The prescribed rate of interest has been changed with effect from 1 September 2020 to 7.00% per annum. The previous rate was 7.25%.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all
The new regulations prescribing the maximum rates of interest, initiation fees and service fees that credit providers can charge come into effect on 6 May 2016.
An urgent application by Micro Finance South Africa (MFSA) to stay the implementation of the new regulations pending the outcome of an application to set aside the Minister of
A Minnesota appeals court refused to award interest on a claim by a homeowner, whose property was damaged by fire in October 2013, because the insurer had held up its end of the contract.
The policy provided for assessment of the damages by an independent appraiser if the insurer and policyholder could not agree on
Islamic finance transactions are governed by Shariah law. These cater for Islam’s prohibition on charging interest. A court will however apply default interest to such a debt when the debtor has failed to perform a contractual payment obligation under such agreement.
The Supreme Court of Appeal in Lodhi 5 Properties Investments v FirstRand Bank Limited
The Constitutional Court has restored the law on the running of interest on outstanding debts – reversing the SCA’s 1997 decision that the institution of legal proceedings suspends the operation of the in duplum rule. The revised legal position applies to all debtors, except those whose court cases have been finalised with no possibility of
Certainty in regard to the cost of the proposed credit is imperative.
Common to all forms of a credit agreement for the purposes of the National Credit Act is the requirement of payment of a charge, fee or interest in return for granting credit. This covers any consideration or payment made by a consumer to