needed.

F X Shikongo
By e-mail

         


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