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The most far-reaching consumer legislation in years became effective in June 2006. The National Credit Act sets a framework for every type of credit transaction, from microloans to homeloans, from overdrafts to furniture finance. We report on when other protection measures take effect.
In our law a person usually can’t get out of a contract simply because he changes his mind. One needs a good reason to cancel. However, because of the pressure selling of door-to-door salespeople and unsolicited contracts, laws around the world have given consumers certain cooling-off rights to cancel a contract within a defined number of days.
The onus is on shopkeepers to have a prompt and efficient cleaning system if they want to avoid claims of negligence.
The 5-day cooling-off period (entitling a consumer to rescind a credit agreement) is dealt with in Section 121 of the National Credit Act