As is so often the case in our legal system, intention and practice are far removed from each other. The extent of the National Credit Act (35 of 2005) is a prime example of misunderstanding which accidently or purposely crept into our everyday lives. Was the intention of the act to protect every borrower or just the ill-informed and those less inclined to be able to be protected from unscrupulous lenders? More relevant to our business at Debtsource is the question often raised by parties relating to a credit application, and here, even legal practitioners differ: Does the NCA require all your clients to complete and sign a credit application […]
When two well run and knowledgeable companies in their respective fields join forces to offer clients a broader range of solutions, you can only expect great things to happen. Combining the technology of the Bizcash platform with their specialities in selective invoice discounting and business loans together with Debtsource’s experience in credit and risk management, this powerhouse team of experts puts the control back into the hands of business owners as they assist them with cash flow challenges, management of bad debts, risk management and corporate governance. The common thread with both companies is their passion to work hand in hand with their clients as a true financial services partner. […]
Dear Valued Client As we navigate through these turbulent times, be advised that we have taken necessary steps to provide uninterrupted service to you. We have contingency processes and advanced systems in place for this kind of eventuality and we therefore foresee less disruptions than would otherwise be the case. The entire Debtsource team is available during normal working hours and we will be online and on call for the duration. Despite this, there will undoubtedly be delays in services and we therefore apologise in advance and thank you for your understanding. We wish you, your families and staff good health during these uncertain times.
With the looming national lockdown due to commence at midnight on 26 March 2020, commercial credit grantors are very likely to experience a flood of requests for extended payment terms from debtors. Trade credit transactions are typically based on 30 days from statement trading terms, however many debtors are likely to default on these terms at the end of April, May and possibly June 2020 as a result of the loss of income during the 21 day lockdown period. Customers are also likely to request longer terms in their droves, so best to prepare the strategy for when this happens. The considerations for temporarily extending payment terms are: […]