Niehaus and Another v ABSA Bank Ltd and Another (NCT/69/2009/138(l)(P)) [2009] ZANCT 10 (5 September 2009)

Niehaus and Another v ABSA Bank Ltd and Another (NCT/69/2009/138(l)(P)) [2009] ZANCT 10 (5 September 2009)

The Tribunal is satisfied that the parties have entered into valid debt rearrangement agreements facilitated by a debt counsellor in terms of section 86(7) of the National Credit Act. The agreements specify amended terms for the applicants' credit agreements with ABSA Bank Limited and Standard Bank of South Africa Limited, including reduced and fixed interest rates, capitalization of arrears, reduced monthly instalments, and extended repayment periods. The Tribunal confirms these arrangements as a consent order under section 138(1) of the National Credit Act. The parties are warned that non-compliance with the order constitutes an offence under section 160(1) of the Act.

Citation
[2009] ZANCT 10
Parties
Applicant: Charles Johannes Niehaus; Applicant: Jacoba Johanna Niehaus; Respondent: ABSA Bank Limited; Respondent: Standard Bank of South Africa Limited
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
5 September 2009
Case Number
NCT/69/2009/138(l)(P)
Procedural Posture
Consent Order Application / Final Order
Outcome
Consent order granted confirming the amended credit agreements between the parties.
Judges
EM Mphahlele
Legal Topics
Debt Rearrangement, National Credit Act, Consent Order, Interest Rate Variation, Arrears Capitalization
Banking and Finance Civil Procedure Debt Rearrangement National Credit Act Consent Order Interest Rate Variation Arrears Capitalization

Case Brief

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Parties

Charles Johannes Niehaus

Applicant

Jacoba Johanna Niehaus

Applicant

ABSA Bank Limited

Respondent

Standard Bank of South Africa Limited

Respondent

Procedural Posture

Consent Order Application / Final Order

Legal Issues

  1. 1 Whether the parties have reached a valid debt rearrangement agreement under section 86(7) of the National Credit Act.
  2. 2 Whether the Tribunal should confirm the agreements as a consent order under section 138(1) of the National Credit Act.
  3. 3 What are the operative terms for the amended credit agreements regarding interest rates, arrears, instalments, and duration.

Ratio Decidendi

The Tribunal is satisfied that the parties have entered into valid debt rearrangement agreements facilitated by a debt counsellor in terms of section 86(7) of the National Credit Act. The agreements specify amended terms for the applicants' credit agreements with ABSA Bank Limited and Standard Bank of South Africa Limited, including reduced and fixed interest rates, capitalization of arrears, reduced monthly instalments, and extended repayment periods. The Tribunal confirms these arrangements as a consent order under section 138(1) of the National Credit Act. The parties are warned that non-compliance with the order constitutes an offence under section 160(1) of the Act.

Court Disposition

Consent order granted confirming the amended credit agreements between the parties.

Orders

  • The credit agreement with ABSA Bank Limited for vehicle finance account number 68045377 is amended: interest rate reduced to 17%, arrears of R1569.33 capitalized, monthly instalment reduced to R820.00, instalments increased to 24.
  • The mortgage loan account with ABSA Bank Limited, account number 805322693, is amended: interest rate fixed at 12.9%, arrears of R2079.21 capitalized, monthly instalment reduced to R2783.30, instalments increased to 98.