| 10. Does the new National Credit Act mean a debtor does not have to pay his debt?
No unfortunately not. The NCA merely regulates the credit industry better, the advancing of credit and the collection of any outstanding debt in terms thereof etc. The debtor’s duty or obligation remains in conjunction with the relevant provisions of the NCA and other applicable legislation.
11. Is a debtor responsible for the credit granted if goods are surrender or repossessed?
A debtor is still liable for the balance owing and not recovered from the sale in execution of the repossessed goods on auction.
12. Are Attorneys or Debt collectors entitled to charge interest and how much can they charge?
The interest charged is in accordance to the initial agreement between the creditor and debtor payable to the creditor, thus the specified contractual interest rate per annum. If the parties agreed that interest would be charged in their agreement, but failed to specify the interest rate the mora interest rate will be applicable in terms of the Prescribed Rate of Interest Act, 44 of 1975 which may change from time to time.
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