What is a Contract Cancellation?

A contract in which a credit provider agrees to cancel all or part of a customer's obligation to repay a loan due to an event such as death, disability or involuntary loss of employment.

When can a contract be cancelled?

A consumer may cancel such an agreement before the expiry date by giving the credit provider 20 business days written notice.

What does the consumer need to know about cancellations?

• The consumer remains liable to the supplier for amounts owed up to the date of cancellation (e.g. airtime) used
• The supplier may impose a reasonable penalty or charge for any goods supplied, services provided or discounts granted to the consumer in contemplation of the agreement running for its intended fixed term (discounted or free cellular phone)