Rights and duties of consumers and credit providers

Question 1

What are the rights of consumers?

Answer 1

1. To apply for credit and non-discrimination
2. To understandable language
3. Regarding information held by credit bureaux
4. Protection against marketing practices
5. Confidentiality and privacy
6. Cooling-off
7. Early settlement and repayments
8. Surrender of goods
9. Statements of account
10. Apply for debt review and re-structuring of debt
11. Duty to report location of goods

Question 2

Which provision deals with the right to apply for credit and non-discrimination?

Answer 2

section 60- right to apply for credit
section 61- right to non-discrimination

Question 3

Which provision deals with the right to understandable language?

Answer 3

Sections 63-63.

Question 4

Which provision deals with the rights regarding information held by credit bureaux?

Answer 4

Section 72.

Question 5

Which provision deals with the right to protection against marketing practices?

Answer 5

Sections 74-77.

Question 6

Which provision deals with the right to confidentiality and privacy?

Answer 6

Section 68.

Question 7

Which provision deals with the right to cooling-off?

Answer 7

Section 121.

Question 8

Which provision deals with the right to early settlement and repayments?

Answer 8

Sections 125-126.

Question 9

Which provision deals with the right to surrender of goods?

Answer 9

Section 127.

Question 10

Which provision deals with the right to statements of account?

Answer 10

Sections 107-115

Question 11

Which provision deals with the duty to report location of goods?

Answer 11

Section 97

Question 12

What is the right to understandable language?

Answer 12

The consumer has a right to be given a quotation and credit agreement in an official language that they read/understand to the extent that this is reasonable.

Question 13

What is the right of cooling-off?

Answer 13

In certain circumstances, there is a right to terminate agreements within five business days of signing them.

Question 14

When does the cooling-off right apply?

Answer 14

Only to leases and instalment agreements that are concluded at a location other than the registered business premises of the credit provider.

Question 15

What must happen when the cooling-off right is invoked?

Answer 15

The consumer mst return the goods bought, and the credit provider must refund amounts paid by the consumer within seven days of termnation, less the following:
1. reasonable costs of return and repair of damages after sale
2. Rent for use of the goods, unless they re still in their original packaging
3. Compensation for depreciation in value of the goods (by agreement or court order only).

Question 16

What are the rights of credit providers?

Answer 16

1. To enforce the agreement
2. To receive the payment of the credit extended, together with agreed interest and fees
3. Upon breach, to cancel the agreement and recover any goods sold.

Question 17

What are the duties of credit providers?

Answer 17

1. Register as a credit provider
2. Make a credit assessment of the consumer
3. Give consumer a pre-agreement statement and quotation
4. Give consumer copy of the agreement
5. Give consumer periodic statements of account and further statements on request
6. Protect confidentiality of information about consumer.
7. Propose consumer to seek advice when consumer is in default