National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 5 : Consumer Credit Agreements

Part D : Statements of account

112. Dating and adjustment of debits and credits in accounts
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(1)A debit to a consumer’s account takes effect as of the date on which the consumer incurred that debit.

 

(2)A credit to a consumer’s account takes effect on the date the consumer makes a payment to the credit provider, or otherwise earns the right to have the account credited.

 

(3)A credit provider may subsequently adjust debits or credits to a consumer’s account, and the account balances, so as to accurately reflect the legal obligations of the consumer and the credit provider.