Previously we had commented on the in duplum rule and its connection to the NCA and also reported on the judgment of Judge du Plessis on the declaratory order brought by the National Credit Regulator which dealt with procedural and other legal issues relating to the debt rearrangement process, but also dealt with the issue of the so-called statutory “in duplum” in terms of Section 103(5) of the National Credit Act.
Now Maureen Marud, a Consumer Editor at Independent Newspapers, reports on IOL that:
“Two of the four major banks are challenging …

The National Credit Regulator has released the following press statement:
The National Credit Regulator (NCR) is concerned over several instances of non-compliance with the requirements of the National Credit Act (NCA), its Regulations and conditions of registration by CR-registered debt counsellors. Adv Jan Augustyn, Manager of Investigations and Prosecutions, said that such non-compliance could cause further prejudice to already over-indebted consumers and the NCR is proceeding with numerous investigations to ensure debt counsellors do comply with legislation. Augustyn said a number of these investigations have already been referred to the National …

Section 127 of the National Credit Act gives the consumer an extraordinary right, namely to rid themselves of their credit agreement when goods are involved, by unilaterally deciding to return the goods to the credit provider so that they can be sold by the credit provider in order for the agreement amount to be settled.
This right and procedure relates only to instalment agreements, secured loans and leases as defined in the NCA.

With the current economic downturn, the importance of good credit management has been magnified and all companies credit management policies and procedures need to be reviewed and upgraded in order to avoid your company becoming a statistic of the poor economy.
This is a half day seminar aimed at commercial creditors (businesses who supply other businesses on credit) to be hosted in Durban, Johannesburg, Port Elizabeth and Cape Town.

With the current economic downturn, the importance of good credit management has been magnified and all companies credit management policies and procedures need to be reviewed and upgraded in order to avoid your company becoming a statistic of the poor economy.
This is a half day seminar aimed at commercial creditors (businesses who supply other businesses on credit) to be hosted in Durban, Johannesburg, Port Elizabeth and Cape Town.

The long-awaited High Court declaratory Order sought by the National Credit Regulator, attempting to resolve numerous problems arising from the vagueness of the National Credit Act, particularly relating to the process of debt counselling applications and debt relief, was handed down on 21st August 2009.
A copy of the judgment can be found at the Southern African Legal Information Institute website.
The Court granted 11 Orders regarding the interpretation of the National Credit Act, 10 relating to over indebtedness and debt review practical procedures and one relating to the charging of interest …

Renee Bonorchis of Bloomberg:
March 27 — Standard Bank Group Ltd., Africa’s largest bank, fell for a second day after the lender admitted to breaking South African credit laws.
“Whenever there is contravention of the rules it points to a failure in risk management and compliance,” Jan Meintjes, a director at Gryphon Asset Management Ltd. in Cape Town, said in an e-mailed response to questions today. “This should raise some concerns.”
Standard Bank’s share price fell 3.10 rand, or 3.8 percent, 78 rand, after sliding 6.3 percent yesterday, the worst performer on the …

On the 6th February 2009 Judge Masipa handed down judgment in the Witwatersrand Local Division in the matter of Standard Bank of SA LTD vs Salalidis Kismas Panayiotts (case 08/00146).
This case was a summary judgment application brought by the bank against the defendant in a mortgage bond foreclosure where the defendant raised a defence of over-indebtedness in terms of the National Credit Act.

One of the first comprehensive legal publications on the National Credit Act has been published by Lexis Nexis under the title Guide to the National Credit Act by JW Scholtz, JM Otto, E van Zyl, CM van Heerden and N Campbell (ISN 978 0409033717).
The book is divided into 5 sections: the Commentary, the Act itself, the Regulations and Guidelines, the Table and the Index. The most important section is the Commentary which deals with an analysis of the Act.
The book covers all details of the Act and one must sympathise …

We previous pointed out the various problems that are plaguing the National Credit Act (“the NCA”) debt counsellors and debt counselling – here, here and here.
Well the problems with the implementation of this vital cog in the NCA continue to mount. The latest challenge coming from some magistrates who are refusing to grant debt relief applications in terms of Sections 86 and 87 of the NCA on the basis that would appear to be that:

The magistrates court does not have jurisdiction to hear the matters; …