Archive for Legal

National Credit Regulator Appeals Court Ruling On Unlawful Credit Deals

The National Credit Regulator has appealed against the Western Cape High Court decision which in April declared a section in the National Credit Act inconsistent with the right to property.

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Defaulting Debtors Must Be Notified Of Pending Legal Action

“This is because the risk of nondelivery by ordinary mail is too great. Registered mail is in my view essential. Even though registered letters may go astray, at least there is a high degree of probability that most of them are delivered,” he said.

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The Law Comes Good To Protect The Consumer

Consumers need to be vigilant, says Adv Thambiran. If a home owner falls into arrears they need to approach a professional, to understand their rights and options. The earlier they do this the better.

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Treat Customers Fairly

In enforcing TCF, the authority has imposed huge fines on many firm s for misselling. In the largest yet, the FSA has just dished out a £10,5m fine to banking group HSBC for misselling products. And Barclays was fined £7,7m in early 2011.

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Bank’s Action Reckless in Debt Review

“The legislation obliges the consumer and credit provider to participate in good faith in the debt review, and any negotiations should result in responsible debt rearrangement. “I am of the view that the plaintiff’s failure to participate in the review proceedings is reckless.”

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Constitutional Court To Consider National Credit Act

Eva Smith (Attorney) @ Lucid Living A man who failed to set aside a default judgment after he could not honour the terms of his credit agreement with a bank has brought a challenge in the Constitutional Court, asking it to interpret a section in the National Credit Act (NCA) dealing with the serving of notice [...]

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Bank’s Customers Bear The Brunt of Court Ruling

Banks have responded to this judgment by threatening to increase the costs of credit, make access to credit more difficult and be less sympathetic to its customers when they experience financial difficulties.

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Court Ruling Leaves Over-Indebted Consumers Vulnerable

Eva Smith (Attorney) @ Lucid Living Debt counselling may not shield you from your creditors if they send you a letter of demand before you have applied for debt counselling. Related Posts:Bank’s Customers Bear The Brunt of Court RulingWhy Paying Off Credit Cards Needs To Be Top Of MindIrresponsible AdvertisingConsumer’s Credit Binge Causes IndigestionCourts Favour [...]

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Consumer Protection Act

Eva Smith (Attorney) @ Lucid Living The Consumer Protection Act (CPA), which came into effect on Thursday last week, significantly strengthens your rights as a consumer. Related Posts:Banks Protest Consumer Protection ActClarifying the CPA: Your Rights (Part 2)Landlords To Comply With Consumer Protection ActClarifying The CPA: Your Rights (Part 1)Cell Phone Contracts and The CPA

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Consent To Judgment: Were You Properly Informed?

Adv Randolph Samuel @ Lucid Living An unsavoury practise, developed by credit providers, to obtain judgment against unsuspecting consumers may be at an end. Related Posts:Bank’s Customers Bear The Brunt of Court RulingIrresponsible AdvertisingCourt Ruling Leaves Over-Indebted Consumers VulnerableCourts Favour Consumers In Debt CounsellingDefective Products Put Money In Your Pocket

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