by VDT Attorneys | May 7, 2015 | Credit Act, Property
When applying for a home loan, the first step is your credit application with a bank or credit provider. This application process is tightly regulated by the National Credit Act 34 of 2005 (“NCA”) and requires an assortment of information to be provided in order to...
by VDT Attorneys | Apr 14, 2015 | Credit Act, Debt
‘Debt’ for purposes of prescription can be broadly interpreted as arising from and being due or owing under a contract, but also includes delictual debts. Prescription will usually start to run as soon as the debt becomes due. Should the debtor intentionally prevent...
by VDT Attorneys | Apr 14, 2015 | Credit Act, Debt
What is a suretyship? A suretyship is an agreement between three parties being 1) the creditor, 2) the principal debtor and 3) the surety. In terms of this agreement, a surety in his personal capacity undertakes to fulfil the obligations due to the creditor by the...
by VDT Attorneys | Aug 24, 2014 | Consumer, Credit Act
This latest court case, addressing the manner in which credit providers are required to inform consumers of their payment default, drastically curtails the ability of the consumer to claim ignorance of such a notice. Mr Kubyana was one such consumer whom Standard Bank...
by VDT Attorneys | May 6, 2014 | Consumer, Credit Act
The NCA previously allowed credit providers to develop their own affordability assessment models. The policy review revealed serious discrepancies in how credit providers went about this and in most cases it appeared that such assessments were not done at all. The...
by VDT Attorneys | Oct 25, 2013 | Credit Act, Debt, Personal
In terms of Section 86 of the Act, an over-indebted individual may apply to be placed under Debt Review with Debt Review offering the following remedies: Credit providers are unable to take legal steps against the consumer while under Debt Review. Re-arrangements can...
