What is a section 129 notice?
A section 129 notice is a part of debt and credit use that must be understood properly. In an attempt to help guide you through the world of debt, we will take apart this element for you to better understand.
Section 129 notice of the National Credit Act is the beginning of legal action and should be taken very seriously when served:
- It is always favourable to your situation to deal with the creditors in writing. Keep a copy of times, dates and contacts you have had, as this becomes a very important issue when consumers make arrangements, only for the creditors to proceed with the next legal step regardless.
- Check the date that has been listed on the letter, to the date the letter was posted. It is fairly common for the dates not to correspond, meaning the letter was sent too late for you to rectify the situation. An example of this is the letter is dated 3 January 2017 but it was only sent on the 20 April 2017.
- This letter also advises the consumers on the creditor’s intentions to take further legal action. Creditors warn that should this letter be ignored, they will make use of their rights to issue a summons which could result in a sale of execution on your home. A further warning is issued when creditors inform consumer’s that they intend to supply adverse information through to the credit bureaus.