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 7th July 2010 granted the banks the right to appeal the matter to the Supreme Court of Appeal.

We will follow this issue closely as its impact on the charging of interest on debts in this country will be immense.