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


National Credit Regulations, 2006

Chapter 4 : Consumer Credit Agreements

Part B : Form of credit agreements

35. Statement of account


A statement of account in respect of a small agreement must be in Form 26 or must contain the following information:

(a) The details of the credit provider, including:
(i) the name of the credit provider
(ii) the trading name of the credit provider, if any
(iii) the credit provider’s registration number issued by the National Credit Regulator;
(iv) the physical address and postal address of the credit provider;
( v) the telephone number of the credit provider;
(vi) where relevant, the details of the bank account into which the consumer’s payment must be made, including name of bank, account number, branch code and reference number;
(b) The details of the consumer, including
(i) the consumer’s name
(ii) the consumer’s account number or reference number
(iii) the consumer’s address;
(c) The date of the statement;
(d) The period covered by the statement;
(e) Details of the agreement including (if applicable):
(i) the principal debt
(ii) the annual rate of interest
(iii) the installment amount
(iv) the frequency of the installment
(v) the balance outstanding at the date of statement
(vi) whether the account is in arrears, and if so, the amount of such arrears;
(f) A summary of the transactions that occurred during the period of the statement, including the total amount debited or credited to the account in respect of the following:
(i) payments received
(ii) fees levied
(iii) interest accrued
(iv) insurance costs levied
(v) collection costs levied
(vi) default administration costs levied
(vii) legal fees incurred;
(g) A detailed statement of each transaction that occurred during the period of the statement including the following:
(i) closing balance from the previous statement
(ii) the date of each transaction
(iii) a description of the transaction
(iv) the amount of the transaction and whether it is a debit or credit on the account
(v) a running total
(vi) the closing balance.