Debtors left in limbo due to the deafening silence of the NCA on the court procudure in obtaining consent could soon be over. The NCR will approach the High Court to provide clarity on the interpretation of the Debt Review provisions in the NCA.
The application will be heard in the Pretoria High Court from March 2 until March 5. Its rather sad that all four major banks opposed the application, as that NCR is of the view that the process should be as inexpensive, expeditious and informal as possible. The silence of the NCA on the process leads Magistrates to refer to the Magistrates Court Act, which allows for a rule 55 application, which can be long and drwan out and very expensive, even more so for someone that is over-indebted.
Lets stay positive tho