Asked by Anonymous on 10-04-2021 09:50:44
Question posted in the National Credit Act Law category relating to Gauteng
I recently missed a payment on a loan due to financial difficulty. The institution's laywer phoned me and said that if i dont make a payment of R350 to their bank account within 24 hours, they will proceed with legal action.
Are they allowed to do this?
Answer to the Question
Posted by Att. Patrick on 12-04-2021 16:37:31
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.
Unfortunately, yes, they can hold you to the terms of your loan agreement and can proceed with legal action if you don't comply with the agreement.
Please remember this is a dialog if you have follow-up questions please make the required payment, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make payments for their questions.
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