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Thursday, October 13, 2011

Seyffert v FRB- a case to watch

Leave to Appeal has been granted in the case of Seyffert vs. FirstRand Bank. 

The matter has to deal with bad faith terminations.

In this case FNB terminated their participation in the debt review despite the fact that the consumer was up to date with payments in line with a reasonable proposal.

Bad faith is illustrated by the fact that FNB requested a postponement on the matter before the Magistrate Court in order to deal with allegations made by the applicant but instead of dealing with the issues FNB terminated the debt review directly after requesting the postponement. This action by FNB was, in the view of the applicant, in total bad faith and the bank was not entitled to terminate the debt review.

DCASA has put up the funding to appeal and will be pursuing this matter in the hopes of establishing a well known precedent in this regard.

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