[Section 87 heading substituted by section 14(a) of Notice No. 1081, GG 42649, dated 19 August 2019]
| (1) |
If a debt counsellor makes a proposal to the Magistrate’s Court in terms of section 86(8)(b), or a consumer applies to the Magistrate’s Court in terms of section 86(9), the Magistrate’s Court must conduct a hearing and, having regard to the proposal and information before it and the consumer’s financial means, prospects and obligations, may— |
| (a) |
reject the recommendation or application as the case may be; or |
| (ii) |
an order re-arranging the consumer’s obligations in any manner contemplated in section 86(7)(c)(ii); or |
| (iii) |
both orders contemplated in subparagraph (i) and (ii). |
| (1A) |
If the National Credit Regulator makes a recommendation to the Tribunal in terms of section 86A(6)(d), the Tribunal or a member of the Tribunal acting alone in accordance with this Act, must conduct a hearing and, having regard to the recommendation and other information before it and the consumer’s financial means, prospects and obligations, may— |
| (a) |
reject the recommendation or application as the case may be; or |
| (i) |
an order declaring any credit agreement that forms part of the application to be reckless, and make an order contemplated in section 83(2) or (3), if the Tribunal concludes that agreement is reckless; |
| (aa) |
extending the period of the agreement and reducing the amount of each payment due accordingly; |
| (bb) |
postponing during a specified period the dates on which payments are due under the agreement; |
| (cc) |
extending the period of the agreement and postponing during a specified period the dates on which payments are due under the agreement; |
| (dd) |
determining the maximum interest, fees or other charges, excluding charges contemplated in section 101(1)(e), under a credit agreement, which maximum may be zero, for such a period as the Tribunal deems fair and reasonable but not exceeding the period contemplated in section 86A(6)(d); or |
| (ee) |
recalculating the consumer’s obligations because of contraventions of Part A or B of Chapter 5, or Part A of Chapter 6; or |
| (iii) |
both orders contemplated in subparagraphs (i) and (ii). |
[Section 87(1A) inserted by section 14(b) of Notice No. 1081, GG 42649, dated 19 August 2019]
| (1B) |
The National Credit Regulator must notify the debt intervention applicant of any order contemplated in subsection (1A), and serve a copy thereof in the prescribed manner and form, on— |
| (a) |
all credit providers that are listed in the application; and |
(b) every registered credit bureau.
[Section 87(1B) inserted by section 14(b) of Notice No. 1081, GG 42649, dated 19 August 2019]
| (2) |
The National Credit Regulator may not intervene before the Magistrate’s Court in a matter referred to it in terms of this section. |
Special Investigating Units and Special Tribunals Act, 1996
