SECTION 86(10) OF THE NATIONAL CREDIT ACT 34 OF 2005 Firstrand Bank v Raheman (5345/2010) [2012] ZAKZDHC 3 (10 February 2012)

Abstract

The purpose of the National Credit Act 34 of 2005 (hereinafter “the Act”) is not only to protect the interests of consumers but to regulate the interests of credit providers as well. There have been a number of views expressed by our courts in dealing with the debt-review process. The debt-review process is found in Part D of Chapter 4 of the Act. The Act makes provision for a consumer who is over-indebted or where he or she is experiencing financial strain to have his or her affairs rearranged by a debt counsellor. The
question as to when a creditor may interrupt these affairs is discussed in the case of Firstrand Bank v Raheman (supra).