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Suretyship vs Guarantee. What’s the difference?

02 May 2024

In this article, we look at two primary forms of security commonly found in financial transactions, namely suretyship agreements and... guarantees, and explain the difference between these two forms of security.

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9
Article

Leave to Appeal vs Special Leave to Appeal

02 May 2024

On 4 April 2024 in the matter of Savannah Country Estate Homeowners Association v Zero Plus Trading 194 (Pty) Ltd... and Others (773/2022) [2024] ZASCA 40, our Supreme Court of Appeal (“SCA”) had to address the important difference between an application for leave to appeal and an application for special leave to appeal. In this article, we analyse the SCA’s views in this regard.

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8
Article

Suretyship vs Guarantee. What’s the difference?

02 May 2024

In this article, we look at two primary forms of security commonly found in financial transactions, namely suretyship agreements and... guarantees, and explain the difference between these two forms of security.

READ MORE
9
Article

Leave to Appeal vs Special Leave to Appeal

02 May 2024

On 4 April 2024 in the matter of Savannah Country Estate Homeowners Association v Zero Plus Trading 194 (Pty) Ltd... and Others (773/2022) [2024] ZASCA 40, our Supreme Court of Appeal (“SCA”) had to address the important difference between an application for leave to appeal and an application for special leave to appeal. In this article, we analyse the SCA’s views in this regard.

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8
Article
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Filter: Credit Act
Could a sale of shares be subject to the National Credit Act?

14 December 2016

My company holds shares in a larger construction company worth about R5 million. I’m looking at selling my shares to... an interested party that the construction company is also happy with. However, the party can only pay a deposit of R1,5 million and thereafter the remainder in monthly installments over a period of 18 months with an interest of prime plus 1%. My bookkeeper says I must be wary of falling under the National Credit Act. Could this be a possibility?

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290
Article
Application of the National Credit Act to property instalment sale agreements

09 November 2016

A buyer is interested in buying my flat. Her bank is not prepared to give her a loan because she... is paying off a few personal loans, but she is prepared to enter into an instalment sale agreement to pay the purchase price in instalments over a period of time, much like a rental. I like the idea of at least getting a monthly income, but I am worried whether I can do this and charge interest on the instalments, particularly as it will take a few years for her to pay the price in full?

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280
Article
Even small credit providers must now register with the National Credit Regulator

11 August 2016

I have a small informal money lending business. A friend told me that she has read that even small credit... providers lending money must now register with the National Credit Regulator. I hardly lend more than R200,000 per year, and have not had to register in the past. Is this true?

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279
Article
Credit agreements: You must get a notice before being sued

09 May 2016

I received a summons today from a credit provider that gave me a personal loan. I admit that I have... missed a payment or two on the loan, but did not think that I was that far behind. Surely they must at least have called me or written a letter asking me to pay up before running to court? It’s not even a big amount outstanding and now I may have to pay legal costs as well.

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377
Article
The granting of credit: Not the 1, 2, 3 it used to be

07 May 2015

The National Credit Amendment Act 19 of 2014 (“NCAA”) that came into effect on 13 March 2015 brought with it... a number of important changes which will affect both the consumer and credit provider. The NCAA has clarified the requirements or steps for the provision of credit as well as the consequences of not adhering to these requirements and the new affordability guidelines has tightened the criteria for granting of credit by a credit provider.

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389
Article
Home loan? Get those bank statements and payslips ready

07 May 2015

Buying property is an exciting step in any person’s life. One spends months searching for and researching properties until the... right place puts up its hand and you know you are smitten! But reality quickly sets in when the paperwork starts and you have to apply for a bank loan to finance your purchase. This vital process of submitting a credit application for a home loan to make your dream a reality, is often overlooked and can easily let your dream implode on itself if not taken seriously. So take the time and also prepare yourself properly for this important step of making your dream a reality. 

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269
Article