Vilakazi v Absa Bank Ltd and Others (NCT/ 234/2009/138 (1)(P)) [2009] ZANCT 16 (30 November 2009)

Vilakazi v Absa Bank Ltd and Others (NCT/ 234/2009/138 (1)(P)) [2009] ZANCT 16 (30 November 2009)

The Tribunal found that the applicant and all respondents are parties to a debt re-arrangement agreement facilitated by a debt counsellor in terms of the National Credit Act. The Tribunal was satisfied that the agreement was validly consented to by all parties and that the payment proposals complied with the requirements of the Act. Accordingly, the Tribunal confirmed the draft consent order as an order of the Tribunal. The parties were warned that failure to comply with the order constitutes an offence under the Act.

Citation
[2009] ZANCT 16
Parties
Applicant: Maxwell Aaron Vilakazi; Respondent: Absa Bank Limited; Respondent: Jet Stores a division of Edcon (Pty) Ltd; Respondent: Nedbank Limited; Respondent: RCS Personal Loans; Respondent: Standard Bank Group Limited
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
30 November 2009
Case Number
NCT/ 234/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Determination
Outcome
Consent order granted confirming the debt re-arrangement agreement between the applicant and respondents.
Judges
Bill Haslam
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Debt Review, Credit Agreements
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Debt Review Credit Agreements

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Parties

Maxwell Aaron Vilakazi

Applicant

Absa Bank Limited

Respondent

Jet Stores a division of Edcon (Pty) Ltd

Respondent

Nedbank Limited

Respondent

RCS Personal Loans

Respondent

Standard Bank Group Limited

Respondent

Procedural Posture

Consent Order Application / Final Determination

Legal Issues

  1. 1 Whether the Tribunal should confirm the debt re-arrangement agreement as a consent order under the National Credit Act.
  2. 2 Whether the parties have validly consented to the proposed debt restructuring.
  3. 3 Whether the payment proposals comply with the requirements of the National Credit Act.

Ratio Decidendi

The Tribunal found that the applicant and all respondents are parties to a debt re-arrangement agreement facilitated by a debt counsellor in terms of the National Credit Act. The Tribunal was satisfied that the agreement was validly consented to by all parties and that the payment proposals complied with the requirements of the Act. Accordingly, the Tribunal confirmed the draft consent order as an order of the Tribunal. The parties were warned that failure to comply with the order constitutes an offence under the Act.

Court Disposition

Consent order granted confirming the debt re-arrangement agreement between the applicant and respondents.

Orders

  • The draft consent order attached as Annexure 'A' and Annexure 'AA' 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.