What every debtor and creditor should know about letters of demand in terms of the National Credit Act

The main aim of the new National Credit Act (NCA) is to prevent over-indebtedness and to provide more accessible structures for dispute resolution. One way that the NCA aims to achieve this, is by creating a more transparent platform, which bodes well for debtors and creditors alike. Since the Act’s inception, a major breakthrough has been that credit providers can no longer institute legal action against a debtor without first issuing a letter of demand (section 129 notice). This letter needs to notify them that they have defaulted on their credit agreement and should set out the parameters of the way forward.

The NCA is prescriptive in terms of the content, the procedure and the mode of delivery of these letters of demand.

 

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