n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - Over-indebtedness and applications for debt review in terms of the National Credit Act : consumers beware! Firstrand Bank Ltd v Olivier : case comments
|Article Title||Over-indebtedness and applications for debt review in terms of the National Credit Act : consumers beware! Firstrand Bank Ltd v Olivier : case comments|
|© Publisher:||Juta Law Publishing|
|Journal||SA Mercantile Law Journal = SA Tydskrif vir Handelsreg|
|Publication Date||Jan 2009|
|Pages||272 - 278|
The National Credit Act 34 of 2005 ('the Act') came into operation on 1 June 2007. One of the most important pieces of commercial legislation that Parliament has passed in recent years, it is in many ways an improvement on similar previous legislation such as the Usury Act 73 of 1968 and the Credit Agreements Act 75 of 1980, both of which it repeals. It introduces many new concepts into South African law on consumer credit. One of them is the right of a consumer in need to apply for a debt review, to be declared over-indebted after his financial position has been evaluated and to have his debts rescheduled.
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