Is there a cooling-off period after signing a contract?

Is there a cooling-off period after signing a contract?

The cooling-off period starts the day after you agree to go ahead with the service. If you want to cancel a credit agreement, the Consumer Credit Act gives you a 14-day cooling-off period to cancel the agreement.

How long do I have to cancel a contract in South Africa?

By law, you are allowed to cancel your mobile contract, any time before the agreed expired date mentioned in the agreement, but you have to give 20 business days’ notice in writing. Keep in mind; you don’t have to give any reason at all for cancelling your cellphone contract in South Africa.

What is the cooling-off period in South Africa?

The Alienation of Land Act states that residential property transactions of R250 000 or less are subject to a cooling-off period of five working days from the signature of the Offer to Purchase. The cooling-off period does not apply to residential homes that are sold for more than the R250 000 threshold.

Do all contracts have a 14-day cooling-off period?

The statutory minimum for a cooling-off period that a seller must offer you is 14 days. Your consumer right to a cooling-off period for goods and services purchased at a distance comes from the Consumer Contracts Regulations. Cooling-off periods don’t apply to purchases or services bought from a private individual.

Is there a cooling off period for contracts?

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. Here are examples of such rights in South Africa.

Why is there cooling off period in South Africa?

In most instances that was the case until now. South African law, however, provides for a cooling-off period in order to protect consumers from specifically this “hasty” decisions as explained above.

How to cancel a credit agreement in South Africa?

In order to cancel the credit agreement the consumer must give a written notice to this effect to the credit provider as well as any goods, if any was received, must be returned to the credit provider. The credit provider must, within 7 days of receipt of the notice refund the consumer any deposits made by the credit consumer.

Is the cooling off period available in direct marketing?

In terms of Section 16 of the CPA, the cooling-off period is available only in instances of direct marketing.

About the Author

You may also like these