1.2.1 Annual Interest Rate means the rate at which finance charges are levied on any overdue balance of the principal debt owed by the Consumer to the Credit Provider expressed as a percentage as specified on the face of this Agreement and which shall be a variable nominal annual rate compounded monthly linked to the maximum rate as prescribed by the Act with reference to Section 105(1);
1.2.2 Initiation Fee means the fee charged by the Credit Provider to cover the costs of initiating this Agreement;
1.2.3 Maximum Prescribed Interest Rate means the interest rate as set out in the Regulations to the Act with reference to the Repo Rate which currently stands at 6.75%;
1.2.4 Party means the Credit Provider or Consumer as described on the face of this Agreement;
1.2.5 Service Fee means the Fee charged by the Credit Provider to cover the costs for routine administration and maintaining of the Consumer’s account;
1.2.6 The Act means the National Credit Act No 34 of 2005;
4.5.1 the rate of interest;
4.5.2 the amount of credit fee or charge;
4.5.3 the change in the frequency or time for payment of a credit fee or charge in terms of this Agreement.
5.3.1 firstly, to satisfy any due or unpaid interest charges;
5.3.2 secondly, to satisfy any due or unpaid fees or charges;
5.3.3 finally, to reduce the amount of the principal debt.
6.2.1 the unpaid balance of the principal debt at the time;
6.2.2 the unpaid interest charges and/or other fees and charges payable by the
Consumer to the Credit Provider up to the settlement date.
The Consumer may terminate this Agreement at any time by paying the settlement amount to the Credit Provider and notifying the Credit Provider of his intention in writing to terminate the credit facility.
10.1.2 default information will be submitted to the relevant Credit Bureaus; and
A certificate signed by any of the Credit Provider’s Managers (whose appointment and authority need not be approved) in which the amount of indebtedness by the Consumer and the interest rate applicable to the Consumer’s account is stated, shall be accepted as sufficient proof of
indebtedness to the Credit Provider in any legal proceedings and shall be regarded as correct.
12.1 The Credit Provider may require payment by the Consumer of Default Administration Charges in respect of each necessary letter written to the Consumer for debt enforcement by way of Judgment against the Consumer.
12.2 The amount payable may not exceed the amount payable in respect of a registered letter of demand in undefended actions in terms of the Magistrate’s Court Act 32 of 1944 in addition to any reasonable and necessary expenses incurred to deliver such a letter to the Consumer.
13.1 The Collection Costs may not exceed the costs incurred by the Credit Provider in collecting the debt for debt enforcement by way of Judgment against the Consumer and in terms of:
13.1.1 the Supreme Court Act 1959;
13.1.2 the Magistrate’s Court Act 1944;
13.2.3 the Attorneys Act 1979; or
13.2.4 the Debt Collectors Act 1998
which ever is appropriate to the enforcement of this Agreement.
14.1 If the Consumer remains in default for more than twenty (20) days and the Credit Provider has drawn the Consumer’s default to his/her attention as required by the Act then:
14.1.1 the full balance owing by the Consumer to the Credit Provider will at the option of the Credit Provider immediately become due and payable;
14.1.2 may be handed over to an Attorney to institute legal action against the Consumer for which legal costs the Consumer will be liable, which will include but not be limited to:
22.214.171.124 legal costs on an attorney and client scale including all the expenses incurred by the attorney briefed by the Credit Provider, including all costs of any Advocate instructed by the attorney, and the costs of the professional services rendered by the attorney to the Credit Provider;
126.96.36.199 collection charges and tracing fees;
188.8.131.52 revenue stamps and sheriff’s fees; and
184.108.40.206 value added tax thereon which the Credit Provider may incur in recovering or attempting to recover monies which the Consumer owes the Credit Provider.
15.1 The Credit Provider and the Consumer agree that when ever either one of them is required or wishes to give legal notice or written notice to the other one for any purpose contemplated in this Agreement, the party giving notice must deliver a notice to the other party in writing by hand or registered mail to the other party’s chosen domicilium citandi et executandi address.
15.2 Until termination of this Agreement the Consumer must inform the Credit Provider, in writing and in the prescribed time, manner and form, of any changes concerning the Consumer’s residential or business address as set out on the front of this Agreement which address
the Consumer chooses as his/her domicilium citandi et executandi for purposes of service of any notice of legal process on him/her.
15.3 Either party to this Agreement may change his/her address by delivering to the other party a written notice of the new address by hand or registered mail which new address will constitute the party’s domicilium citandi et executandi address for purposes of service of any
notice or legal process on such party.
16.1 The Consumer agrees that the Credit Provider may:
16.1.1 makes enquiries to confirm any information provided by the Consumer in his/her application or at any time during the Agreement;
16.1.2 submit to any Credit Bureau or third party with whom the Consumer has financial relations at any time, any information about or as contained or provided to the Credit Provider by the Consumer in the Consumer’s application, or about the application, opening and closing of this Agreement and account;
16.1.3 seek, verify and receive information from any Credit Bureau or third party with whom the Consumer has financial relations when assessing the Consumer’s application or credit worthiness, and also at any time during the existence of the Agreement;
16.1.4 provide, disclose and register the existence of this Agreement and any personal information and details relating thereto, to any Credit Bureau or third party with whom the Consumer has financial relations, sharing positive and negative information about the Consumer or the Consumer’s credit account including any non-compliance with the terms and conditions of this Agreement.
16.2 The Consumer acknowledges and understands that a Credit Bureau will provide the Credit Provider with credit profile information and possibly a credit score reflecting the Consumer’s credit worthiness.
Any extension, indulgence or condonation granted by the Credit Provider to the Consumer shall not be interpreted as a waiver by the Credit Provider of any of its rights in terms of this Agreement.
The Agreement constitutes the whole Agreement between the Credit Provider and the Consumer and any change to the Agreement will be void unless recorded in writing and signed by both parties.