WANNEER IS DIE NASIONALE KREDIETWET VAN TOEPASSING?

Die doelwit van die Nasionale Kredietwet Nr. 34 van 2005 (“die Wet”) is om: die sosiale en ekonomiese welsyn van Suid-Afrikaners te bevorder; om ‘n billike, deursigtige, mededingende, volhoubare, verantwoordelike, effektiewe en toeganklike kredietmark te bevorder; en om verbruikers te beskerm. Die onus is op kredietverskaffers om te verseker dat daar aan die vereistes van […]

DO MY DEBTS LAST FOREVER?

Prescription was introduced as means of protecting South African consumers from dishonest credit providers, who are responsible for recklessly lending credit and have contributed to the detrimental debt crisis many South Africans face today. What does prescription mean? The Prescription Act 68 of 1969 (PA) says that a debt (payment of money) is extinguished/expired after […]

MUST I REGISTER AS A CREDIT PROVIDER WHEN SELLING MY FARM?

Purchasers have increasing difficulty obtaining financing for the purchase of farms and other agricultural land. Many sellers of these properties consider granting the purchaser a bond for the purchase amount, to be paid off over a period of time. Worse, some accept an acknowledgement of indebtedness and consent to judgment as sufficient protection, prior to […]

WHAT IS MEANT BY REAL SECURITY?

Real security means that, on the basis of a creditor’s right against the debtor (principal debt), a creditor acquires a limited real right in the property of the debtor as security for the payment of the creditor’s right (principal debt) by the debtor. Real security differs from personal security in that a creditor does not […]