Tag: credit law

Before you make a loan to anyone, be sure to comply fully with the strict requirements of the National Credit Act.
If you don’t, you could lose your loan entirely, with a recent High Court decision providing a stark reminder of the consequences. The Court declared a R430,000 loan to have been “reckless lending”, leaving the lender (a family trust) to write off the bulk of its loan, lose a decade’s worth of interest, cancel its security bond over a house, and pay legal costs. Why did that happen and how can you, as a lender, avoid the same fate?

Article courtesy of Law Dot News |Credit Law Lending to a Friend or Relative – When Must You Register as a Credit Provider? “In life, we never lose friends, we only learn who the true ones are” (Unknown) Lending money to a friend or family member in need sounds like a natural and informal sort of thing to do. ButRead more

Article courtesy of Law Dot News | Family Law | Credit Law | Debit Recovery The Trouble with Family Loans: A R540,000 Lesson “How sharper than a serpent's tooth it is to have a thankless child!” (Shakespeare) “Family helps family in times of need” - that’s been part of human culture since long before the dawn of history but beRead more