Njivashe v Absa Bank Ltd and Others (NCT/ 273/2009/138 (1)(P)) [2010] ZANCT 36 (12 March 2010)

Njivashe v Absa Bank Ltd and Others (NCT/ 273/2009/138 (1)(P)) [2010] ZANCT 36 (12 March 2010)

The Tribunal found that the applicant and all respondent credit providers had validly consented to a debt restructuring agreement facilitated by a debt counsellor. The agreement was found to comply with the requirements of the National Credit Act, specifically sections 86(7)(b), 86(8), and 138(1). The Tribunal was satisfied that the payment structure, as set out in the annexures, provided for the extension of payment periods and adjustment of monthly instalments, enabling the applicant to meet obligations in a sustainable manner. Accordingly, the Tribunal confirmed the draft consent order as an order of the Tribunal, warning the parties that non-compliance would constitute an offence...

Citation
[2010] ZANCT 36
Parties
Applicant: Godfrey Simphiwe Njivashe; Respondent: Absa Bank Limited; Respondent: African Bank Limited; Respondent: Bayport Financial Services (Pty) Ltd; Respondent: Nedbank Limited; Respondent: Standard Bank of South Africa
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
12 March 2010
Case Number
NCT/ 273/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Order
Outcome
Consent order granted; debt restructuring agreement confirmed as an order of the Tribunal.
Judges
Bonke Dumisa
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Consumer Protection
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Consumer Protection

Case Brief

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Parties

Godfrey Simphiwe Njivashe

Applicant

Absa Bank Limited

Respondent

African Bank Limited

Respondent

Bayport Financial Services (Pty) Ltd

Respondent

Nedbank Limited

Respondent

Standard Bank of South Africa

Respondent

Procedural Posture

Consent Order Application / Final Order

Legal Issues

  1. 1 Whether the Tribunal should confirm the debt restructuring agreement as a consent order under the National Credit Act.
  2. 2 Whether the parties have validly consented to the debt rearrangement facilitated by the debt counsellor.
  3. 3 Whether the proposed payment structure complies with the requirements of the National Credit Act.

Ratio Decidendi

The Tribunal found that the applicant and all respondent credit providers had validly consented to a debt restructuring agreement facilitated by a debt counsellor. The agreement was found to comply with the requirements of the National Credit Act, specifically sections 86(7)(b), 86(8), and 138(1). The Tribunal was satisfied that the payment structure, as set out in the annexures, provided for the extension of payment periods and adjustment of monthly instalments, enabling the applicant to meet obligations in a sustainable manner. Accordingly, the Tribunal confirmed the draft consent order as an order of the Tribunal, warning the parties that non-compliance would constitute an offence...

Court Disposition

Consent order granted; debt restructuring agreement confirmed as an order of the Tribunal.

Orders

  • The draft consent order attached as Annexure 'A' is confirmed as an order of the Tribunal.
  • The parties are warned that failure to comply with the order constitutes an offence under section 160(1) of the National Credit Act.