Debtfree Magazine November 2017
The November 2017 Issue of Debtfree Magazine. We discuss working with a PDA and getting ready for December.
The November 2017 Issue of Debtfree Magazine. We discuss working with a PDA and getting ready for December.
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HANS REINHARD PETTENBURGER-PERWALD // VOSLOO AND OTHERS<br />
CONSENSUAL CHANGES<br />
TO INTEREST RATES IN A<br />
DEBT RESTRUCTURING<br />
COURT ORDER<br />
For a long time the Western Cape Courts have been struggling to<br />
decide what to do with debt review court applications where the credit<br />
providers have offered a new lower than contractual interest rate.<br />
This is something that commonly happens in a debt review as credit providers<br />
try to be nice and help their clients get out of debt sooner. They can even<br />
adjust the interest rates all the way down to zero percent in many cases.<br />
The challenge is that while it is possible for a credit provider and consumer<br />
to make adjustments to their contract (in terms of other sections of the<br />
NCA) the section about debt review court orders in the National Credit Act<br />
does not specifically say that this is something a court can just do without<br />
the credit providers consent. The courts are able to change what is paid<br />
monthly, extend how long it takes to pay and change when the payments<br />
COURT MATTERS
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