How do I halt my car repossession by the Bank?
Given the prevailing tense and unstable socio-economic climate of the Republic Of South Africa, resulting in job losses and salary cuts, you might be amongst those who are currently financially unable to pay their monthly car installments and you have now received a notification from your bank that there is imminent car repossession.
The reality is, that car repossession is legally affected given that you are still paying off the loan amount granted to you when you bought a car however you are now financially incapable of complying with the terms and conditions of the loan agreement such as the monthly installment. Such non-compliance grants the bank the legal recourse to commence the process of repossessing the car from you in a bid to cover their costs.
Manzankosi Corporate Legal Consultancy is here to assist you with your queries:
What options do I have if the Bank informs me that they have to repossess my car?
Get in touch with Manzankosi Corporate Legal Consultancy before attempting to handle anything by yourself. It is important to note that the process of instituting car repossession is complex and intricate, you will require the legal expertise and guidance of our team of legal practitioners.
I am currently unable to pay my monthly payments but I will be able to do so in the near future. Is there a way to reach an agreement with the Bank?
The answer is yes. It is advisable to be proactive about this, if you know that there will be a shortfall in your finances, do let the bank know well in advance, so get in touch with the Bank and explain your financial situation before lapsing in instalments.
Manzankosi Corporate Legal Consultancy is well-equipped to guide you through this process to ensure that the Bank adjusts your agreement in a way that is equitable and reasonable to both you and the bank.
How many missed monthly installments are allowed before car repossession can take place?
As per the National Credit Act, any creditor is allowed to send you a Section 129 letter of demand if your account is in arrears for 20 or more days. Implication? They can start the collection process after 1 missed monthly installment.
This is how Manzankosi Corporate Legal Consultancy will assist you in preventing the repossession of your car:
- We provide legally sound and qualified advice when it comes to loan and credit agreements.
- Given that you are encountering debt collectors due to a missed monthly installment, we are here to provide you with legal support.
- Our legal professionals are here to take you through the process of ensuring that your car is not repossessed illegally.
