National Credit Regulator v MTDS Holdings (Pty) Ltd t/a Exact Financial Services NCRCP6870 (NCT/127943/2019/57(1)) [2019] ZANCT 139 (6 August 2019)

National Credit Regulator v MTDS Holdings (Pty) Ltd t/a Exact Financial Services NCRCP6870 (NCT/127943/2019/57(1)) [2019] ZANCT 139 (6 August 2019)

The Tribunal found that the Respondent had admitted to multiple contraventions of the National Credit Act, including failure to comply with affordability regulations, lack of proper pre-agreement disclosures, and other prohibited conduct. Both parties negotiated and submitted a settlement agreement, which the Tribunal determined accurately reflected the contraventions and remedial undertakings. The Tribunal was satisfied that confirming the settlement agreement as a consent order was appropriate under section 138(1)(b) of the Act, and that the requirements for cancellation and consent order confirmation were met.

Citation
[2019] ZANCT 139
Parties
Applicant: National Credit Regulator; Respondent: MTDS Holdings (Pty) Ltd t/a Exact Financial Services
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
6 August 2019
Case Number
NCT/127943/2019/57(1)
Procedural Posture
Review Application / Settlement Agreement Confirmation
Outcome
The settlement agreement between the Applicant and Respondent is confirmed as a consent order of the National Consumer Tribunal. No order as to costs.
Judges
B Dumisa, T Woker, F Manamela
Legal Topics
Credit Provider Registration, Prohibited Conduct, Consent Order, Affordability Regulations, Pre Agreement Disclosure
Banking and Finance Civil Procedure Credit Provider Registration Prohibited Conduct Consent Order Affordability Regulations Pre Agreement Disclosure

Case Brief

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Parties

National Credit Regulator

Applicant

MTDS Holdings (Pty) Ltd t/a Exact Financial Services

Respondent

Procedural Posture

Review Application / Settlement Agreement Confirmation

Legal Issues

  1. 1 Whether the Respondent engaged in prohibited conduct under the National Credit Act.
  2. 2 Whether the settlement agreement between the parties should be confirmed as a consent order.
  3. 3 Whether the Respondent's registration as a credit provider should be cancelled.

Ratio Decidendi

The Tribunal found that the Respondent had admitted to multiple contraventions of the National Credit Act, including failure to comply with affordability regulations, lack of proper pre-agreement disclosures, and other prohibited conduct. Both parties negotiated and submitted a settlement agreement, which the Tribunal determined accurately reflected the contraventions and remedial undertakings. The Tribunal was satisfied that confirming the settlement agreement as a consent order was appropriate under section 138(1)(b) of the Act, and that the requirements for cancellation and consent order confirmation were met.

Court Disposition

The settlement agreement between the Applicant and Respondent is confirmed as a consent order of the National Consumer Tribunal. No order as to costs.

Orders

  • The Settlement Agreement concluded on 10 July 2019 between the Applicant and Respondent, annexed as 'Annexure A' under case number NCT/127943/2019/57(1), is confirmed and made an order of the National Consumer Tribunal in terms of section 138(1)(b) of the National Credit Act, 2005.
  • There is no order as to costs.