Def­i­ni­tion of over-in­debted

Pretoria News Weekend - - OPINION -

The Na­tional Credit Act states: “A con­sumer is over-in­debted if the pre­pon­der­ance of avail­able in­for­ma­tion at the time a de­ter­mi­na­tion is made in­di­cates that the par­tic­u­lar con­sumer is or will be un­able to sat­isfy in a timely man­ner all the obli­ga­tions un­der all the credit agree­ments to which the con­sumer is a party, hav­ing re­gard to that con­sumer’s (a) fi­nan­cial means, prospects and obli­ga­tions; and (b) prob­a­ble propen­sity to sat­isfy in a timely man­ner all the obli­ga­tions un­der all the credit agree­ments to which the con­sumer is a party, as in­di­cated by the con­sumer’s his­tory of debt re­pay­ment.”

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