ABSA Bank Limited v Goolam (2016/8629)
ABSA Bank Limited v Goolam (2016/8629) [2025] ZAGPJHC 62 (30 January 2025)
The court held that the settlement agreement between ABSA Bank Limited and Shereen Goolam constituted a credit agreement as defined in section 8(4)(f) of the National Credit Act, since it deferred payment of an amount due and provided for interest. However, the reckless credit provisions of the NCA do not apply to such settlement agreements, as those provisions are intended for the initial granting of credit and not for consensual restructuring of existing debt, unless the settlement increases the consumer's obligations, which was not the case here. The applicant was required to comply with s…
Source excerpt
- National Credit Act
- Settlement Agreement Novation
- Reckless Credit
- Section 129 And 130 Nca
- Rule 46a Execution
- Costs Order Abuse Of Process