Asked by Jaydene on 08-02-2021 12:52:24
Question posted in the General Law category relating to Western Cape
Good day im in seek of advice.
I borrowed money from some lady that has an illegal money lending business she is not registered at an FSCA and she charged 50 percent interest fees. I paid her previous occasions but are unable to pay now at this moment due to financial difficulties however i told her that i will start making payments when i have sorted my financial crises out.. I want to know what can i do as the lady seems to threaten me about coming to my work?
Information Requested by Lawyer
Posted by Att. Patrick on 09-02-2021 21:38:29
Hi there and thank you for your question,
I am a practicing attorney based in South Africa. I see that you've asked a question but have not made any deposit for your question. I will try to assist you briefly with your question but please, if you would like more information, make a deposit and then we can continue the chat!
What you need to do is to read the National Credit Act and see if (i) the agreement falls into a the NCA as a credit agreement; and (ii) if so, whether this lady is required to register as a credit provider.
Then, you need to read up what happens if the person is not registered. Is the agreement void or unenforceable by the lender?
Looking forward to assisting you further - if you would like.
Good luck and best regards,
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