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Credit Agreements amended to give consumers a breather

Credit Agreements amended to give consumers a breather

The Ministry of Industrialisation and Trade (MIT) recently announced that the amendment of the Credit Agreements Regulations, in terms of section 3 of the Credit Agreements Act 75 of 1980. The amendment took effect as from 1 September.

Ambassador Steve Katjuanjo, Executive Director of MIT said the amendments relate to the period of payment, months from date of delivery, in respect of mechanically propelled motor vehicles, which has been amended from 54 months to 72 months.

“The amendments were necessitated by the fact that the economy has for the past 4 years been contracting and this state of events was further compounded by the outbreak of COVID-19,” he emphasised.

He further stated that the government has been coming up with strategies that are aimed at resuscitating the economy while at the same time cushioning consumers against the effects of the global economic down turn.

“The amendment is aimed at providing relief to consumers, therefore consumers whose income have not been adversely affected are advised and encouraged to maintain their current instalments,” he concluded.


About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and she believes education is the greatest equalizer. She received her degree in Journalism at the Namibia University of Science and Technology (NUST) in June 2021. . She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.