Good day im in seek of advice.I borrowed...

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,

CaseLaw

If you would like to view the entire answer, you will need to either login or register a FREE account.

Disclaimer

DISCLAIMER: Advice or answers from Lawyers on SA Legal Advice are not substitutes for the proper advice of an Lawyer. SA Legal Advice is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Lawyer who assists with your question is not your Lawyer, and the response above is not to be considered to be legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from individual Lawyers, not SA Legal Advice. The site and services are provided “as is”. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.