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Filter: Credit Act
Bypassing the National Credit Act may come back to bite you

02 June 2025,  Millisanté de Wee

Think you can sidestep credit laws with ‘friendly’ loans or sneaky deals? Think again. Discover why trying to outsmart the... National Credit Act could lead to costly surprises you never saw coming.

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415
Article
Be wary of an ‘instant loan’

15 September 2022,  Chang-Lin Dirks

Open any newspaper, check your junkmail or read one of the many unsolicited sms or WhatsApp messages and you will... find an advertisement from a credit provider offering an instant credit loan, some even going so far as to state you are immediately approved. But how legit are these solicitations? 

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2140
Article
What legal costs can a creditor charge a debtor to recover outstanding debt?

08 February 2022,  Marvin Odendaal

When times are tough, you may not get around to paying all your bills. But be warned, if neglected for... too long, it will inevitably lead to letters of demand for payment along with interest, charges and legal fees. As your outstanding obligations grow, you may wonder whether all these costs are allowed? Lets unpack what the law says.

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12873
Article
When am I required to register as a credit provider?

03 January 2019,  Dr Candice Reynders

I run a small crafts shop in town. From time to time I allow some of my regular customers to... pay me back over time. It’s usually not big amounts and I only do it to help them because I know times are tough. A friend warned me though that I should be careful as I may be required to register as a credit provider. Is this true?

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1074
Article
How to validly extend the period for getting your home loan approved

07 June 2018,  Corlia van Zyl

I’m trying to buy a house. The purchase agreement is subject to the condition that I obtain a mortgage bond... within 30 days. My time is running out but I’m close to getting the financing approved from my bank. I just need a few more days. Is it possible to extend the 30 day period and if so by when must this be done? I really don’t want to lose this house!

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1293
Article
Could a sale of shares be subject to the National Credit Act?

14 December 2016

My company holds shares in a larger construction company worth about R5 million. I’m looking at selling my shares to... an interested party that the construction company is also happy with. However, the party can only pay a deposit of R1,5 million and thereafter the remainder in monthly installments over a period of 18 months with an interest of prime plus 1%. My bookkeeper says I must be wary of falling under the National Credit Act. Could this be a possibility?

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1074
Article
Application of the National Credit Act to property instalment sale agreements

09 November 2016,  Stacey Bartlett

A buyer is interested in buying my flat. Her bank is not prepared to give her a loan because she... is paying off a few personal loans, but she is prepared to enter into an instalment sale agreement to pay the purchase price in instalments over a period of time, much like a rental. I like the idea of at least getting a monthly income, but I am worried whether I can do this and charge interest on the instalments, particularly as it will take a few years for her to pay the price in full?

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1396
Article
Even small credit providers must now register with the National Credit Regulator

11 August 2016,  Kitso Tshipa

I have a small informal money lending business. A friend told me that she has read that even small credit... providers lending money must now register with the National Credit Regulator. I hardly lend more than R200,000 per year, and have not had to register in the past. Is this true?

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2007
Article
Credit agreements: You must get a notice before being sued

09 May 2016

I received a summons today from a credit provider that gave me a personal loan. I admit that I have... missed a payment or two on the loan, but did not think that I was that far behind. Surely they must at least have called me or written a letter asking me to pay up before running to court? It’s not even a big amount outstanding and now I may have to pay legal costs as well.

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1552
Article
How to change my ‘slow payer’ status

14 December 2015

I’m struggling to buy a car because I cannot get financing. I’ve had some financial problems which resulted in some... of my accounts falling behind. All my debt is paid off at this point but my credit record shows that I am a ‘slow payer’. Is there any way I can have this removed from my record?

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1561
Article
The granting of credit: Not the 1, 2, 3 it used to be

07 May 2015

The National Credit Amendment Act 19 of 2014 (“NCAA”) that came into effect on 13 March 2015 brought with it... a number of important changes which will affect both the consumer and credit provider. The NCAA has clarified the requirements or steps for the provision of credit as well as the consequences of not adhering to these requirements and the new affordability guidelines has tightened the criteria for granting of credit by a credit provider.

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Article
Home loan? Get those bank statements and payslips ready

07 May 2015,  Stacey Bartlett

Buying property is an exciting step in any person’s life. One spends months searching for and researching properties until the... right place puts up its hand and you know you are smitten! But reality quickly sets in when the paperwork starts and you have to apply for a bank loan to finance your purchase. This vital process of submitting a credit application for a home loan to make your dream a reality, is often overlooked and can easily let your dream implode on itself if not taken seriously. So take the time and also prepare yourself properly for this important step of making your dream a reality. 

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Article

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