General

Written Acknowledgement of Debt

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Written acknowledgment of Debt – Is it a credit agreement in terms of the National Credit Act? In a recent case in the Eastern Cape High Court Port Elizabeth the matter which was before the court was in order to establish whether a written acknowledgement of Debt was to be considered a credit agreement as […]

General

Consumer Law

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A new trend has started amongst certain Credit Providers to merely terminate a court order that has been granted by a Magistrate by sending out a termination letter in terms of Section 86(10) of the National Credit Act. The Court order is therefore completely ignored and therefore has created a somewhat circus of our courts […]

General

Sureties and Debt Review

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A suretyship is a form of personal security given by a debtor (principal debtor) to a creditor in terms of which a third person (commonly known as the surety) bounds himself to perform the obligations of the debtor, if the debtor fails to do so. The requirements and formalities of a surety are as follows: […]