Tag ArchivesNCA

Reckless Credit: Obligations of the Credit Provider and Consumer

The National Credit Act No. 34 of 2005, as amended from time to time, (hereinafter called “the Act”) first introduced the concept of reckless credit or lending in South Africa. The Act aims to promote responsible credit granting and use, and for that purpose prohibits reckless credit granting by credit providers. Upon reading the preamble […]

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A comparison of the cooling off periods in terms of the Consumer Protection Act 68 of 2008, the National Credit Act 34 of 2005 and the Alienation of Land Act 68 of 1981.

Many of us have experienced a persistent salesman who persuades us into either purchasing something or into entering into a contract. This would ordinarily bind oneself to an agreement without really knowing the terms and conditions thereof. It is usually these types of salesmen who make empty promises and when the content of the contract […]

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Final clarification – Letters of demand in terms of the National Credit Act

The main aim of the new National Credit Act (NCA) is to prevent over-indebtedness and to provide more accessible structures for dispute resolution. Among other solutions, the NCA aims to achieve this by creating a more transparent platform, which bodes well for debtors and creditors alike. In a major breakthrough since the Act’s inception, 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 legal capacity of the insolvent

Section 25 of the Insolvency Act 24 of 1936 relates to the rights of a property that is acquired by a rehabilitated insolvent before or during his or her insolvency. The Act states that the trustee retains the rights to the property, despite the insolvent’s rehabilitation. Section 20 of the Insolvency Act provides that the […]

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