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Credit Insurance

Back to National Credit Act

The National Credit Act stipulates that there should be freedom of choice for consumers.

1. Credit providers may require a consumer: • To maintain life assurance for the period of the agreement • To maintain home-owners insurance on the value of the property • Mortgage agreements 2. Credit Provider may not offer/demand consumers pay or maintain insurance which is unreasonable or at an unreasonable cost. 3. The consumer must be given the option to take out insurance of his/her choice 4. If the client elects his/her own insurance: • The credit provider may debit the consumers account with the premium 5. Quotation Before entering into a credit agreement, credit providers must: • Deliver a written quote that contains all of the financial details of the transactions instalment, interest rates, insurance premiums and all costs and fees. • The quote is valid for five days

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