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  • Latest
    • 4.80.00 - MSQL Aurora & ElastiCache
    • 4.78.00 - New Affordability Assessment tool
    • 4.77.00 - Default Payday and Tracking Modification
  • 4.76.00 - Email Notification Routing in Company Setup
  • Past updates
    • 4.74.6 - Evaluation Rights for Digital Bank Statements
    • 4.74.5 - Allps Registered Mandate Payment Stream
    • 4.74.4 - Email Digital Bank Statements
    • 4.74.3 - Asset Register
    • 4.74.2 - Payroll Module Enhancements
    • 4.74.1 - Variable Amplifin Promissory Note Client Fee Percentage
    • 4.73.17 - Promissory Note Signature Capture
    • 4.73.16 - Evaluation Previous Signature Comparison
    • 4.73.15 - Share and Export Commission Payout Loans Table
    • 4.73.14 - Section 129 Notice Improvements
    • 4.73.13 - Setup - Additional New Loan Restrictions
    • 4.73.12 - Minimum Expense Values for Categories
    • 4.73.11 - Credit Check Approved dispute reasons - Catgeory Setup
    • 4.73.10 - Addititonal Client Hold Statuses
    • 4.73.9 - Late Settlement Fees
    • 4.73.8- Enhanced Role-Based Access Control for Advanced Reporting
    • 4.73.7 -Dynamic Login Audit Log Management
    • 4.72.06 - FIC Compliance Updates
    • 4.72.05 - Report Synchronization via Google Sheets™️
    • 4.72.04 - Bad Debt Reporting Filters
    • 4.73.02 - Email Bank Statement Verification
    • 4.73.01 - Refund Via Amplifin™️Wallet & EFT
    • 4.72.01 Enhanced Groups R-US Insurance Integration
  • 4.73.61 - Automatic Inclusion of Active Installments in Bureau Accounts Expense
  • Archived updates
    • 4.72.00 -Regulation 39(2) Compliance
    • 4.71.06 - Collection Summary Feature
    • 4.71.00 - Automatic handovers and write-offs
    • 4.69.30 - Enhanced Debit Order Rights
    • 4.69.28 - Informal Income Affordability's
    • 4.69.27 - Online Web App Configuration
    • 4.69.26 - Company Logo on Contracts
    • 4.69.25 - CC Email Routing
    • 4.69.24 Reporting Module - Manual DB Synchronize
    • 4.69.23 - Report Designer Model Descriptions
    • 4.69.22 - Summarized Management Report
    • 4.69.21 - Starred Reports
    • 4.69.20 - Finch Technologies Account Verification
    • 4.69.19 - Relational Evaluation Rights
    • 4.69.18 - Email Verification Services
    • 4.69.17 - Copy Standard Reports and Creating New SQL reports under Custom Reports
    • 4.69.16 - Automated Amplifin Diagnostics
    • 4.69.15 - Quick Assign and Follow Up for Collection Tickets
    • 4.69.14 - Additional Cancellation Options
    • 4.69.12 - Consumer Dispute Contracts and Settlement Letters
    • 4.69.11 - Multiple Insurance Policies, Compulsory credit life
    • 4.69.10 - Opt out of Marketing SMS's and Affordability Visibility limitations
    • 4.69.9 - Custom Reports and Report Based SMS's
    • 4.69.8 - Insurance Improvements and Call Support Functionality
    • 4.66.7 Debit Order Splitting and Discount Rules
    • 4.69.29 - Voluntary Insurance and Credit Life Split
    • 4.69.31 - Profit and Loss Report
    • 4.71.01 - Future Payout Date
    • 4.71.02 - Allps POS Receipts
    • 4.71.03 - Additional Login Security Features
    • 4.71.05 - Allps Wallet Payment Confirmation Documents
    • 4.71.07 - Custom Informal Occupations
  • 4.69.13 - Electronic Bank Statements
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  1. Past updates

4.73.14 - Section 129 Notice Improvements

We’ve updated our contract generation process to include improved and compliance-aligned wording that meets recent regulatory requirements. Here’s what’s changed:

Updated Default Notice Wording

Contracts now include a clear and compliant default notice in line with Section 129(1)(a) of the National Credit Act (NCA). The notice provides clients with detailed information about their default status and outlines the steps they can take to resolve the issue.

The updated wording includes:

  • A clear statement of the default and the outstanding balance.

  • A proposal for resolving the default within 10 business days.

  • Options for the client to contact the business, seek assistance, or refer the matter to a debt counsellor or dispute resolution agent.

  • A reminder of the potential consequences if the default is not resolved within 20 business days, including legal enforcement.

In terms of section 129(1)(a) of the NCA, your attention is hereby drawn to the fact that you are in default with your obligations under the credit agreement with account number loan_number that you entered into with the business. The arrear amount is balance_due In terms of section 129, read together with section 130 of the NCA, the business proposes that you:

  1. Pay the default amount into your account within 10 (ten) business days of receipt of this notice.

  2. Contact the business, either in person, on telephone number , or via email at branch_address to assist you in developing a mutually agreeable plan to bring the arrear payment(s) under the loan agreement up to date.

  3. Refer the above credit agreement to a debt counsellor, alternative dispute resolution agent, consumer court, or ombud with jurisdiction with the intent to resolve any dispute under the agreement. Should you fail to respond to this notice within 10 (ten) business days from delivery hereof by either rejecting the aforesaid proposal or by failing to respond to this notice at all and should you remain in default with your obligations as aforesaid for a period of 20 (twenty) business days since your default commenced, the credit agreement may be cancelled and we will be entitled to proceed with legal steps to enforce the agreement, which includes issuing a summons against you in a court with the necessary jurisdiction.


This update ensures that your contracts are fully compliant with the NCA and provide clients with clear, actionable information to resolve defaults.

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Last updated 3 months ago

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