This means that the credit agreement can be concluded orally or in writing within the meaning of the law. This definition is similar to the definition of an installment sale transaction within the meaning of the Credit Contracts Act.
3 CONSUMER-CREDIT INSTITUTIONS
4 CONSUMER-CREDIT INDUSTRY REGULATION
Article 40(6)(a) requires the credit limit under credit facilities to be used in determining whether a credit provider must register, and Article 40(6)(b) also disregards credit guarantees. In terms of section 54(4), such notice shall remain in force until a registration certificate is issued to that person or until the notice is set aside in terms of section 59 (discussed below).
The purpose of the registration requirements, criteria and procedures in the Act is to regulate the consumer credit sector.116 Because the Act also applies to credit providers who are not required to register as a credit provider under its provisions, the question may well The question is asked why it is not mandatory for all credit providers to register under the law. A right to protection against discrimination or punishment against the consumer in cases where the consumer wishes to exercise or modify his or her rights as established by law or in a credit agreement.123. f) A right to confidential treatment of information relating to a consumer.124. g) Various other rights relating to personal information and consumer credit data.125.
5 2 National register of credit agreements
A right to have a justified credit refusal or termination, for refusal to increase the credit limit under an existing credit facility, etc. 121. Right to information regarding the agreement, publication and account statement in a common and comprehensible official language. 122. e).
5 3 Credit-marketing practices
However, if the agreement is found to be reckless because there are indications that concluding it would cause the consumer to become overly indebted,177 the court must further assess whether the consumer is overly indebted at the time of the legal proceedings. During the period that the operation of a credit agreement is suspended. a) the consumer is not obliged to make any payment under the agreement; After the suspension of a credit agreement ends, all rights and obligations of the credit provider and the consumer under the agreement revive and are fully enforceable.
The subdistrict court judge must hold a hearing on the proposal of the debt counsellor195 or at the request of the consumer196, given the. It is uncertain what the debt counselor will advise in this case, because the consumer does not yet have excessive debt.
A new credit agreement211 concluded by the creditor while the debt restructuring still exists can be declared as reckless credit.212 If the consumer requests or concludes a new credit agreement while the debt restructuring still exists, the consumer will lose the protection that it is provided by the part of the law dealing with over-indebtedness and reckless lending.213. It is important to note that Article 71 allows for the removal of a record of adjustment of debt or judgment.214. If the credit agreement is illegal227, the court228 must order it229. a) the credit agreement is void from the day the agreement was concluded; 230.
6 2 Unlawful provisions
235 This is one of the aims of consumer credit legislation - see Flemming Credit Transactions South African Law Commission Working Paper 46 Project 67 "The Usury Act and Related Matters hereafter Working Paper 46); and Grové and Otto 2-3. A provision in a credit agreement which is unlawful in terms of section 90 of the Act is void from the date on which the provision is claimed to take effect.239 A court dealing with a matter concerning a credit agreement containing an unlawful provision , dealt with, must separate that provision from the agreement or the court must change the provision to make it lawful, if it is reasonable to do so having regard to the agreement as a whole. Alternatively, the court must declare the entire agreement illegal from the date the agreement240 entered into force.
The court must also make further orders to give effect to the principles of section 89(5) in relation to the illegal provision or the entire agreement, as the case may be.241.
7 1 Pre-agreement disclosure
7 2 Form of credit agreements
8 CONSUMER’S LIABILITY, INTEREST, CHARGES AND FEES
See also s 47 of the National Credit Regulations, 2006 which places a limit on the collection costs that may be charged. This interest rate may not exceed the highest rate applicable to any part of the principal debt in terms of the specific agreement. 264 Pursuant to the common law duplum rule, interest ceases to accrue as soon as the unpaid interest equals the capital amount still outstanding in terms of the agreement - see Vessio “A Limit on the Limit on Interest.
Including court costs in the codification of the in duplum rule may prevent effective debt recovery in practice, as court costs (along with the other allowable costs) may also only accrue until it reaches the unpaid balance of the principal debt under the credit agreement at the time when the default occurs. The purpose (based on public policy) of the in duplum rule in relation to common law is to protect the consumer.
