In early 2015, the Borrower approached his long-standing friend to borrow money which totalled R2.5 million. The money was lent to him in five unequal instalments. The Borrower drew up an acknowledgement of debt (first AOD) which covered the first two advances in the amount R1.2 million. A second acknowledgement of debt (second AOD) was
SARB cuts the repo rate yet again: how does this affect borrowers and debt payments?
Economists and business leaders have welcomed the South African Reserve Bank’s (SARB) decision to cut the repo rate by a further 50 basis points (bps) to 3.75% on 21 May 2020. This has resulted in a reduction of the prime rate quoted by our commercial banks from 7.75 % to 7.25 %. This is the