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.
“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.
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.
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.
“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.”
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 […]
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.
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.
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.
Adv Randolph Samuel @ Lucid Living An unsavoury practise, developed by credit providers, to obtain judgment against unsuspecting consumers may be at an end.