New National Credit Act

Irrespective of income and size of the credit agreement the NATIONAL CREDIT ACT applies to the following customers;

Individuals –Sole Proprietors-Trusts (this is where the trust consists of two or less individual trustees and neither trustee is a Partnership/an Association or other Body Corporate.)

The National Credit Act does not apply to the following customers;

A partnership
Association
Body corporate
Body unincorporated
Trust with three or more individual trustees
Any sized trust where an individual trustee is a partnership an association or other body corporate or other body unincorporated.

ASSESSMENT DOCUMENTATION :

SOLE PROPRIETORS AND TRUSTS
Balance sheet and income statement.
If new venture or business – financials are less than six months old a six month cash flow projection needs to be provided.


ALL INDIVIDUALS/SURITIES
Marital status documents
One pay slip and proof of variable income for three months e.g. commission/overtime/and any other non-fixed income.
Three months Bank statements for all external applicants
Fixed monthly income should include the payslip items;
Basic salary
Car allowance
Housing subsidy
Sundry income includes the following
Rental income-(copy of the lease agreement and three months bank statements to support this income)
Average commission
Average overtime
Interest income
Dividend income
Maintenance income