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

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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a court bid by the National Credit Regulator (NCR), which wants a court to order that the common law set-off has been superseded by section 124 of the National Credit Act (NCA).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

Support independent journalism
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
15.57
+1.0%
Rand - Pound
19.66
+0.2%
Rand - Euro
16.71
+0.1%
Rand - Aus dollar
11.15
+0.1%
Rand - Yen
0.12
+0.2%
Gold
1,853.66
0.0%
Silver
22.12
0.0%
Palladium
2,076.50
0.0%
Platinum
956.50
0.0%
Brent Crude
119.43
+1.7%
Top 40
63,883
+1.4%
All Share
70,486
+1.4%
Resource 10
76,948
+0.6%
Industrial 25
76,115
+1.3%
Financial 15
16,257
+2.5%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot