Goosen v Absa Bank Ltd and Others (NCT/429/2009/138 (1)(P)) [2010] ZANCT 30 (2 March 2010)

Goosen v Absa Bank Ltd and Others (NCT/429/2009/138 (1)(P)) [2010] ZANCT 30 (2 March 2010)

The Tribunal found that the applicant is experiencing difficulty in satisfying obligations under credit agreements and that the debt counsellor's recommendation for restructuring payment installments is appropriate. All parties have consented to the agreement, and the Tribunal is satisfied that the requirements of the National Credit Act have been met. Accordingly, the Tribunal confirms the draft consent order, making the restructured payment agreement an order of the Tribunal. Failure to comply with the order constitutes an offence under section 160(1) of the Act.

Citation
[2010] ZANCT 30
Parties
Applicant: Gideon Jacobus Goosen; Respondent: Absa Bank Limited; Respondent: First National Bank; Respondent: Standard Bank of South Africa Limited; Respondent: Sanlam Personal Loans (Pty) Limited
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
2 March 2010
Case Number
NCT/429/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Order
Outcome
Consent order granted; debt restructuring agreement confirmed as an order of the Tribunal.
Judges
Laura Best
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Debt Review, Consumer Protection
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Debt Review Consumer Protection

Case Brief

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Parties

Gideon Jacobus Goosen

Applicant

Absa Bank Limited

Respondent

First National Bank

Respondent

Standard Bank of South Africa Limited

Respondent

Sanlam Personal Loans (Pty) Limited

Respondent

Procedural Posture

Consent Order Application / Final Order

Legal Issues

  1. 1 Whether the applicant qualifies for a debt rearrangement under the National Credit Act.
  2. 2 Whether the parties have validly consented to the proposed debt restructuring agreement.
  3. 3 Whether the Tribunal should confirm the draft consent order as an order of the Tribunal.

Ratio Decidendi

The Tribunal found that the applicant is experiencing difficulty in satisfying obligations under credit agreements and that the debt counsellor's recommendation for restructuring payment installments is appropriate. All parties have consented to the agreement, and the Tribunal is satisfied that the requirements of the National Credit Act have been met. Accordingly, the Tribunal confirms the draft consent order, making the restructured payment agreement an order of the Tribunal. Failure to comply with the order constitutes an offence under section 160(1) of the Act.

Court Disposition

Consent order granted; debt restructuring agreement confirmed as an order of the Tribunal.

Orders

  • The draft consent order attached as Annexure 'A' is confirmed as an order of the Tribunal.
  • The payment structures set out in Annexure 'B' are made an order of the Tribunal.