i have taken a loan from a person I work with and his lawyer drew up a loan agreement that we both signed and agreed upon. there is a clause that states “I agree and undertake to pay interest at the rate of 15% per annum on the balance of the capital outstanding is I fail to pay the agreed amounts on the stipulated dates. I have missed payment this month because I had lost a family member and needed to sort of funeral costs. when I got back to work he physically threatened me and told me I’m lucky I’m inside the workplace and he demanded his payment for the month. does the clause protect me if I didn’t meet payment this month?

Category:  Banking & Finance, Loan Agreements

Region: South Africa, KwaZulu-Natal