Mogabe v ABSA Bank Ltd and Others (NCT/ 277/2009/138 (1)(P)) [2010] ZANCT 6 (13 January 2010)

Mogabe v ABSA Bank Ltd and Others (NCT/ 277/2009/138 (1)(P)) [2010] ZANCT 6 (13 January 2010)

The Tribunal found that the applicant and all respondents are parties to a debt re-arrangement agreement facilitated by a debt counsellor under the National Credit Act. The Tribunal was satisfied that the agreement was properly consented to by all parties and that the payment structures and extended payment periods comply with the requirements of the Act. Accordingly, the Tribunal confirmed the draft consent order as an order of the Tribunal, warning the parties that non-compliance constitutes an offence under section 160(1) of the Act.

Citation
[2010] ZANCT 6
Parties
Applicant: Tshekana David Mogabe; Respondent: ABSA Bank Limited; Respondent: Direct Axis SA (Pty) Ltd; Respondent: First National Bank a division of First Rand Bank; Respondent: Edgars a division of Edcon (Pty) Ltd; Respondent: The Motor Finance Corporation t/a MFC; Respondent: Nedbank Limited; Respondent: Truworths Limited; Respondent: Woolworths Limited
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
13 January 2010
Case Number
NCT/ 277/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Order
Outcome
Consent order granted confirming the debt re-arrangement agreement as an order of the Tribunal.
Judges
Tanya Woker
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Debt Review, Credit Agreements
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Debt Review Credit Agreements

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Parties

Tshekana David Mogabe

Applicant

ABSA Bank Limited

Respondent

Direct Axis SA (Pty) Ltd

Respondent

First National Bank a division of First Rand Bank

Respondent

Edgars a division of Edcon (Pty) Ltd

Respondent

The Motor Finance Corporation t/a MFC

Respondent

Nedbank Limited

Respondent

Truworths Limited

Respondent

Woolworths Limited

Respondent

Procedural Posture

Consent Order Application / Final Order

Legal Issues

  1. 1 Whether the Tribunal should confirm the debt re-arrangement agreement as a consent order under the National Credit Act.
  2. 2 Whether the parties have validly consented to the proposed debt restructuring.
  3. 3 Whether the payment arrangements comply with the requirements of the National Credit Act.

Ratio Decidendi

The Tribunal found that the applicant and all respondents are parties to a debt re-arrangement agreement facilitated by a debt counsellor under the National Credit Act. The Tribunal was satisfied that the agreement was properly consented to by all parties and that the payment structures and extended payment periods comply with the requirements of the Act. Accordingly, the Tribunal confirmed the draft consent order as an order of the Tribunal, warning the parties that non-compliance constitutes an offence under section 160(1) of 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 and extended payment periods set out in the agreement between the applicant and respondents are made an order of the Tribunal.