The debate around whether to lend money to friends and family was thrown back into the spotlight this week after a man who lent his friend R2.5m in 2015 learnt he could not force his friend to repay him.
David Josephson lent Colin Stuart Blacher the money with the understanding his friend would repay the loan with interest.When Josephson's attorneys demanded Blacher pay back the rest plus the interest, which they said amounted to R3.8m, Blacher asked
The Western Cape High Court later ruled in Blacher's favour, sparking a conversation around whether it's worth lending money to someone you know is in need. In its judgment, the court said the National Credit Act 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.
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