There is a report on News24 that magistrates are to be trained in “debt counselling on Sunday as part of efforts to clear up bottlenecks in the debt review system, the National Credit Regulator (NCR).”
The report goes on to quote Paul Slot, Octogen director and debt counsellor and member of the Debt Review Task Team, saying:
“….a methodology and standard is needed to guide the process. He cited the necessity for a rapport based on trust between parties involved in the debt review as crucial. ‘We need a methodology where the credit …

David Carte reports on Moneyweb :
“Banks and credit providers have R30bn of money owed to them by 180 000 debtors frozen under debt counseling arrangements under the National Credit Act.
The number of people under debt counseling rises by 7 500 a month, says outgoing National Credit Regulator CEO Gabriel Davel.
The positive angle is that banks and credit providers are receiving R180m a month or R2.2bn a year from these debtors under debt review.
Once a debt counselor is appointed in terms of the National Credit Act, the banks cannot move against …

Moneyweb reports that Gabriel Davel will step down as the CEO of the National Credit Regulator, the governing body of the National Credit Act. Apparently Davel will step down from the 1st Janaury 2011. Davel has proved a very proactive CEO, appointed since the inception of the office of the National Credit Regulator in 2006. However the one thing that Davel has not succeed in doing is getting the badly needed amendment of the National Credit Act (see the article here) and this something that we certainly hope any new …

In the  the previous article on the report by the Debt Review Task Team, the National Credit Regulator, Mr Davel commented that, “We also found many cases where debt counsellors promote the debt review process as a payment holiday, with no realistic intention of effective rehabilitation”.
This is a sentiment that has been experienced by the writer and seen in a recent matter our law firm dealt with where the Debt Counsellor set down the application of debt rearrangment for the 22 November 2010. We check with the clerk of the court in …

We previously reported on the appointment and interim report of the Debt Review Task Team appointed by the National Credit Regulator.
The Task Team has now released a report which has been commented on firstly by the Business Report we it was written that:
“The National Credit Regulator’s Debt Review Task Team admitted on Tuesday it has had heated debates with big banks around the final resolution to delays in the debt review process.
Johan de Ridder, a banker and member of the task team, says the big tussle within the banks is …

We previously reported on the uncertainty and problems created by the National Credit Act “in duplum” ruling in the NCR declaratory order granted by Judge Du Plessis on the 21st August 2009 in the North Gauteng High Court.
The major banks involved in the application shortly thereafter indicated their intention to appeal this aspect of the judgment, which seemed to drastically curtail the rights of credit providers to charge interest on defaulting debt. Now eventually the slow wheels of justice have begun turning on this issue when Judge Du Plessis on the …

The most recent significant case impacting on the National Credit Act is the currently unreported decision in the case of African Bank Limited v Additional Magistrate Myambo NO and Others (34793/2008) [2010] ZAGPPHC 60 (9 July 2010), in which Judge Du Plessis gave another declaratory judgment on various provisions of the NCA, this time in regard to the application of Section 58 of the Magistrates Court.
Section 58 is a provision of the Magistrates Court Act which allows a debtor who has received either a summons or an appropriate letter of …

Gabriel Davel, CEO of the National Credit Regulator, said today that nearly half (45.3%) of the 18.07 million credit-active, consumers on record are struggling to meet their debt obligations. Further analysis shows the growth in the number of accounts falling within the three plus months’ arrears category has risen by just over half a million accounts to 10.16 million in the quarter ended December 2009. It does appear that the rate at which consumers are falling into the impaired record category is slowing.
The number of consumers with impaired records is still increasing, with an increase …

Moneyweb reports that:
ABSA agreed to lend an 81-year-old client R350 000 to help his daughter’s business. Group, the South African bank controlled by Barclays Plc, said it may appeal a charge of “reckless lending” handed down by the Port Elizabeth Magistrate’s Court.
About 20 months ago, ABSA agreed to lend an unidentified 81-year-old client R350 000 to help his daughter’s business, Louis von Zeuner, deputy chief executive of the bank, said. The daughter stood surety and was a guarantor on the loan, he said.
“Now it appears her business didn’t do what was …

Moneyweb reports that:
ABSA agreed to lend an 81-year-old client R350 000 to help his daughter’s business. Group, the South African bank controlled by Barclays Plc, said it may appeal a charge of “reckless lending” handed down by the Port Elizabeth Magistrate’s Court.
About 20 months ago, ABSA agreed to lend an unidentified 81-year-old client R350 000 to help his daughter’s business, Louis von Zeuner, deputy chief executive of the bank, said. The daughter stood surety and was a guarantor on the loan, he said.
“Now it appears her business didn’t do what was …