Agattu Trading 191 (Pty) Ltd v C.M and Another (A68/2018)
Agattu Trading 191 (Pty) Ltd v C.M and Another (A68/2018) [2019] ZAGPPHC 175 (24 May 2019)
The appeal succeeded because the credit provider had conducted a proper credit assessment, including consideration of the consumer's assets and the reasonable prospect of obtaining a long-term loan or selling the property to settle the debt. The consumer failed to plead and prove over-indebtedness as required by the National Credit Act. The magistrate's finding that the loan was reckless was incorrect, as the evidence showed that the property was adequately valued and considered in the assessment. The renewal agreement was not reckless but provided the consumer with an opportunity to settle t…
Source excerpt
- Reckless Lending
- Credit Assessment
- Over Indebtedness
- National Credit Act
- Debt Consolidation