Reckless Lending Continues Despite Laws Banning the Practice

The term ‘Reckless Lending’ refers to a loan issued to a consumer without the credit provider assessing whether the individual is able to repay the loan.northwood-key-in-front-door-keyhole

South African law states that a credit provider should conduct a detailed financial assessment of their potential consumer/s prior to entering into a credit agreement. If the preceding dealings between the consumer and credit provider are not handled in accordance to the laws set out by the National Credit Act 34 of 2005, the client could fall victim of Reckless Lending.

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Financial Planning for Women: the challenges and solutions

During an article published in May 2014, Forbes Magazine asked the question, “Where are all the women financial planners?”northwood-womens-finance

Reflecting on the number of Financial Planning Conferences which I attend, I can best describe the financial planning industry as pale, male and old. Typically, the only women present at these conferences are often the waitresses. In this male-dominated industry, there has been very little transformation across gender roles, and even less so across cultural lines.

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Applying for a job? Make sure that your CV is up to date and meets the employers’ requirements.

Someone once asked me what my least favourite job was as an entrepreneur…

northwood-cv-job-searchRecently, I had advertised a job listing for an accountant to join our team at Northwood Financial Services cc. Through the advert, I’d asked the job applicants to include a number of attachments along with the CV and cover letter. Of the prerequisites and attachments received, I’d conducted an analysis of the first ten Graduates who had applied:

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Changing your banking service provider

At some point or another, some of us will be faced with the decision to switch bank accounts and banking service providers.

northwood-piggy-bankRecently, the Trade Union Solidarity urged its 150,000 members to switch from ABSA (which it rated as South Africa’s priciest bank) to First National Bank (FNB). If only 25% of the members had followed the request, ABSA would have felt a considerable blow to its business.

There are numerous reasons for wanting to change banking service providers:

  • Maybe the bank has become too expensive?
  • Maybe the level of service quality has decreased?
  • Maybe you’ve had a bad experience and feel like you have been treated badly?
  • Maybe bank’s rewards programme only gives free holidays to Mauritius during typhoon season.

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New cash and card free payment services offered by SnapScan and Zapper

Most of us have visited food fairs or farmer’s markets and realised that we don’t have enough cash on us to buy all of the goods we’ve selected. As not many of these stall holders have credit card machines, we’re left to scurry around to find an ATM.

Gone are the days of scrambling in our pockets and purses for spare change, as a new payment service is available. SnapScan and Zapper are two very clever apps that have revolutionised the average payment process.


Harnessing the power of innovative technology and digital innovation, both SnapScan and Zapper have developed platforms for card and cash free payments. By simply downloading the respective apps from the various app stores, consumers are able to use their smartphones to make quick and convenient payments for various goods.

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Your Relationship with Money

Money has many uses.

Hundreds of years ago, if you were a corn farmer and wanted some meat, you could have easily gone to the market place and barter exchanged your produce for different goods. If not, you would have needed to keep trading your produce until you had found alternate goods that the meat supplier would have been happy to purchase. In a nutshell; your product only had value if someone wanted it.


Once money was invented, and started being used as a medium of exchange, it became possible to buy what you needed. Or, you could have simply stored and accumulated your wealth until you were ready to spend. As the corn farmer, your produce now became more useful as it could be exchanged for money.

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Government offers housing subsidy through FLISP

The South African government is allowing concessions for citizens to purchase homes with assistance from the Finance Linked Individual Subsidy Programme (FLISP)

northwood-housing-blogAccess to social housing has always been a pressing issue in South Africa, with the backlog of required housing units having increased from roughly 1.2 million units in 1994, to over 2.1 million units in just over two decades. Despite the progress in supplying quality housing since 1994; with roughly 3.7 million subsidised housing opportunities offered to roughly 12.5 million people; there is still a strong demand for affordable housing opportunities.

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Northwood Financial Services cc now offers payment through SnapScan

To make our client’s processes even easier, we are now offering payment via SnapScan.



SnapScan is both easy and convenient to use, and allows you to make quick and easy payments wherever you are without having to log into your internet banking service provider for an EFT transaction. SnapScan is available for free download and is free to use in a WiFi zone (standard data charges may apply when outside of a WiFi hotspot).

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