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Bank to fight court bid after consumers complain of debt set-off

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Cape Town - Standard Bank will oppose a court bid by the National Credit Regulator (NCR), which wants a court to order that the common law set-off has been superseded by section 124 of the National Credit Act (NCA).

“An application for a declaratory order on the effect of section 124 of the National Credit Act on the common law rule of set-off to obtain legal clarity, has been served on Standard Bank by the National Credit Regulator,” Standard Bank spokesperson Ross Linstrom told Fin24 on Tuesday.

“Our interpretation is that the common law rule of set-off can be applied because section 124 of the National Credit Act does not replace or amend this rule,” he said.

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