n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - The default notice as required by the National Credit Act 34 of 2005




The National Credit Act has significantly limited a credit provider's right to enforce the credit agreement where a consumer (ie, a debtor) defaults under his agreement or where the credit provider wishes to cancel the agreement and claim for the repossession of goods. The Act has drastically changed the customary legal debt-collection procedures. There is now a new prescribed procedure set out in Part C of Chapter 6 of the Act that a credit provider has to follow when he wishes to collect a debt from a defaulting consumer, and before he may institute legal action in a court of law.


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