At the end of May 2025, the High Court held that where notice is given by the credit provider to the consumer under section 129(1)(a) of the National Credit Act drawing attention to a default, the credit provider must negotiate with the consumer who wants to make arrangements to pay off the arrears. The credit provider
This blog is co-authored by Zubenathi Ndlwana and Brigitte Eloff (Candidate Attorneys)
In April 2025, the Supreme Court of Appeal (SCA) highlighted the importance of credit providers being registered before concluding credit agreements and advertising credit.
The appellant, a pawn broking business, gave short-term loans to consumers and in return retained possession of their movable
This blog is co-authored by Neshalia Nayagar, trainee associate.
On 21 February 2025, the Supreme Court of Appeal (SCA) held that the sale and lease transactions did not constitute credit agreements under the National Credit Act (NCA) and were not disguised or simulated agreements which were concluded on terms to avoid the provisions of the
This blog was co-authored by Boitumelo Phillips, Candidate Attorney.
In March 2025, the High Court found that an acknowledgment of debt signed by a financial adviser agreeing to pay an insurer clawed-back commission was not a credit agreement governed by the National Credit Act (NCA).
The respondent financial advisor, signed an acknowledgment of debt in
The prescribed rate of interest is 11.00% per annum with effect from 1 March 2025. 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 3.5%. The prescribed rate of interest applies to all debts
This blog post was co-authored by Neshalia Nayagar, Trainee Associate.
On 10 February 2025, the Supreme Court of Appeal dismissed an appeal by a lending bank. The appeal related to whether an acknowledgement of debt, incorporating a power of attorney (AOD/POA) that was concluded by the bank, with Mr Serfontein and Mr Serfontein senior, was
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