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

Chapter 5 : Consumer Credit Agreements

Part F : Rescission and termination of credit agreements

122. When consumer may terminate agreement


(1) A consumer may terminate a credit agreement at any time by paying the settlement amount to the credit provider, in accordance with section 125.


(2) In addition to subsection (1), a consumer may terminate an instalment agreement, secured loan or lease of movable property, by—
(a) surrendering to the credit provider the goods that are the subject of that agreement in accordance with section 127; and
(b) paying to the credit provider any remaining amount demanded in accordance with section 127(7).