Asked by Videsh on 04-08-2023 08:35:47
Question posted in the General Law category relating to KwaZulu-Natal
Default Judgement was passed in July 2019 with among other things
Interest on the sum of R913 506.68 at the rate of 16.1% pa …….
The credit agreement concluded … is hereby declared cancelled
execution sine die
THEN a year later execution but with ff order
Then in July 2020 the execution order included … It is directed that Applicant shall not proceed with the sale in execution of the immovable property unless first respondent fails to pay the amounts of R11 500pm on 7th of day of each month until the arrears are settled in full and thereafter his current monthly instalment.
NOTE THE R11500 WAS LESS THAN THE INTEREST AT 16.1% SO i ASSUME INTEREST AGREED AT LOWER RATE HOWEVER
the bank now (3 yrs) later applys for variation to order to increase amount payable and the rate at prime plus 6% variable
Is this allowed ? ( I have defended the matter)
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