National Credit Regulator v Triple Advanced Investments 40 (Pty) Ltd (35431/2015/140(1)) [2017] ZANCT 89 (10 July 2017)

National Credit Regulator v Triple Advanced Investments 40 (Pty) Ltd (35431/2015/140(1)) [2017] ZANCT 89 (10 July 2017)

The Tribunal accepted the settlement agreement between the parties, which acknowledged the Respondent's contravention of section 90(2)(k)(vi)(bb) of the National Credit Act as prohibited conduct. The Respondent undertook to provide a sworn report detailing all consumers affected by judgments and emolument attachment orders obtained on the strength of the unlawful consent, to supply information regarding the sale of its loan book, and to confirm non-enforcement of emolument attachment orders since 2013. The Respondent further agreed to cease the practice of obtaining consents to jurisdiction outside the consumer's area and confirmed it would no longer operate as a credit provider. The...

Citation
[2017] ZANCT 89
Parties
Applicant: National Credit Regulator; Respondent: Triple Advanced Investment 40 (Pty) Ltd
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
10 July 2017
Case Number
35431/2015/140(1)
Procedural Posture
Settlement Agreement / Final Order
Outcome
Settlement agreement made an order of the Tribunal; Respondent's conduct declared prohibited; Respondent undertakes to provide reports and cease prohibited practices.
Legal Topics
National Credit Act, Unlawful Credit Agreement Terms, Emolument Attachment Orders, Jurisdiction Clauses
Banking and Finance Civil Procedure National Credit Act Unlawful Credit Agreement Terms Emolument Attachment Orders Jurisdiction Clauses

Case Brief

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Parties

National Credit Regulator

Applicant

Triple Advanced Investment 40 (Pty) Ltd

Respondent

Procedural Posture

Settlement Agreement / Final Order

Legal Issues

  1. 1 Whether the Respondent included unlawful provisions in credit agreements contrary to the National Credit Act.
  2. 2 Whether the Respondent induced consumers to consent to jurisdiction outside their area of residence or work.
  3. 3 Whether the Respondent's conduct constitutes prohibited conduct under the Act.

Ratio Decidendi

The Tribunal accepted the settlement agreement between the parties, which acknowledged the Respondent's contravention of section 90(2)(k)(vi)(bb) of the National Credit Act as prohibited conduct. The Respondent undertook to provide a sworn report detailing all consumers affected by judgments and emolument attachment orders obtained on the strength of the unlawful consent, to supply information regarding the sale of its loan book, and to confirm non-enforcement of emolument attachment orders since 2013. The Respondent further agreed to cease the practice of obtaining consents to jurisdiction outside the consumer's area and confirmed it would no longer operate as a credit provider. The...

Court Disposition

Settlement agreement made an order of the Tribunal; Respondent's conduct declared prohibited; Respondent undertakes to provide reports and cease prohibited practices.

Orders

  • The settlement agreement is made an order of the National Consumer Tribunal.
  • The Respondent's contravention of section 90(2)(k)(vi)(bb) is declared prohibited conduct.