Watch out for a repo frenzy

MONEYWEB
app instead?
Watch out for a repo frenzy
A blizzard of summonses has hit consumers who fell into arrears during lockdown. The advice from consumer advocates: defend these and tell your side of the story to the court.
00:01 
Open:
Start paying whatever you can as soon as you can – judges view such attempts in a very positive light. Image: Shutterstock
There won’t be much Christmas cheer for thousands of South Africans who fell into arrears on their mortgages and vehicle payments through no fault of their own.
The banks extended a three-month repayment holiday at the start of the lockdown, but started cranking out the summonses as soon as it was over. Household incomes across the board have been hammered by the lockdowns and there’s little prospect of catching up on these arrears.

Related Keywords

South Africa , United Kingdom , Berlin , Germany , South African , South Africans , Leonard Benjamin , King Sibiya , National Credit , Lungelo Ditokelohuman Rights Foundation , Transaction Capital , National Credit Act , ஒன்றுபட்டது கிஂக்டம் , பெர்லின் , ஜெர்மனி , லியோனார்ட் பெஞ்சமின் , தேசிய கடன் , பரிவர்த்தனை மூலதனம் , தேசிய கடன் நாடகம் ,