What is an incidental credit agreement?
The current economic climate has seen an increase in financial debt, with a large number of consumers being unable to meet their payment obligations to inter alia suppliers and/or lenders. As a result, businesses have been forced to demand payments and issue summons in the hopes of collecting the outstanding debt owed to them. This […]
The 101: Bond cancellation
Are you considering cancelling your mortgage bond or settling the outstanding amount due in respect thereof? Bear in mind, there is a difference between the two. When you “settle a bond”, you are repaying the total outstanding amount due in terms of your mortgage loan agreement. “Settling a bond”, however, does not automatically result in […]
The National Credit Amendment Bill proposes alternative relief to sequestration for persons who are insolvent
The National Credit Amendment Bill (the Bill) is set to become law after President Ramaphosa signed the Bill into our legislation in August 2019. The Bill reiterates the purpose of the National Credit Act namely, to promote and advance the social and economic welfare of South Africans; to promote a fair, transparent, competitive, sustainable, responsible, efficient, effective and accessible credit market industry; and to protect low-income South Africans. The Bill came about due to categories of consumers who do […]