I am a registered credit provider for on...

Asked by Anonymous on 11-10-2022 17:43:45
Question posted in the Property Law category relating to Gauteng

I am a registered credit provider for only one person (not a business credit provider) where I loan the amount of R750 000.00 for the member to purchase my house. In have a legal contract. My question is must the purchaser also pay my annual acccounting expenses that I must submit to the National Credit Provider to keep my registration as credit provider. The contract state: "The purchaser shall be liable to pay the registrtaion costs and expenses of the seller for registration of the seller as a Credit Provider as well as any yearly registration fees for the period of the loan, which amounts shall be payable on production of the account statement thereto by the seller to the purchaser."

After registered a credit provider, the purchaser pay my registration fees back, but now that I must submit my annual compliance reports to the National Credit Provider, I must use an accountant. The purchaser refuse to pay my expenses for my accountant to keep my credit provider status. According to me, my annual accountant expenses is part of my expenses to keep my annual registration as credit provider. Is my interpretation correct according to our contract. 

Need you advice.

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