Help! I am flagged as being under debt review on the Credit Bureaus. Since promulgation of the National Credit Act. 34 of 2005 (herein after referred to as the “act”), most South Africans have heard of debt review and have a faint idea of what it entails. Some of us...
Ever been asked to sign surety for debt? Should it be your child’s study loan, a bond, a car, on behalf of your company or any other debt. This is a big responsibility. You agree to take over payment and be liable for debt should the ‘principal’ not be able to pay it...
When deciding whether to institute legal action for amounts due to either you personally, or to your company, it is a fantastic idea to do a vetting process before making the decision whether or not to sue. There are several factors which to consider, the most...
You have most likely heard the term vetting and not know exactly what it entails. This article will give a better understanding of what the vetting process entails and how it will benefit your company. This article will explain the process in the event of a new client...
Section 40, as amended, of the National Credit Act determines which entities or persons must register as a credit provider. Now this seems to be quite obvious, if you are in the business of lending monies you need to register. However, the Supreme Court of Appeal has...
"Why would I need a debt collector?" you may ask. Trying to collect your own outstanding debt can be awkward and can be detrimental to the working relationship you have with your clients. If your clients don’t pay on time, you follow up. Friendly this time, as it’s...
Many times I encounter individuals that make the assertion that a judgment is only worth the paper its written on. Although this is many times accurate, there is most definitely means and methods to enforce a judgment. Here follow the methods that can be employed and...
Have you ever had issues with a clause in your agreement? This could be detrimental to your business, and could cost you money in the long term. In order to safeguard your business against legal action, non-payment and the like, your contract should be drafted in such...
To minimize the risk of contracting with bad payers is something that each business owner will want to figure out how to do. Prevention is always better than cure! So take a look at your processes and fix those before attempting to cure an already existing problem....