This blog is co-authored by Hannah Howell, candidate attorney.
In October 2024 the high court dismissed the defence of reckless lending contemplated in Section 81(2) of the National Credit Act, 2005 (the NCA) because the creditor under the indemnity was not a credit provider under the Act.
The applicant and the bank concluded a home
The prescribed rate of interest is 11.25% per annum with effect from 1 January 2025. The previous rate was 11.50% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts
The prescribed rate of interest is 11.50% per annum with effect from 1 November 2024. The previous rate was 11.75% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts
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
This judgment dealt with an application based upon a deed of suretyship and indemnity executed by the respondents in favour of the insured. The deed of surety and indemnity had its genesis in a guarantee issued by the insurer to an airline in favour of Airports Company South Africa SOC Limited, the beneficiary.
The insurer
This blog was co-authored with Michael McCarthy, Candidate Attorney.
The prescribed rate of interest is 11.75% per annum with effect from 1 July 2023. The previous rate was 11.25% per annum.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus
The respondent furniture retailer in The National Credit Regulator v Lewis Stores (Pty) Ltd offered club membership to its customers including its credit agreement customers which afforded certain benefits to the club members including the chance to win attractive prizes.
Club membership is open to any person whether a credit customer or not, and the
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
The Supreme Court of Appeal discussed, without deciding, the jurisdiction of the National Consumer Tribunal to deal with matters arising under sections 90 and 91 of the National Credit Act relating to the declaration of a provision as unlawful in terms of section 90(2) and void.
It appears from section 164(1) that no unlawful provision,
Section 129 of the National Credit Act requires the creditor to specify the default including the actual amount of the arrears. The requirement for ‘drawing the default to the attention of the consumer’ means more than just the fact that the consumer is ‘in default’.
Section 130(4) gives the debtor an opportunity to remedy the