You are in default of the Agreement if You:
- Do something you have agreed not to do or do not do something you have agreed to
do, under the Agreement;
- Give us incorrect, misleading or deceptive information in connection with this
Agreement in a way which would have affected our decision to lend you money;
- Have acted fraudulently or dishonestly in connection with the Loan Agreement;
- Commit a breach of any of the declarations provided by you to us;
- Die; or
- Fail to make payment of any amount due in terms of the Loan Agreement.
If you are in default, we will give you a written notice as required by Section 129
of the National Credit Act 34 of 2005, electronically advising you of the default and
advising you that you may refer the matter to an alternative dispute resolution
mechanism, ombud or consumer court, or resolve it with us.
If You have been in
default for 20 (twenty) Working Days and at least 10 (ten) Working Days have expired
since We gave You Default Notice and You have not responded to the notice, or rejected
Our proposals, We will be able to take action for payment of the Settlement Value and
You will be liable to pay Us Enforcement Expenses and Collection Costs.
You cannot pay Your debts and if You do not consult, or refuse to consult with the debt
counsellor, then We will be entitled but not obliged to hand the Agreement over to Our
attorneys or a debt collector registered in terms of the Debt Collectors Act of 1998 for
the collection of the debt.
In addition, upon the occurrence of a default we
will charge the default interest rate set out in the Quotation on any amounts due, owing
and payable to us from the date that it became due for payment, to the date of payment
We may submit an adverse report of your default to a credit bureau,
setting out particulars thereof. If this is the case at least 20 (twenty) Working Days'
notice will be given to You prior to reporting any adverse information to a credit
bureau and You will be entitled to a copy of the adverse report upon request addressed
to the credit bureau.