instalment agreement

"instalment agreement"

means a sale of movable property in terms of which—

(a)	all or part of the price is deferred and is to be paid by periodic payments;

(b)	possession and use of the property is transferred to the consumer;

(c)	ownership of the property either—

(i)	passes to the consumer only when the agreement is fully complied with; or

(ii)	passes to the consumer immediately subject to a right of the credit provider to re–possess the property if the consumer fails to satisfy all of the consumer’s financial obligations under the agreement; and

(d)	interest, fees or other charges are payable to the credit provider in respect of the agreement, or the amount that has been deferred;