DO NOT LEAVE THIS BLANK in the attached fee statement. CALCULATION OF INTEREST per annum, of 1% (one percent) above the The Principal Debt will bear interest at a rate, Initial Do not amend this section without consulting the Legal Office Prime Rate calculated from the due dates of the amount outstanding until those amounts are paid. The interest amount will be calculated monthly in arrears on the outstanding amount due Initial Do not amend this section without consulting the Legal Office on the last day of each calendar month. The interest will be calculated and added to the Principle Debt on the same day of each Initial Do not amend this section without consulting the Legal Office month until the total amount due (Principle Debt plus interest) has been paid in full. PAYMENT OF THE PRINCIPAL DEBT AND INTEREST You must advise the University as soon as you are in receipt of an income. You must Initial Do not amend this section without consulting the Legal Office commence payment of the Principal Debt, together with interest calculated in terms of Clause 2 above, immediately upon your being in receipt of income of whatever nature. You must advise the University, quarterly, of the status of your employment and your Initial Do not amend this section without consulting the Legal Office income whether you are employed full-time, part-time or are self-employed or are in receipt of income of whatever nature. Failure to inform the University of the fact that you are in receipt of any income whether through employment or otherwise constitutes a material breach of this Agreement. This may render all amounts owing by you as immediately due and payable. In the event that Principal Debt is paid in instalments, the amount of the instalments will Initial Do not amend this section without consulting the Legal Office be determined based on your annual income. Should you be earning between R1 and R30 000 per annum your monthly Initial Do not amend this section without consulting the Legal Office instalment will be 3% of your gross monthly salary.
in the attached fee statement. DO NOT LEAVE THIS BLANK CALCULATION OF INTEREST The Principal Debt will bear interest at a rate, per annum, of 1% (one percent) above the Prime Rate calculated from the due dates of the amount outstanding until those amounts are paid. Initial Do not amend this section without consulting the Legal Office The interest amount will be calculated monthly in arrears on the outstanding amount due on the last day of each calendar month. Initial Do not amend this section without consulting the Legal Office The interest will be calculated and added to the Principle Debt on the same day of each month until the total amount due (Principle Debt plus interest) has been paid in full. Initial Do not amend this section without consulting the Legal Office PAYMENT OF THE PRINCIPAL DEBT AND INTEREST You must advise the University as soon as you are in receipt of an income. You must commence payment of the Principal Debt, together with interest calculated in terms of Clause 2 above, immediately upon your being in receipt of income of whatever nature. Initial Do not amend this section without consulting the Legal Office You must advise the University, quarterly, of the status of your employment and your income whether you are employed full-time, part-time or are self-employed or are in receipt of income of whatever nature. Failure to inform the University of the fact that you are in receipt of any income whether through employment or otherwise constitutes a material breach of this Agreement. This may render all amounts owing by you as immediately due and payable. Initial Do not amend this section without consulting the Legal Office In the event that Principal Debt is paid in instalments, the amount of the instalments will be determined based on your annual income. Initial Do not amend this section without consulting the Legal Office Should you be earning between R1 and R30 000 per annum your monthly instalment will be 3% of your gross monthly salary. Initial Do not amend this section without consulting the Legal Office
Acknowledgement%20of%20Debt_With%20Guidance%20Notes.docx