A credit provider is entitled to enforce a loan that is subject to a debt-restructuring order without notice to the debtor once that order has been breached. This was confirmed by the Constitutional Court in Ferris v FirstRand Bank Limited. Mr and Mrs Ferris were unable to repay their home loan to FirstRand Bank Limited, … Continue reading
The effect of the recent regulations that require the removal of adverse consumer credit information should not be overblown. The information to be removed (besides information relating to paid up judgments) is limited to adverse classifications and does not require the removal of statements of fact. The adverse classification of consumer behaviour refers to subjective … Continue reading
Section 129 of the National Credit Act does not require a credit provider to prove that a notice by registered post actually came to the attention of the consumer. If a consumer has elected to receive notices by post, a credit provider must prove: (a) the sending of the notice by registered mail; (b) that … Continue reading
The portfolio committee on trade and industry has proposed amendments to the National Credit Act (NCA) in a constitutionally impermissible way. The portfolio committee is requesting permission from parliament to make further amendments to the NCA. On 13 February 2014 the committee invited public comment ‘in the event that this permission is granted’. On 14 … Continue reading