• Without prejudice

    We all need to fight the ugly bigotry that’s made news recently, says Mandi Smallhorne.

  • Inside Labour

    The Davos extravaganza is slick PR and no UN-style institution, says Terry Bell.

  • 2015 Gadget preview

    Arthur Goldstuck presents gadgets to connect 2015 to the past and future.

Loading...
See More

ConCourt ruling favours debt defaulters

Jun 07 2012 11:03 Sapa

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 0
Change 2
% Change 0
Cumulative volume 1958111
Market cap 237.90bn

Last Updated: 26-01-2015 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Debt review woes

Drowning in debt

Debt review: Why am I still suffering?

WesBank: Fewer owners in debt review

New system to standardise debt review

Banks give indebted a break

 

Johannesburg - Defaulting debtors must receive notice before creditors take action against them, the Constitutional Court ruled on Thursday.

Mashilo Shadrack Sebola and his wife applied to the Constitutional Court for rescission of a default judgment on the basis that they had not received a notice from their creditor, and succeeded.

The creditor, Standard Bank Group [JSE:SBK], had issued a notice advising them of their rights, including the option to refer the agreement to a debt counsellor.

They were in default of payment under a credit agreement.

The notice did not reach the address to which it was sent and they did not respond. The bank obtained the judgment.

The couple applied for its rescission on the basis that they did not receive the notice. The High Court in Johannesburg found that proof of dispatch was enough.

The Sebolas maintained that the National Credit Act, properly interpreted, requires them to have received the notice.

Three friends of the court were admitted - the Socio-Economic Rights Institute of SA, the National Credit Regulator and the Banking Association of SA.

Justice Edwin Cameron handed down the court's judgment by ordering that leave to appeal was granted, their appeal succeeded, the order of the High Court was set aside and the application for rescission was granted with costs.

Standard Bank must pay the Sebolas' bank costs.

 
constitutional court  |  consumers  |  debt  |  debt review

NEXT ON FIN24X

 

Latest Articles

15 Investment Tips for 2015 Read More...
Tax-free saving accounts are coming Read More...
Which generator is right for you? Read More...
5 top tips to help you save on your next grocery bill Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
122 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...