Скачать или смотреть Section 129

Section 129 (aka Letter of Demand) deals with the collection of overdue accounts and enforcement of credit agreements

In terms of the National Credit Act (NCA), a credit provider may not start legal proceedings to enforce a credit agreement, before giving the consumer written notice in terms of section 129 of the NCA, first. Section 129 deals with the process that the credit provider has to follow before debt can be enforced. And it states that when a consumer is under default under that credit agreement, the credit provider must inform the consumer in writing about the default and ask the consumer to refer the credit agreement to a Debt Counsellor, a Consumer court, a alternative dispute Resolution Agent, an Ombud with Jurisdiction. A credit provider can only collect once the Section 129 letter was sent to a consumer. The purpose is to inform the consumer of the options available.

Remember that you have 10 working days to act on this. You can contact the credit provider to make arrangements to pay, or seek a mediation if there is a dispute on the default amount, or you can seek an Accredited Debt Counsellor for Debt Review which is and option to save your Assets from being repossessed. Refine Debt Solutions has options available to assist any consumer that is battling financially.