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Monday, May 30, 2011

FNB VS Collet goes against the consumer

The judgment on 86 (10) matters that are already set down at Mag court has been handed down in the FNB Vs Collet matter.

The Judgment says that credit providers can terminate debt reviews and that consumers can then ask the court (either the court that is hearing their debt review matter or one where the matter is then enforced) to 86(11) re included the account.

This would have to urgently be done to avoid the loss of assets and to avoid attachment orders when Credit Providers then take legal action.

What this really means is more legal costs to the consumer.

It is anticipated that some credit providers such as Nedbank will once again begin a campaign against debt review consumers and try to force matters through other courts.

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