Understanding consumer rights and all the jargon surrounding credit and debt is important for consumers looking to fully understand their financial situation and all options open to them. The National Credit Act of South Africa has gone a long way to not only improve and thoroughly document the rights of consumers, but also to help ensure that consumers fully understand the agreements they are getting into.
In order to understand the new credit regulations and to know when they are engaging in a credit agreement, it is important that consumers know what a credit provider is.
A credit provider is defined in The National Credit Act of South Africa as the following:
It also includes the lessor of a property. Therefore if a consumer rents their home, their landlord can be considered their credit provider.
According to The National Credit Act of South Africa, a broad definition of a credit provider is anyone that exchanges money, goods, or services under an agreement from the consumer that they will return the value of the goods, services, or money over an agreed upon period of time, with possible added interest...