The consumer can transfer the property subject to the credit contract at any time, whether the consumer is late or not. This provision is the subject of an in-depth discussion above. Does standard communication really have to reach the consumer to be effective? In Sebola/Standard Bank,[14] the Constitutional Court held that, although the law does not have a clear meaning for “supply,” it requires the credit provider to demonstrate the application of a credit contract and proves that the notification was sent to the consumer. When the creditor publishes the notification, the proof of the shipment registered to the consumer, accompanied by proof that the communication has reached the corresponding post office for delivery to the consumer, constitutes sufficient proof of the delivery (in the absence of contrary evidence). The rescheduling contract is a credit contract between the credit institution and a bank customer who is late to a previous credit contract, with the aim of renegotiating the terms of the contract, in the sense of deferring the payment of the debt or changing the nature of the debt repayment. The drastic reduction in interest rates conceals or conceals the actual cost of credit when initiation and service fees are added. These fees may remain largely hidden, with an emphasis on interest rates (better known to consumers) when products are marketed. Fees help keep interest rates low, which makes credit cheaper, although credit is not cheaper. Abandoning the cost of credit away from interest and fees (which consumers do not know about) will increase the likelihood that consumers will be misled about the actual cost of credit. Many are attracted to borrow money that will cost much more than they originally anticipated. It is important that paralegales understand the risk that this concealment of the actual cost of credit will occur in order to warn their customers of this danger. In this document, credit is referred to as a “double-edged sword” because the power of transmission between consumers and credit providers has “significant power imbalances” due to poor level of consumer education and knowledge of consumer rights. and is not in a position to enforce these rights through negotiation or legal action: long-term rental: this is a method in which the credit institution temporarily grants the customer the use of a car.
, by paying a monthly rent. With the conclusion of the contract, the customer agrees to buy the car at the end of the rent. A lender who, if a debt is liable, has caused foreclosure charges may ask a court to charge the consumer with the foreclosure fee. The court will only take this injunction if the consumer has provided false information about his address or the location of the goods. When times get tough, credit can be an important resource to help businesses weather a storm. Specifically, credit facilities can be real life savers. This type of loan is the offer of a credit institution to extend loans to a commercial customer, often in the form of overdraft services, revolving lines of credit or letters of credit.