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.