MBOMBELA – The Mbombela Magistrate’s Court grants numerous judgments against debtors on a weekly basis – with interest on the capital amount at a rate of 9% in terms of the Magistrate’s Court Rules.
Lowvelder recently advised our online readers not to fall behind on due payments.
Where a consumer has fallen behind on payments, a credit provider may be willing to make a payment arrangement. Credit providers are encouraged by law to assist consumers in arranging payment agreements to settle their debt.
If the debtor remains in default, the credit provider may take collection steps in terms of the Magistrate’s Court Act.
These steps, if not adhered to, may result in default judgement being granted against the debtor. This judgment will remain enforceable for thirty years if it is not interrupted by prescription.
Be sure to read an explanatory guide in Friday’s Lowvelder.
