From the beginning we found that creditors were and are still making numerous mistakes, especially on mortgage bonds, over drafts, private loans etc. by either incorrectly applying the correct interest rate or overcharging fees and other unwarranted cost s to the accounts.

Before 1 June 2007 the Usury Act, 1968 and the Credit Agreements Act, 1980 were applicable, but then they were replaced with the present National Credit Act, 2005. However, agreements made during the time the former Acts were applicable still fall under those Acts.

All these Acts protected consumers’ rights by putting a ceiling on the maximum rate of interest that can be charged, what costs and fees (if any) may be levied, etc.

Before 1 June 2007 the maximum interest that could be charged on a loan less than R10 000.00 was 20% per annum and in excess thereof, 17% per annum. Under the new NCA the interest rate is calculated by a formula and is higher.

All these Acts required that certain information must be included in a written agreement to be a valid agreement and the present Act requires that a proper investigation must be done on a consumer (who must understand the process) otherwise such transaction can be declare reckless and the Credit Provider might lose his/her right to claim payment.

Should a consumer ascertain that any entry on his/her account is incorrect, he/she may draw the Provider’s attention thereto in writing and all legal processes come to a halt until this dispute is settled, even if the Tribunal has to see to it.

No legal processes can be instituted against any consumer before he/she has been notified of such intention in writing and given the opportunity to rectify such breach, etc.

We also ensure that none of any consumer’s rights given under the Constitution of South Africa and the Consumer Protection Bill are being abused.

The company also started to specialize in sequestrations and liquidations when a consumers’ position was such that they could not be rescued.

Since June 2007 we registered as Debt Counsellors under the National Credit Act and since May 2011 we have also been licensed as Business Rescue Practitioners under the new Companies Act, successfully assisting numerous businesses out of distress.

The company has highly qualified and experienced personnel who are fully trained to handle any situation in each division of our business.

The Company has agents right through South Africa.

Where necessary we co-operate with the legal fraternity to enforce our clients’ rights through Courts of Law right through the country at minimal costs.

Feel free to contact us on fin@senatorgroup.co.za or phone us on 012 654 0107 or 072 450 1238 or send us a fax on 0866 597 085.