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South Africa decisions
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Micheal and Another v First Rand Bank Limited (2010/2498) [2021] ZAGPJHC 863 (14 July 2021)
The court dismissed condonation and leave to appeal against refusal of rescission, finding the delay unexplained and no prospect of success.
Absa Bank Limited v Molepo (21651/13) [2020] ZAGPPHC 478 (4 September 2020)
The court granted ABSA Bank leave to amend its particulars of claim to correct the loan terms, debt amounts, interest rate, and related property details.
Forsyth v Heydenrych (31749/2011) [2018] ZAGPJHC 568 (18 October 2018)
The court found that the loan agreement between the plaintiff and defendant did not specify a clear time for repayment, rendering the term void for vagueness. Applying established principles, the loan was deemed repayable within a reasonable time, which the court determined to be 24 months from advancement, or at the latest, upon demand or service of summons. The applicable interest rate was interpreted as prime minus 1.7% initially, with a valid oral variation to 14.5% per annum, increasing by 0.5% every three months from October 2010. The court held that the parties were not dealing at arm'…
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Changing Tides 17 (Proprietary) Limited N.O. v Wagg and Another (165/2014) [2018] ZAECPEHC 4 (22 February 2018)
The High Court dismissed a creditor’s application to enforce a home loan and declare property executable, finding insufficient proof of breach or arrears.
Absa Bank Limited v Amani Lodge and Conference Centre (1740/2017) [2017] ZAGPPHC 660 (20 October 2017)
The High Court granted summary judgment to ABSA Bank in a bond recovery matter, rejecting technical objections to the deponent’s authority, knowledge, and interest rate variation.
Nedbank Limited v Jones and Others (24343/2015) [2016] ZAWCHC 139; 2017 (2) SA 473 (WCC) (12 October 2016)
The court held that a magistrate's court does not have jurisdiction under section 87(1) of the National Credit Act to vary a contractually agreed interest rate in a credit agreement. Any order purporting to do so is ultra vires and null and void. Furthermore, a debt re-arrangement proposal that sets monthly instalments below the monthly interest accruing on the outstanding balance does not meet the purposes of the Act and is unlawful. The court declined to review and set aside the magistrate's order due to the unreasonable delay and potential prejudice to the debtors, but granted declaratory…
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Nedbank Limited v Norris and Others (2978/2015) [2016] ZAECPEHC 5; 2016 (3) SA 568 (ECP) (1 March 2016)
The High Court found that the magistrate's court lacked jurisdiction to vary contractually agreed interest rates under the National Credit Act and that the debt re-arrangement order, which provided for monthly instalments less than the monthly interest accruing, was ultra vires the Act. The magistrate's orders were set aside due to both procedural irregularities and substantive unlawfulness. The court declared that magistrates' courts do not have jurisdiction to vary interest rates or grant re-arrangement orders that fail to meet the purposes of the Act. The applicant was entitled to review r…
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Fedsure Participation Mortage Bond Managers (Pty) Ltd and Another v Sandlundlu (Pty) Ltd (AR409/12) [2013] ZAKZPHC 54 (18 October 2013)
The court held that Clause 8 of the mortgage bond required a demand before legal costs could be debited to Sandlundlu's account, and no such demand was made. The monthly payments made by Sandlundlu were intended to discharge its interest obligations under the mortgage bond and should have been credited to the bond account, not held in trust. The judgment of 5 August 2002 novated the underlying contractual rights, restricting Fedbond to simple interest at the rate ordered by the court and precluding variation or compounding of interest. The appeal on all grounds failed, and the quantum was ame…
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Ryton Estates (Edms) Bpk en Anders v Land en Landbou Ontwikkelingsbank van Suid-Afrika (33482/2010) [2012] ZAGPPHC 34 (9 March 2012)
The court found that the relevant loan contracts and the Land Bank Act 13 of 1944 only permitted simple interest on the outstanding capital, and did not authorize the charging of compound interest or interest on administrative and diverse costs unless expressly stipulated. The Land Bank's discretion to vary interest rates was not exercised unreasonably or manifestly unfairly, given the substantial changes in the agricultural sector and the bank's statutory obligations to avoid operating at a loss. The plaintiffs failed to prove that the Land Bank's rate adjustments were arbitrary or that the…
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Niehaus and Another v ABSA Bank Ltd and Another (NCT/69/2009/138(l)(P)) [2009] ZANCT 10 (5 September 2009)
The National Consumer Tribunal confirmed a consent order restructuring the applicants’ ABSA and Standard Bank debts, reducing interest rates and instalments and capitalizing arrears.
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