A man who lent his friend R2.5m in 2015 found out the hard way he is unable to enforce repayment as he is not registered in terms of the National Credit Act.
Blacher raised two queries about the loans — whether Josephson had been registered as a credit provider in terms of the NCA and whether he had conducted a credit assessment.
In November 2019, Blacher paid Josephson R965,000, saying Josephson was desperate for money and he was desperate to maintain their friendship. No other money was paid by Blacher to Josephson. It said the NCA provided that a credit agreement was unlawful if, at the time it was made, the credit provider was unregistered when the act required him/her to be registered.
The court said as the capital value of the loan advanced by Josephson exceeded the statutory threshold, he was required to be registered as a credit provider.
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