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Hi All,
I’m writing an financial article on Repossession in general. Could anyone please share some light on the home and car Repossession process in South Africa from start to end.
Basically, what happens when a consumer stops paying their monthly payments or when the consumer only pay a small amount towards his/her monthly payment. What process will the banks follow to complete the repossession process and does it very between finance houses?
Thanks in advance,
H
Thanks for your answers so far, this is why I am trying to write a full article about repossession process in South Africa as the information is not consistent enough. I really want to write the article showing how the NCA impact repossession both pros and cons for consumers and banks.
An interesting finding I found whilst doing my research is that banks are now also struggling to sell repossessed houses, could this be because consumers cannot afford to buy them or because the lending criteria has changed leaving many South Africans not to qualify for a mortgage?
This is how deep I would like to go in the repossession article, please feel free to post links you might find interesting and true.
Thanks,
H
2012-01-23 23:50:29
I Google’d actually your question and there were a few things in with the legislation and then somewhat procedures. Not too much actually to be considered "the norm" on things.
I guess too that this new credit act have influenced this a bit. I remember in the older days it was common to hear about repossession, but these days it seems to have a little political sting in it.
If you want I can email you the links, but really not too hard – guess anyway you done this self already.
The one thing that i remember though was that as long as there is some payment made it was considered not fine but showed willingness to obtain, but been so long that i really can not say what is the case today.
2012-01-23 23:50:29
Very seldom will credit lenders repossess assets these days. It is against the "human rights" of some (not all) people in SA. You’re name will be given to companies and they will try and garnish your salary before they repossess the car. So they will get a court order against your salary and your employer will deduct a part of salary and pay it to the credit company, before you get your salary every month.