National Credit Regulator v Alpha SCk Mikroleners Bk t/a Alfa Konsultante Cash Loans (NCT/8272/2013/57(1)) [2014] ZANCT 22 (22 March 2014)

National Credit Regulator v Alpha SCk Mikroleners Bk t/a Alfa Konsultante Cash Loans (NCT/8272/2013/57(1)) [2014] ZANCT 22 (22 March 2014)

The Tribunal found that the settlement agreement drafted and offered by the Applicant and accepted and signed by the Respondent constituted a binding contract. The Applicant's failure to sign did not invalidate the agreement, as consensus and express agreement to the terms were present. The Applicant's attempt to repudiate the agreement was not accepted by the Respondent and thus had no legal effect. Consequently, the Tribunal confirmed the settlement agreement as an order of the Tribunal and declined to consider the merits of the underlying allegations or impose any administrative fine. No order as to costs was made.

Citation
[2014] ZANCT 22
Parties
Applicant: National Credit Regulator; Respondent: Alpha SCK Mikroleners BK t/a Alfa Konsultante Cash Loans
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
22 March 2014
Case Number
NCT/8272/2013/57(1)
Procedural Posture
Review Application / Final Determination After Hearing
Outcome
The settlement agreement between the parties is declared binding and confirmed as an order of the Tribunal. No order as to costs.
Judges
J.M. Maseko, H. Devraj, F. Manamela
Legal Topics
National Credit Act, Credit Provider Registration, Settlement Agreement Enforcement, Prohibited Collection Methods, Reckless Lending
Banking and Finance Commercial and Corporate National Credit Act Credit Provider Registration Settlement Agreement Enforcement Prohibited Collection Methods Reckless Lending

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Parties

National Credit Regulator

Applicant

Alpha SCK Mikroleners BK t/a Alfa Konsultante Cash Loans

Respondent

Procedural Posture

Review Application / Final Determination After Hearing

Legal Issues

  1. 1 Whether the Respondent engaged in prohibited conduct under section 150(a) of the National Credit Act.
  2. 2 Whether the registration of the Respondent should be cancelled under section 57(1) of the National Credit Act.
  3. 3 Whether the Respondent contravened specific provisions of the National Credit Act and Regulations between 25 August 2007 and 3 December 2012.

Ratio Decidendi

The Tribunal found that the settlement agreement drafted and offered by the Applicant and accepted and signed by the Respondent constituted a binding contract. The Applicant's failure to sign did not invalidate the agreement, as consensus and express agreement to the terms were present. The Applicant's attempt to repudiate the agreement was not accepted by the Respondent and thus had no legal effect. Consequently, the Tribunal confirmed the settlement agreement as an order of the Tribunal and declined to consider the merits of the underlying allegations or impose any administrative fine. No order as to costs was made.

Court Disposition

The settlement agreement between the parties is declared binding and confirmed as an order of the Tribunal. No order as to costs.

Orders

  • The settlement agreement between the parties is declared binding.
  • The settlement agreement is confirmed as an order of the Tribunal in its entirety.