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acknowledgement of debt

Are Acknowledgement of Debt’s subject to the provisions of the National Credit Act 34 of 2005?

Consider the following practical example: You loaned R 20 000.00 from a friend/colleague. You could not repay the loan as you initially promised due to financial difficulties. Your friend/colleague draws up an Acknowledgment of Debt (hereafter referred to as ‘AOD’) whereby the new repayment terms are clearly specified. Furthermore, he or she requests that your […]

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