Predatory lending and safeguards in the National Credit Act
Our director Matthew Thomson recently spoke with business and finance journalist Fiona Zerbst of JustMoney on the subject of predatory lending and the safeguards of the National Credit Act. JustMoney’s article is available at: https://www.justmoney.co.za/articles/how-to-identify-predatory-lenders/ and below: How to identify predatory lenders Disreputable, or predatory, lenders can trap you in an unsustainable debt cycle. We more...
Debt collections in South Africa and the option available to creditors:
Worldwide, 2020 has been a one of the more financially dire years for both persons and commercial enterprises in recent history. The South African economy has not been spared these adverse effects and there has been a steep decline (and in many sectors, a complete halt) in the production and consumption of goods and services more...
The big question: Discounting Transaction or Incidental Credit?
A question often asked, and understandably so, is what is the difference between a discounting transaction and an incidental credit transaction? On first glance at the definitions in the National Credit Act, 2005 (the “NCA”) they seem almost identical, but one needs to look at the nature of the transaction to differentiate between the two.
Credit providers – Do not forget to comply with Section 129 of the NCA
Before a credit provider takes any action against a consumer that is in arrears, a credit provider must ensure that it has satisfied the provisions of section 129, section 130 and section 168 (which deals with the serving of documents) of the National Credit Act, 2005 (“NCA”). In doing this, a credit provider must provide more...
Is your company a supplier of goods or services?
Is your company a supplier of goods or services? If so, there are many legal and important commercial aspects to consider when you embark on the process of becoming either the original manufacturer of goods, a link in the supply chain, or the final provider of goods or services to consumers. The Consumer Protection Act more...