(1)(a) The matter was settled between the NCR and ABSA Bank Ltd on the basis that ABSA pay an administrative fine.
(1)(b) A fine of R10 000 000.00 (Ten million Rands) was imposed.
(2)(a) The consumers will benefit as follows – ABSA to:
(i) Write-off the cost of credit on credit agreements.
(ii) Restructure repayments for consumers who are currently in arrears.
(iii) Rescind any civil court judgments against consumers at own cost.
(iv) Instruct the credit bureaus to remove adverse listings from the credit records of consumers.
(2)(b) ABSA is required to submit to the NCR an audit report confirming compliance with the terms of the agreement and once the audit report is submitted, the NCR will inform the affected consumers.
(3) The alleged contravention is not a criminal offence; therefore no criminal charges were pursued.