The defendant was unable to pay the debt at the time of the sting decision, so the applicant filed a lawsuit against the AOD. The defendant argued that the AOD constituted a credit contract for NCA s 8(4) (f) and that the applicant had not met the procedural requirements of the Act. One aspect of the NCA that has not yet been clarified is its application to the Debt Lawsuit (AODs). In the past, the courts have ruled on a case-by-case basis. However, recent case law suggests that the nature of the guilt demonstrated by the OCA is the determining factor in determining whether the LYA is regulated by the NCA. [3] The applicant`s plea, as stated in the motion, is based on: 1) a partly oral, partly written agreement (the withdrawal agreement – “POC1”), reached between the applicant, the first defendant, the second defendant and the other directors on April 12, 2016, and 2) a written conviction (“POC2”), also concluded on April 12, 2016. “The first defendant acknowledged his debt to the applicant to the tune of R 1,682,289.00 and agreed to pay the amount on or before September 30, 2018 and to pay the applicant $14,000.00 per month. The first payment must be made on May 13, 2016, and monthly until September 30, 2018 until the final payment of the outstanding debt. However, it is essential that there have been devastating and severe consequences for creditors who, on the basis of an agreement effectively regulated by law, take legal action against the debtors. It is therefore imperative that a creditor consults an expert before entering into an agreement with a debtor who may constitute a credit contract. [22] With respect to the interpretation of Section 4, paragraph 2, points b) and (iv) and 8.4)f), of the NCA, it is concluded that the commercial relationship between the parties was similar to that of a financial institution and a consumer wishing to enter into a credit contract. The nature of the relationship does not fit within the scope of one of the exclusions in section 4, paragraph 2, points b) and (iv) of the AAFC.
[12] It should be noted that paragraphs 1 to 4 of the AoD provide for the three deferred payments from the date of signing, with the collection of interest and the payment of certain taxes in accordance with clause 10 for the recovery of all fees, charges and payments charged by the lawyers mandated by the applicant, including the collection commission. The AoD would thus be included in sections 8 (1) and 8 (4) of the NCA as a loan agreement. Home > General > Arm`s long debt confession is an NCA credit contract examples of the underlying causes of measures that are not regulated by law, credit contracts, infringements, real estate leases and leases of personal property.
Comments are closed, but trackbacks and pingbacks are open.