Results 1 to 6 of 6

Thread: Can they re-possess my car if I pay?

Hybrid View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Email problem
    Join Date
    Aug 2014
    Location
    Witnank
    Posts
    2
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Can they re-possess my car if I pay?

    I would just like to know:

    My car payment has an arrears amount from when I was unemployed. However, I have now been making full installments plus an additional R1000.00 every month since January. I have not missed one payment. I infact made a double payment in June.

    Can MFC repossess my car, on the basis that my payment is in arrears? When they are receiving full payment every month, and I am trying to catch up the arrears by paying more?


    I would appreciate some insight!

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Before we explore the possibilities of invoking the National Credit Act, have you spoken to them about your plan to catch up?

  3. #3
    Full Member lewskannen's Avatar
    Join Date
    Feb 2011
    Location
    Johannesburg
    Posts
    38
    Thanks
    0
    Thanked 8 Times in 5 Posts
    Quote Originally Posted by Dave A View Post
    Before we explore the possibilities of invoking the National Credit Act, have you spoken to them about your plan to catch up?
    +1

    You cannot simply make arrears payments as you wish. You have to contact them and make arrangements. There are some formalities they need to follow before they can agree to any repayments of arrears installments.

  4. #4
    Suspended
    Join Date
    Mar 2013
    Location
    Had enough
    Posts
    3,358
    Thanks
    114
    Thanked 213 Times in 201 Posts
    Yep you have to make arrangements. I would suggest phoning them - then you will know if you can make arrangements, then you will know the story. If you then default on the arrangements, you will then have your car reposed and would probably need to pay the full outstanding amount.

  5. #5
    Diamond Member
    Join Date
    Apr 2010
    Location
    planet earth
    Posts
    3,943
    Thanks
    153
    Thanked 317 Times in 287 Posts
    What happen if you are only 1 month in the arrears?
    Comments are based on opinion...not always facts....that's why people use an alias.

  6. #6
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Quote Originally Posted by ians View Post
    What happen if you are only 1 month in the arrears?
    How quickly are you going to catch up?

    Where things can start going badly wrong is if you don't make arrangements you can afford immediately, and they run a double debit next month, and that doesn't go through too - now you've defaulted twice.

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •