Description
It is obligatory for a credit provider to send a notice in terms of Section 129(1)(a) prior to the institution? of proceedings. A credit provider is defined as follows:
a) the party who supplies goods or services under a discount? transaction,incidental credit agreement or instalment agreement;
b) the party who advances money or credit under a pawn transaction;
c) the party who extends credit under a credit facility;
d) the mortgagee under a mortgage agreement;
e) the lender under a secured loan;
f) the lessor under a lease;
g) the party to whom an assurance or promise is made under a credit guarantee;
h) the party who advances money or credit under any other credit agreement;
i) any person who acquires the rights of a credit provider under a credit? agreement.