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National Credit Act
There is no such thing as a black list. It simply means that there are negative data on your credit report that is hosted at a Credit Bureau. This negative data can be anything, from a plain collection on one of your loans right through Judgment data or even Debt review.
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If you default on a credit agreement and action is taken against you by the credit provider, you still have time, according to Section 129(3)(b) read with 129(3)(a) and S129(4) of the National Credit Act (“NCA”) as well as the case of Firstrand Bank Limited v Nomsa Nkata to re-instate the credit agreement until the goods have been sold in execution.
Debt counselling is a process of assisting consumers that are experiencing debt-related problems and are having difficulty making their current monthly payments, by providing budget advice, restructuring their payments, negotiating on their behalf with credit providers, monitoring their payments and providing aftercare services.
According to section 122 of the National Credit Act, a consumer may terminate the credit agreement at any time. The consumer can do this by paying the settlement amount as calculated in accordance with section 125 of the National Credit Act.
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