Tag Archivesdebtor
mental health

The real meaning of clients not paying

As an entrepreneur, building a successful and sustainable business is a massive challenge in itself. Not to mention the additional challenge posed by late or non-paying clients. True, there are various reasons for clients not paying, ranging from larger economic factors, to Terms and Conditions (“T&C’s”) and to the client’s personal situation. It is therefore […]

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mortgage debt

The Given Nkwane Case – Can the Bank sell your home to recover Mortgage Debt?

Today, most people cannot afford to purchase Immoveable Property (hereinafter referred to as “property”) without applying for a home loan to a bank and/or financial institution. If the purchase of the property is subject to mortgage bond approval, it allows the Purchaser to apply for a home loan by using the property as security. The […]

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Competition Amendment Act

Does a Principal Obligation need to exist prior to the conclusion of a valid Suretyship

When a Credit Loan Agreement is entered into between a Creditor and Debtor, a Surety Agreement is often concluded. A Surety Agreement involves three parties being the Creditor, the Principal Debtor and the Surety. The Surety is an individual that undertakes to bind him or herself as Co-Principal Debtor and to fulfil the obligations of […]

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judgment

The execution process and the effect that judgment may have on a debtor’s moveable and/or immovable property

Once a judgment has been obtained against a Debtor through action proceedings, the Debtor is obliged to settle the judgment debt or make an arrangement with the Creditor to pay off the said debt. If a Debtor does not settle the judgment or approach the Creditor concerned to make arrangements, the Creditor may firstly execute […]

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AOD

Enforcement of claims based on acknowledgments of debt in the Magistrate’s Court v the High Court

A debtor and creditor enter into an Acknowledgement of Debt (AOD) where the debtor acknowledges that he or she owes a particular sum of money to the creditor and undertakes to repay what is owing on terms agreed between the parties. This agreement is used as a shortcut to the judicial process of obtaining a judgment […]

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