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.
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.
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.
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.