A Section 129 debt review, also known as a Section 129 notice or a Letter of Demand, is a legal notice issued by a creditor to a debtor in South Africa. It is delivered in accordance with Section 129 of the National Credit Act (NCA) and informs the consumer that they are in arrears of a particular amount in unpaid instalment(s) as of a certain date.
The notice is the final stage before the legal procedure begins, and it is one of the last options to prevent legal action from the creditor. After the client has been in arrears for more than 20 working days, the credit provider or their attorney may issue a Section 129 notice at any time. The credit provider may not take any legal action until it has completely satisfied with the NCA requirements outlined in sections 129 and 130.
Upon receiving the Section 129 notice, consumers have the right to either remedy the default by making the outstanding payments within a specific timeframe or make alternative payment arrangements with the credit provider, subject to negotiation. If you receive a Section 129 notice, it is important to act quickly and effectively in order to protect your rights.
Learn more about letter of demands here
In terms of section 86(1) of the National Credit Act No. 34 of 2005
Know your debt review forms.
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