National Credit Act: No summary judgment if section 127(4)(b) defence is reasonably raised re sale value of repossessed goods

By Izak Lessing on October 22, 2024

This blog was co-authored by Hannah Howell, Candidate Attorney.

The High Court handed down a judgment on 7 October 2024 which spotlighted that an instalment sale credit provider under the National Credit Act (NCA) must prove that the repossessed goods have been sold at the best reasonably obtainable price and may not just get summary…

Arm’s length acknowledgement of debt is an NCA credit agreement

By Patrick Bracher (ZA) on February 16, 2020

An acknowledgement of debt relating to a loan from one friend to another for a capital amount of R831 000 and interest at 18% per year was held to be a credit agreement for the purposes of the National Credit Act.

The agreement identified the capital, the interest at 18%, deferred payments, collection fees to…

Financial Institutions Legal Snapshot

Credit agreement

National Credit Act: No summary judgment if section 127(4)(b) defence is reasonably raised re sale value of repossessed goods

Arm’s length acknowledgement of debt is an NCA credit agreement

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