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Cancelling a Credit Agreement

A credit agreement is entered into when a person (“consumer”) buys goods or services on credit or borrows money from another (“credit provider”) in return for the payment of interest and/or fees/charges. Read more about credit agreements.

National Credit Act

The NCA protects a consumer who enters into a credit agreement with a credit provider. For example, a credit agreement can take the form of a credit card, overdraft, store card, personal loan and so on.

Credit Records

In terms of the National Credit Act (“NCA”), credit may not be given to a person (“consumer”), if s/he is unable to repay such credit. A credit provider must determine a consumer’s creditworthiness by assessing his/her:

Debt Counselling

Debt counselling is the procedure in which an over-indebted consumer applies to court to have his/her debt re-arranged, for example, by reducing the monthly instalment amount and extending the period over which the outstanding balance is paid back to the credit provider.

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