Non Payment

In the case where attempts fail to come to an arrangement for payments of outstanding Loans or the recouping of the outstanding balances occur You are in Default of your Loan Agreement.

If You default in Your obligations under the Agreement You will be charged Enforcement Expenses and Collection Costs (subject to the amounts allowed in terms of the prevailing Law) which are incurred by Us in the enforcement of Your Loan Agreement as well as default interest as per the Quotation. Such Enforcement Expenses and Collection Costs and default interest plus VAT thereon will form part of the Settlement Value where You default.

Default administration charges will be levied against You in respect of letters written to You as a result of Your default, at the amount allowed by Law and reasonable delivery expenses incurred and will be added to the outstanding balance.

Collection Costs incurred by Us will include all allowable tracing fees. All attorneys and registered debt collectors costs will be recovered from You on a scale not exceeding the tariff prescribed by the Magistrates Court Act 32 of 1944, the Supreme Court Act 59 of 1959, the Attorneys Act 53 of 1979 or the Debt Collectors Act 114 of 1998.

Subject to any Law to the contrary, all expenses, fees and charges referred to above will bear Interest at the Interest rate from the date on which they are due until the date of actual payment thereof.