Debtfree Magazine October 2017
SA"s Free Monthly Debt Review & Debt Counselling Magazine. Oct 2017 issue: We discuss how long it is going to take you to pay off your debts (incl through debt review). We also have profiles, advice, news and more.
SA"s Free Monthly Debt Review & Debt Counselling Magazine. Oct 2017 issue: We discuss how long it is going to take you to pay off your debts (incl through debt review). We also have profiles, advice, news and more.
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ATTORNEY PROFILE | KIM ARMFIELD AND ASSOCIATES<br />
Have you ever<br />
handled reckless<br />
credit matters?<br />
I have done but Debt Counsellors,<br />
mostly, do not wish to take on such<br />
matters (for good reason). Success<br />
is not always guaranteed. A matter<br />
I argued on, quite extensively, was<br />
regarding an amount advanced to<br />
a consumer (who was no ordinary<br />
consumer and owned a farm worth<br />
at least R8 million) despite the fact<br />
that the bank knew he was not able<br />
to afford the repayments at the<br />
time. The court unfortunately found<br />
that the consumer had voluntarily<br />
consented to the advance and could<br />
not plead ignorance, as he was<br />
clearly an astute and knowledgeable<br />
consumer. We had expected to win<br />
based on the requirements of the<br />
NCA. And were disappointed. The<br />
fact is, most courts are loathe to<br />
grant an reckless credit order against<br />
a credit provider and I believe this is<br />
because they do not want to allow<br />
consumers to evade responsibility.<br />
However, one needs to assess each<br />
matter on its merits.
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