Withdrawal is made when the lender or expropriation agent enters your home, garage or any other place to pick up items if you don`t pay what you owe. You can only take with you items that are listed as collateral in your credit contract. 2. Insurance information. A creditor may, for insurance purposes, obtain information about an applicant`s age, gender or marital status. However, the information can only be used to determine eligibility and premium rates for insurance companies and not to determine solvency. Some information about credit contracts concluded before the law came into force must also be provided. This registry is available to anyone who requests it in the prescribed form. It will also monitor South Africa`s consumer debt, which the NCR must do. 2) Spouse guarantees.
The provisions of S. 1002.7 (d) prevent a creditor from requiring the spouse`s signature of a surety, as it prohibits the creditor from requesting the signature of an applicant`s spouse. For example, a creditor may require all senior executives in a tightly managed company to personally guarantee a business credit, but the creditor cannot automatically require the spouses of married officers to subscribe to the guarantee. However, where an assessment of an official`s financial situation indicates that additional signature is required, the lender may, in appropriate circumstances, request the signature of another person pursuant to section 1002.7(d) (2). Disclosure statement is the document you sign when launching a loan or other credit contract. By law, it must contain important information, including funds, what you and your lender must do to terminate the credit guarantee and your right. 2. Procedures applied. The term „procedure“ refers to a lender`s actual practice for credit decisions as well as the application procedures indicated.
If, for example.B. the policy indicated by a creditor is that all applications must be included in writing on the creditor`s application form, but the lender also makes credit decisions on the basis of oral requests, the creditor`s procedures must be accepted both orally and in writing. i. A consumer calls to apply for credit terms, and an employee explains the creditor`s basic credit conditions, such as interest rates, credit-value ratio and debt-to-income ratio.