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When all the parties to a Debt Review or Debt Restructuring reached agreement or consensus, the consent order application in terms of section 138 of the NCA may be lodged with the NCT. The NCT can then issue a granted debt rearrangement order (which is the same as a court order) for the debts. This process is substantially less complicated, less expensive and less cumbersome than a court application.

√ Attorney approved √ Practical points considered

Example uses of this document:The National Consumer Tribunal (NCT) is an independent adjudicative entity. It derives its mandate from the National Credit Act, No. 34 of 2005 (the NCA). The mandate was expanded to include matters arising from Consumer Protection Act, Act No. 68 of 2008 ("the CPA"). The Tribunal's mandate also includes reviewing decisions made by the National Credit Regulator (NCR), the National Consumer Commission (NCC) and single-member panels of the Tribunal. Decisions made by a three-member panel of the Tribunal may in turn be taken on appeal or review to the High Court.

Application in terms of section 138 of the NCA to have a debt rearrangement, where all the parties agree to the terms, made an order.

Contents

Income & Expenditure Sheet

TI.30

TI.35

TI.138

Draft Order

Consent Order

Draftsman

This document was written for Agreements.org by a Senior Attorney (Admitted in the High Court) with more than 18 years’ experience. It complies with current South African law.