You are in default of the Agreement if You:
If you are in default, we will give you a written notice as required by Section 129 of the National Credit Act 34 of 2005, electronically advising you of the default and advising you that you may refer the matter to an alternative dispute resolution mechanism, ombud or consumer court, or resolve it with us.
If You have been in default for 20 (twenty) Working Days and at least 10 (ten) Working Days have expired since We gave You Default Notice and You have not responded to the notice, or rejected Our proposals, We will be able to take action for payment of the Settlement Value and You will be liable to pay Us Enforcement Expenses and Collection Costs.
Where You cannot pay Your debts and if You do not consult, or refuse to consult with the debt counsellor, then We will be entitled but not obliged to hand the Agreement over to Our attorneys or a debt collector registered in terms of the Debt Collectors Act of 1998 for the collection of the debt.
In addition, upon the occurrence of a default we will charge the default interest rate set out in the Quotation on any amounts due, owing and payable to us from the date that it became due for payment, to the date of payment thereof.
We may submit an adverse report of your default to a credit bureau, setting out particulars thereof. If this is the case at least 20 (twenty) Working Days' notice will be given to You prior to reporting any adverse information to a credit bureau and You will be entitled to a copy of the adverse report upon request addressed to the credit bureau.