Tag Archivesdebt review

The National Credit Act and your Debt Review: How does it really work?

The subject of credit and over-indebtedness remains an important and deeply concerning topic in the current economic climate in South Africa. Over the years we have seen consumers incurring debt, not only to live exorbitant lifestyles above their means, but to actually for day to day financial survival. On the flip side of the coin – credit […]

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Debt review – the consequences for debtors and creditors in collection proceedings

According to Ronel de Klerk (de Rebus April 2012) and as we have written in numerous news items on our website, a string of recent judgments regarding debt review (in terms of the National Credit Act 34 of 2005 ( NCA)), has rocked the proverbial boat for all concerned. These judgments include Nedbank Ltd and […]

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The implications of debt review, administration orders and insolvency on the debtor’s status and contractual capacity

Although, it is always strongly recommended that personal finances are managed in such a way that consumers never find themselves in a position where they have to consult with a professional, these unfavourable situations often arise, whether due to the debtor’s failure to plan sufficiently or otherwise. It is therefore of the utmost importance, that […]

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Debt – how do I deal with it?

The National Credit Act of 2005 (NCA) aims to prevent reckless credit and to settle disputes between debtors and creditors more amicably (in general), as opposed to litigating these matters immediately. Therefore debtors can now: 1. refer a matter to a debt counsellor for advice or relevant ombudsman for dispute resolution, 2. defend the matter […]

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