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Tuesday, February 1, 2011

Judgment handed down in Papier vs Wesbank

The High Court full bench which was considering the Papier Vs Wesbank case has handed down a judgment in favour of Mr Papier and the NCR.

This is great news for all Debt Counsellors and consumers with debt review applications pending at court.

The judgment compares allowing a Credit Provider to terminate [86(10)] a Debt Review when it has already been set before a court for a restructuring order to "providing the consumer with an umbrella and then snatching it back the moment it starts raining".

The Summary Judgment application was refused and the matter was referred back to the Magistrates Court where the restructuring application is being held.

The essence is that Credit Providers cannot issue termination letters to clients who are paying and have matters set before a Magistrates Court for a Debt Restructuring Order

Keep your eyes peeled for our commentary on the Judgment in the February 2011 issue of Debtfree DIGI.

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