Reviews
Where you do not dispute any information on your credit record and you want to repair your credit record by remedying any negative listing on it, the first step is to consider whether you are legally obliged to pay the account. Accounts that you are not legally obliged to pay You are not legally obliged…
(as extracted from Nicky Campbell’s Chapter 6, “The consumer’s rights and credit provider’s obligations”, in The Guide to the National Credit Act by JW Scholtz, Jannie Otto, E Van Zyl, Corlia Van Heerden, and Nicky Campbell) Section 21 of the National Credit Amendment Act amended section 71 of the principal Act to provide as follows:…
What to Look Out for When Shopping for Credit Understanding Credit Under the National Credit Act The noun “credit” is strictly defined in the National Credit Act 34 of 2005 as “a deferral of payment of money owed to a person, or a promise to defer such a payment” or “a promise to advance or…
The National Credit Act regulates how accounts can be settled early. To begin with, a consumer would need a settlement amount from the credit provider and the NCA gives the consumer certain rights with regard to this.Section 113 of the National Credit Act: Statement of settlement amount.(1) At the request of a consumer or guarantor,…
An administration order is granted in terms of the Magistrates’ Court Act 32 of 1944 where the consumers debt is less than R50 000.00. An administrator is then appointed to collect a monthly amount that is distributed amongst the consumers’ creditors as detailed in the administration order. Administrators can add new creditors to the list…