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The Latest Debtfree DIGI

Tuesday, May 10, 2011

Sect 129 Standard Bank jump on the Band Wagon

Standard Bank have notified the Industry that they will now be excluding accounts with section 129 notices from now on.

They stated in part:

"As you may be aware, the Supreme Court of Appeal has provided clarity with respect to the interpretation of section 129 read together with section 86(2) of the NCA. In this regard, the Court has essentially expressed the view that where a credit provider has provided a notice to the consumer in terms of section 129 in respect of a particular credit agreement then that agreement may be excluded from the review. The Bank has subsequently taken a business decision to effect the necessary changes in support of this ruling.

Therefore going forward all credit agreement where a the Bank has provided notice to the consumer in terms of section 129 in respect of a particular credit agreement, prior to the application for Debt Review, will be excluded from the Debt Review process. These credit agreements will follow the mediation/dispute resolution/legal processes outside of Debt Review.

Should you require any additional information and/or clarity kindly contact Debt Review Services via email on
or via our Call Centre on 0861 111 402."

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