Matlou v African Bank Ltd and Another (NCT/ 270/2009/138 (1)(P)) [2010] ZANCT 7 (21 January 2010)

Matlou v African Bank Ltd and Another (NCT/ 270/2009/138 (1)(P)) [2010] ZANCT 7 (21 January 2010)

The Tribunal found that the applicant and respondents are parties to a debt re-arrangement facilitated by a debt counsellor under the National Credit Act. All parties have consented to the restructuring of payment instalments, and the arrangement is compliant with the Act. The Tribunal is satisfied that the requirements for a consent order have been met and confirms the draft order as an order of the Tribunal. The parties are warned that non-compliance constitutes an offence under the Act.

Citation
[2010] ZANCT 7
Parties
Applicant: Matsobane Jack Matlou; Respondent: African Bank Limited; Respondent: Atlas Finance (Pty) Ltd
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
21 January 2010
Case Number
NCT/ 270/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Determination
Outcome
Consent order granted confirming the debt re-arrangement agreement as an order of the Tribunal.
Judges
XOLELA MAY
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Debt Review, Payment Arrangement
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Debt Review Payment Arrangement

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Parties

Matsobane Jack Matlou

Applicant

African Bank Limited

Respondent

Atlas Finance (Pty) Ltd

Respondent

Procedural Posture

Consent Order Application / Final Determination

Legal Issues

  1. 1 Whether the parties have validly consented to a debt re-arrangement under the National Credit Act.
  2. 2 Whether the Tribunal should confirm the draft consent order as an order of the Tribunal.
  3. 3 Whether the restructured payment terms are compliant with the Act.

Ratio Decidendi

The Tribunal found that the applicant and respondents are parties to a debt re-arrangement facilitated by a debt counsellor under the National Credit Act. All parties have consented to the restructuring of payment instalments, and the arrangement is compliant with the Act. The Tribunal is satisfied that the requirements for a consent order have been met and confirms the draft order as an order of the Tribunal. The parties are warned that non-compliance constitutes an offence under the Act.

Court Disposition

Consent order granted confirming the debt re-arrangement agreement 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.