Lewis allegedly still breaking the law. Share price collapses on debt report

Also read the following related articles:

* Major breaches of National Credit Act at Lewis furniture stores exposed

* National Credit Regulator takes aim at Lewis after claims of illegal action

Lewis Group’s share price is collapsing, and a report by David Woollam, Director of Summit Financial Partners, seems to be the catalyst.

This follows allegations that the furniture store have committed major breaches of the National Credit Act (NCA).

The Money Show’s Bruce Whitfield interviewed Woollam.

Scroll down to listen to the audio.

Lewis is one of the worst examples of exploiting people and taking advantage of their lack of financial literacy.

David Woollam, Director of Summit Financial Partners

I’ve done a lot of “mystery shops” in my life. The one at Lewis was horrifying.

David Woollam, Director of Summit Financial Partners

Extended warrantees at Lewis are mandatory and this is against the law.

David Woollam, Director of Summit Financial Partners

I blew the lid on this a month ago yet Lewis is still breaking the law.

David Woollam, Director of Summit Financial Partners

I have faith that the regulator will complete what I started.

David Woollam, Director of Summit Financial Partners

I’ve been campaigning for many years for this industry to reform itself.

David Woollam, Director of Summit Financial Partners

This industry has sacrificed sustainability for short-term profit.

David Woollam, Director of Summit Financial Partners

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Bloomberg makes fishy discovery when visiting Charles King (new owner of Tegeta)

Bloomberg makes fishy discovery when visiting Charles King (new owner of Tegeta)

Why is its registered address that of a violin shop? Bruce Whitfield interviews Intellidex’s Stuart Theobald.

5 reasons your expenses feel so much more (than the 4.6% inflation rate)

5 reasons your expenses feel so much more (than the 4.6% inflation rate)

The Money Show’s Bruce Whitfield interviews Econometrix Treasury Management Director George Glynos.

Meet Jonathan Ball, founder of South Africa’s leading publisher of English books

Meet Jonathan Ball, founder of South Africa’s leading publisher of English books

The Money Show’s Bruce Whitfield interviews Ball, who created Jonathan Ball Publishers 41 years ago.

This sport requires you to run, drive and fight all while remaining seated

This sport requires you to run, drive and fight all while remaining seated

eSports are more than just a game now and may even be an Olympic sport by 2024.

National Credit Regulator takes aim at Lewis after claims of illegal action

National Credit Regulator takes aim at Lewis after claims of illegal action

The NCR has referred Lewis Stores and Monarch Insurance to the National Consumer Tribunal.

Major breaches of National Credit Act at Lewis furniture stores exposed

Major breaches of National Credit Act at Lewis furniture stores exposed

An undercover investigation has exposed major breaches of the National Credit Act by Lewis furniture stores.

Popular articles
Getting to know MP, Dr Makhosi Khoza

Getting to know MP, Dr Makhosi Khoza

Dr Khoza is admired by South Africans for her role in the SABC inquiry as a ANC member of parliament.

10 sexting tips on how to keep things spicy (and safe)

10 sexting tips on how to keep things spicy (and safe)

Interested in sexting but worried about the risks? Dr Eve has created a guideline to help you 'sext' in a fun and responsible way.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Gospel singer Sipho Makhabane explains how Sfiso Ncwane died

Gospel singer Sipho Makhabane explains how Sfiso Ncwane died

Makhabane says Ncwane was feeling weak yesterday and his wife phoned paramedics to check on him.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Michiel le Roux speaks about the fascinating story behind the little bank that has the Big 4 shaking in their boots.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?

5 ways the NSFAS funding model will change in 2017

5 ways the NSFAS funding model will change in 2017

The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.