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What are the legal requirements before loading a default?

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When a consumer defaults on their credit or any other agreement, one of the supplier’s rights is to load an adverse (default) listing against the consumer’s credit profile.
Before loading the default the supplier must:

– Send the consumer a letter of demand
– The letter of demand must specifically mention the “supplier’s intention to load a default”
– The supplier must wait 20 business days’ before listing the default (and may only list in the account was not settled in full).

Business Days: when calculating the 20 business days – the date the letter was sent does not count, Saturdays, Sundays and SA public holidays do not count.

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