Sager and Others v Absa Bank Limited and Others (NCT/75475/2017/138(1)(P)) [2017] ZANCT 119 (25 October 2017)

Sager and Others v Absa Bank Limited and Others (NCT/75475/2017/138(1)(P)) [2017] ZANCT 119 (25 October 2017)

The Tribunal found that the variation sought was limited to correcting the interest rate term applicable to the BMW Financial Services loan, ensuring that it is properly described as linked to the prime interest rate. No other terms of the original consent order were affected. The Tribunal was satisfied that the variation was necessary to reflect the true agreement between the parties and to comply with the National Credit Act. The application for variation was granted, and the varied order was confirmed as an order of the Tribunal under section 150 of the Act.

Citation
[2017] ZANCT 119
Parties
Applicant: Benay Sager; Respondent: Shaylene Adonis; Respondent: Byron John Adonis; Respondent: Absa Bank Limited; Respondent: African Bank Limited; Respondent: BMW Financial Services (South Africa) (Pty) Ltd; Respondent: First National Bank, a division of Firstrand Bank Limited; Respondent: Foschini Retail Group (Pty) Ltd; Respondent: GetBucks (Pty) Ltd; Respondent: Go-Debt (Pty) Ltd; Respondent: Ithala Limited; Respondent: MRP Money, a division of Mr Price Group Limited on behalf of Mr Price Home; Respondent: Nedbank Limited; Respondent: Quickdrawsoftware Solutions (Pty) Ltd, t/a Cash Converters Midrand; Respondent: RCS Group; Respondent: RCS Health Care; Respondent: RCS Personal Finance (Pty) Limited; Respondent: Standard Bank of South Africa Limited; Respondent: Syndicated Debt Collectors t/a Debt Tec on behalf of Atlas Finance (Pty) Ltd; Respondent: Truworths Limited
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
25 October 2017
Case Number
NCT/75475/2017/138(1)(P)
Procedural Posture
Variation Application / Order on Variation of Consent Order
Outcome
The application for variation of the consent order is granted. The order is varied to reflect the correct interest rate terms for the BMW Financial Services loan.
Judges
J Simpson
Legal Topics
Debt Rearrangement, National Credit Act, Consent Order Variation, Interest Rate Terms
Banking and Finance Civil Procedure Debt Rearrangement National Credit Act Consent Order Variation Interest Rate Terms

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Parties

Benay Sager

Applicant

Shaylene Adonis

Respondent

Byron John Adonis

Respondent

Absa Bank Limited

Respondent

African Bank Limited

Respondent

BMW Financial Services (South Africa) (Pty) Ltd

Respondent

First National Bank, a division of Firstrand Bank Limited

Respondent

Foschini Retail Group (Pty) Ltd

Respondent

GetBucks (Pty) Ltd

Respondent

Go-Debt (Pty) Ltd

Respondent

Ithala Limited

Respondent

MRP Money, a division of Mr Price Group Limited on behalf of Mr Price Home

Respondent

Nedbank Limited

Respondent

Quickdrawsoftware Solutions (Pty) Ltd, t/a Cash Converters Midrand

Respondent

RCS Group

Respondent

RCS Health Care

Respondent

RCS Personal Finance (Pty) Limited

Respondent

Standard Bank of South Africa Limited

Respondent

Syndicated Debt Collectors t/a Debt Tec on behalf of Atlas Finance (Pty) Ltd

Respondent

Truworths Limited

Respondent

Procedural Posture

Variation Application / Order on Variation of Consent Order

Legal Issues

  1. 1 Whether the original consent order should be varied to reflect the correct interest rate terms for the BMW Financial Services loan.
  2. 2 Whether the varied order complies with the requirements of the National Credit Act and protects the interests of the parties.

Ratio Decidendi

The Tribunal found that the variation sought was limited to correcting the interest rate term applicable to the BMW Financial Services loan, ensuring that it is properly described as linked to the prime interest rate. No other terms of the original consent order were affected. The Tribunal was satisfied that the variation was necessary to reflect the true agreement between the parties and to comply with the National Credit Act. The application for variation was granted, and the varied order was confirmed as an order of the Tribunal under section 150 of the Act.

Court Disposition

The application for variation of the consent order is granted. The order is varied to reflect the correct interest rate terms for the BMW Financial Services loan.

Orders

  • The payment structure between the consumers and the credit providers is confirmed as an order of the Tribunal in terms of section 150 of the National Credit Act.
  • The order is varied to reflect the term 'Linked to the prime interest rate' for the BMW Financial Services loan.