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.
The RAF is a fund that assists with compensating victims of a motor vehicle accident (“accident”) for certain damages suffered within the Republic of South Africa. Learn more about the Road Accident Fund.
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.
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:
