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When you fall behind on payments

By admin
30 December 2013

When you fall behind on payments

When you owe money to a registered credit provider and you aren’t paying them, they have to follow some steps if they want to demand money from you.

They will start the legal process by sending out a section 129 notice. A notice can only be issued if it was a credit agreement in terms of the National Credit Act. It is usually sent by registered mail. In youroriginal contract with the credit provider you specified an address to which this notice must be sent, if necessary.

If your address changes and you don’t inform the bank, they will still be entitled to send that notice to your last known address (and you might not find out about it). In that notice the credit provider will give you a time period within which to pay the amount owing; or else the credit provider will advise you on other options like a payment arrangement or an application for debt review.

Remember, you cannot apply for debt review if you do not earn a salary. Don’t ignore this notice: it is there to help you.

Click here for more information regarding Scorpion Legal Protection and money owed.