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Explore the stringent yet effective measure of blacklisting to manage arrears in community schemes: ➡️ Initial Steps: Upon arrears, a formal letter of demand is issued to the defaulting owner, giving them 20 days to clear their dues, in line with Prescribed Management Rule (PMR) 25(2).  ➡️ Credit Impact: If the owner fails to comply within three months post-demand, the body corporate can initiate blacklisting, which affects the owner's credit standing for a year, hindering their ability to secure loans and subjecting them to higher interest rates.  ➡️ Legal Framework Compliance: It’s crucial that all blacklisting actions comply with the Sectional Titles Schemes Management Act and the National Credit Act to ensure they are legally sound.  Is your community prepared to enforce these measures?  Contact us  📞 (087) 803-0577 ✉️ info@neotrend.co.za #NeotrendRealEstate #SectionalTitleLivinginSouthAfrica #RealEstateAdvisor #SARealEstate #DecisionMaking #ManagementTips #LegalFramework #Blacklisting #Blacklisted #BusinessGuidance

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