Special Investigating Units and Special Tribunals Act, 1996
R 385
National Credit Act, 2005 (Act No. 34 of 2005)Chapter 6 : Collection, Repayment, Surrender and Debt EnforcementPart A : Collection and repayment practices126. Early payments and crediting of payments |
(1) | At any time, without notice or penalty, a consumer may prepay any amount owed to a credit provider under a credit agreement. |
(2) | A credit provider must accept any payment under a credit agreement when it is tendered, even if that is before the date on which the payment is due. |
(3) | A credit provider must credit each payment made under a credit agreement to the consumer as of the date of receipt of the payment, as follows: |
(a) | Firstly, to satisfy any due or unpaid interest charges; |
(b) | secondly, to satisfy any due or unpaid fees or charges; and |
(c) | thirdly, to reduce the amount of the principal debt. |