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National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 5 : Consumer Credit Agreements

Part E : Alteration of credit agreement

120. Unilateral changes by credit provider


(1) Despite any provision to the contrary in a credit agreement, a credit provider may not unilaterally change—
(a) the period for repayment of the principal debt, except to lengthen it; or
(b) the manner of calculating the minimum payment due periodically under a credit facility, subject to section 118(4).


(2) Except as otherwise provided for in section 104, a credit provider must give the consumer written notice of at least five business days of a unilateral change to a credit agreement and in that notice must set out the particulars of the change.