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PTUZ statement on money lending companies
Progressive Teachers Union of Zimbabwe (PTUZ)
June 13, 2005

It has come to the attention of The Progressive Teachers Union of Zimbabwe that there has emerged a class of business people who are making roaring business out of cheating teachers. We have had to deal with members and non-members who have lost their hard earned cash as a result of joining the many shady schemes that are being offered to them by these unscrupulous businesses.

Firstly, it is the many money-lending companies who seem to be deducting large sums of money from almost every teacher’s salary. We advise teachers to desist from borrowing money from these people because their interest rates are simply to high. We have recorded instances of teachers who have borrowed from these loan sharks who end up earning net salaries of below $50 000.00 a month after they have had monies for loans deducted from their salaries. They don’t care what you take home at the end of the month as long as they can get back their money from your paymaster. We understand that some of you may be really desperate for cash when you borrow from these people. But we also urge you to weigh the benefits against the costs of these loans before you borrow from them. The PTUZ is now offering loans at very affordable rates to members who have contributed for at least three months to our loan scheme. Contact our offices for more information.

Secondly there are organisations that are purporting to offer housing stands and cell phone lines to teachers. You will be required to make contributions of large sums of money in order to qualify. Beware of these organisations. Make sure that their claims are authentic before you let them have a single cent. If you are not sure come to us so that we can investigate them before you part with your hard earned cash.

Many of you will recall the still to take off Gwindingwi housing project, to which many teachers contributed $25 000.00 dollars each in 2002. At the time this was a lot of money. Teachers were not refunded their money when it became clear that the project would no take off the ground.As we speak those responsible for initiating this project are silent about what happened to your money. We urge our members who lost money in this scheme to come to us with proof of contributions so that we can assist them to recover their money.

On the same note there are organisations purporting to be able to give you cell phone lines if you make contributions to them. We have come across many teachers who have made such contributions and have not received their lines. Please be warned, cell phone lines are not readily available these days. So don’t be fooled into thinking that you will get them cheaply and easily through these organisations. You will only lose your hard earned cash.

Lastly, many bogus organisations are taking advantage of the housing shortage to fleece us of our hard earned cash. Make sure a housing cooperative is registered before you part with your money. Also ensure that plans for your houses have been registered with the local authorities before putting up any structures. Many teachers have fallen prey to bogus organisations who have taken their money and are failing to repay it after the cooperatives were declared illegal.

There are many people out there waiting to profit from your hard earned money. Be very careful with whom you give your money to. If you are not sure, we are always here to advise your. So do not hesitate to come to our offices for advise and or help to recover your money from people who take advantage of you.

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