The long-awaited High Court declaratory Order sought by the National Credit Regulator, attempting to resolve numerous problems arising from the vagueness of the National Credit Act, particularly relating to the process of debt counselling applications and debt relief, was handed down on 21st August 2009.

A copy of the judgment can be found at the Southern African Legal Information Institute website.

The Court granted 11 Orders regarding the interpretation of the National Credit Act, 10 relating to over indebtedness and debt review practical procedures and one relating to the charging of interest on credit agreements that are in default.

One of our clients found out today that they are the victim of a fraud involving credit, for almost half a million rand.

Sharks Bentley Attorneys and some of their clients once again enjoyed the annual Sharks’ breakfast at the Sibaya Casino on the 25th January 2008.

What is the effect on what is commonly referred to as an acceleration clause, that is a clause which provides that in the event that the debtor defaults in any single payment then the entire debt will become due and payable.

Despite all the hype and media attention around the National Credit Act, there still appears to be a degree of confusion out there about the implications of the NCA, particularly with creditors and whether they should be registered with the National Credit Regulator or not. It appears that some “credit consultants” out there are advising every man and his dog to register as credit providers.