9 STATEMENTS OF ACCOUNT
10 ALTERATION OF CREDIT AGREEMENTS
Section 106 allows for credit insurance,267 including credit life insurance.268 It is important that the law allows a consumer to make use of an insurance policy of his choice.269. A consumer can at any time, by written notice to the credit provider, request that the credit limit under his or her credit facility be reduced and can set a maximum credit limit.278 A credit provider under a credit facility279 can reduce280 the credit limit under this credit. facility.281. The credit provider may not increase a credit limit under a credit facility, unless the increase is temporary282 or the consumer accepts the increase.
However, if the consumer,283 has requested in writing the option to have the credit limit automatically increased from time to time, the credit provider can unilaterally increase the credit limit at set intervals.284.
11 1 Right of “cooling-off”
11 2 Termination by consumer
The consumer can at any time, by written notice to the credit provider, request a reduction of the credit limit according to his credit and can set the maximum credit limit. 278.
11 3 Termination by credit provider
12 COLLECTION AND REPAYMENT
13 SURRENDER OF GOODS
14 1 General
14 2 Required procedures before debt enforcement
As a section 86(10) notice is required in cases where a debt review is in progress, it should be clear that a section 129(1)(a) notice is required in those cases where the credit agreement is not subject to a debt review. The notification is part of the facta probanda in all actions initiated by the creditor. For example, if the creditor chooses to require specific performance, the s 129(1)(a) notice will only serve as a demand letter.
However, the creditor would not be able to bring proceedings for repossession of the goods without first complying with section 129, subsection If the contract does not contain a lex commissoria, the credit provider must first acquire a right to cancel the contract.
14 3 When court may determine the matter
If the court in any debt enforcement procedure348 finds that the loan agreement was reckless349, the court is obliged to take an order provided in article 83.350. If the court finds that the credit provider has not complied with the relevant provisions of the law regarding the procedure351 or has addressed the court in the circumstances set forth above,352 the court must postpone the case before it and obtain an appropriate order determining the steps to be taken to be performed by the credit provider before the case resumes.353. Similarly, the court may adjourn the matter before it, if it is found that the loan agreement is subject to a pending debt review, or order the debt counselor to report directly to the court and then obtain an order for the declaration and consumer relief. -debt.354.
In the event that the court finds that the credit agreement has been suspended or covered by an order or agreement on debt restructuring, and that the consumer has complied with such an order or agreement, the court must dismiss the case.358. Alternatively, the court may order the arbitral tribunal to adjourn the case before it and refer the case to the court for decision.
14 4 Conclusion
If a court makes a seizure order in relation to property that is the subject of a credit agreement, sections 127 (2) to (9)359 and section 128360 will apply mutatis mutandis.361. It is our contention that the legislature's use of the word "reinstate" in section 129(3) is incorrect. The consumer cannot reinstate a credit agreement that has not yet been cancelled.368 It is also nonsensical to provide that the consumer, after having met the requirements to reinstate the contract, may resume possession of any property that was taken back by the credit provider in terms of a seizure order.369 A court will only grant a seizure order after the credit agreement has been cancelled.370.
16 DISPUTE SETTLEMENT (OTHER THAN DEBT ENFORCEMENT)
In the event that the ombud, alternative dispute resolution agent or consumer court successfully resolves the dispute, the resolution of the dispute can be recorded in the form of an order. The Act also addresses the role of the Regulator in dealing with complaints received or initiated by it about breaches of the Act. After completing the investigation into a complaint, the Regulator385 can refer the matter to, among other things, a provincial consumer court or the Tribunal.386 The consumer court387 or the Tribunal388 must then hold a hearing on the matter referred to it and the appropriate orders 389 As in the case of alternative dispute resolution agents, consumer courts and ombuds who have resolved a matter, the Regulator may also, where it has investigated a matter and reached an agreement with the respondent.
In such a case, the complainant in question can bring the case directly to the relevant consumer court or the court with permission from the court - § 141, subsection 383 Pursuant to section 25(1)-(3), an inspector is an employee of the supervisory authority or the state, appointed as such by the supervisory authority's chief executive and issued with a certificate of appointment.
17 OFFENCES UNDER THE ACT
The regulator can also submit the case to the national prosecutor's office if criminal acts have been committed. 391. The procedure to be followed in investigations, the outcome of submitted complaints and hearings before the court, as well as the rules regarding the procedure, witnesses, costs, complaints and examination, as well as court orders are dealt with by law. 392.
18 CONSUMER EDUCATION AND INDUSTRY RESEARCH
19 CONCLUSION
