Last Updated on September 21, 2023 by ufiling
In South Africa, the calculation of interest on late payments is typically governed by the National Credit Act (NCA) and the Prescribed Rate of Interest Act. The specific terms and conditions regarding late payment interest may vary depending on the type of agreement or contract involved. Here are some general principles:
- Default Interest Rate: The NCA allows for the charging of default interest on late payments for credit agreements. The default interest rate is typically specified in the agreement or determined by the relevant legislation. If the agreement does not explicitly state a default interest rate, the Prescribed Rate of Interest Act may be used as a reference. The prescribed rate is determined by the Minister of Finance and can change periodically.
- Calculation Method: The interest on late payments is usually calculated on a compound basis, meaning that it accumulates on the outstanding amount, including any unpaid interest that has already accrued. The interest is often calculated daily, and the specific formula used may vary depending on the agreement or the credit provider’s policies.
- Disclosure: The NCA requires credit providers to provide borrowers with clear and transparent information regarding interest rates, fees, and charges. The agreement should specify the interest rate applicable to late payments, how it will be calculated, and any other relevant terms and conditions.
- Reasonableness and Fairness: While credit providers are entitled to charge interest on late payments, the NCA also emphasizes fairness and reasonableness. The interest rate charged should not be excessive or unfair, and it should not result in an unconscionable or oppressive outcome for the borrower.
It’s important to note that the specific details and legal requirements related to interest on late payments can vary depending on the type of credit agreement and the parties involved. It is advisable to consult the actual agreement, seek legal advice, or refer to the applicable legislation for precise information in a particular case.
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