„Development credit contracts“ are credit contracts for the development of a small business, an education loan or a loan for the construction of low-cost housing. The maximum interest rate is 38.8% per year. 220.127.116.11 Main responsibility; 18.104.22.168 Information on previous credit agreements that have been terminated as a result of the new contract; 22.214.171.124 Amount and timing of each payment under the agreement; 126.96.36.199 When the debtor`s obligations are fulfilled; The NCA distinguishes between small, medium and large agreements, based on the monetary thresholds set in national credit regulations. Different rules apply to each category, for example. B requirements for the content of the agreement, the protection of legal entities and the payment of a debt in advance. (a) a royalty, royalty or interest must be paid to the lender with respect to the agreement or the amounts deferred or charged. It is very easy for credit to create financial difficulties and destroy a household`s wealth. The additional borrowing to repay existing loans can lead people into a debt spiral from which they may find it difficult to escape. Over-indebtedness has a negative impact on families and, in some extreme cases, has even led to suicides within the family. Over-indebtedness continues to affect the workplace, can lead to dismotivation, absenteeism and even a propensity to steal. A lender must advise a debtor before reporting adverse information to a credit bureau.
Anyone can challenge the accuracy of all information reported or held by a credit bureau. The credit bureau or NCR is then required to identify and correct the erroneous information free of charge. Understanding the impact of the new borrowing cost provisions in the National Credit Act and Regulations is essential. 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. 6.2.3 A clause purporting to designate a lender or lender`s employee or agent as the consumer`s representative.