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A frustrated Fin24 user fails to see the point of property repossession. He writes:
Why does the law allow the banks to repossess a property, and sell it for nothing close to the value of that property, but when you buy it, they evaluate it and finance you accordingly?
Why then when they repossess the property, they sell it for 60% less than the original price and still want to recover the outstanding amount from the person who was struggling to pay - where are they expecting that person to get the money from?
Is repossessing not for a bank to recover what they are owed for that property? I think there is no justice for a person who does not have a place to stay, who must go and pay rent somewhere, and still pay for something he/she doesn’t have.
It’s obvious that the person was struggling financially.
Many South Africans are struggling financially, because of this repossessing system. If you look at the number of properties that have been repossessed since 2008, you can see that people are struggling. It isn't getting better, and this repossessing system is oppressing people and making the situation worse.
Struggling South Africans should challenge this law.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
Why does the law allow the banks to repossess a property, and sell it for nothing close to the value of that property, but when you buy it, they evaluate it and finance you accordingly?
Why then when they repossess the property, they sell it for 60% less than the original price and still want to recover the outstanding amount from the person who was struggling to pay - where are they expecting that person to get the money from?
Is repossessing not for a bank to recover what they are owed for that property? I think there is no justice for a person who does not have a place to stay, who must go and pay rent somewhere, and still pay for something he/she doesn’t have.
It’s obvious that the person was struggling financially.
Many South Africans are struggling financially, because of this repossessing system. If you look at the number of properties that have been repossessed since 2008, you can see that people are struggling. It isn't getting better, and this repossessing system is oppressing people and making the situation worse.
Struggling South Africans should challenge this law.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
