Results 1 to 4 of 4

Thread: Car Repossession- How long to payin full

  1. #1
    New Member
    Join Date
    Mar 2011
    Location
    Pretoria
    Posts
    1
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Unhappy Car Repossession- How long to payin full

    I need some urgent advice. I have made many mistakes financially, having never to taught to deal with money, which should be a compulsory subject at school.
    Just been informed that my car is going to be repossessed by a Debt Collector on behalf of Nedbank unless full payment is received which is R14 000. How long do I have before they repossess my car after informing me of this. They keep telling me the payment is required immediately. Does mean today? Tomorrow, Monday? I have no received any official documentation in this regard. I want to make the payment but it will take a few days to get the money together.
    Can I also think about selling my car in the next few days and pay them using the money from the sale and use the rest as a deposit on a new car which my Dad will be financing for me. If they repossess it for R14 000, the car is worth much more.
    Some advice would really help. With no car, I can't get to work and thus survive.

  2. #2
    Email problem
    Join Date
    Feb 2011
    Location
    Cape Town
    Posts
    323
    Thanks
    87
    Thanked 24 Times in 22 Posts
    Hi Gen,

    Welcome to the forum. I don't know much, but I do know they must give you at least 7 days before they just rock up and take your car. I speak under correction. It's not just a matter of, "Hey you owe us money now give it or else..."

    There are protocols that need to be followed. Surely there's a contact person / number that came with this notice? Maybe make a turn at the bank, inform them about this, and arrange a payment plan.

    Hope this little advice that I have helps.

  3. #3
    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 Andrew_ZA View Post
    but I do know they must give you at least 7 days before they just rock up and take your car.
    Well that would give you 7 days to raise the money and pay.

    Which bank is involved? Some seem to be more ruthless than others.

  4. #4
    Platinum Member sterne.law@gmail.com's Avatar
    Join Date
    Oct 2009
    Location
    Durban
    Posts
    1,332
    Thanks
    38
    Thanked 566 Times in 413 Posts
    Blog Entries
    7
    Not neccessarily directly related to the above, but I thought a few points on letters of demand and the like -
    It is not, as is often thought, always neccessary for a Letter of Demand before proceeding to enforce performance of a contract.
    A letter of demand must be given, where there is a statutory obligation, in otherwords legislation that enforces it e.g the small claims court.
    If there is no enforcing legislation, then there are two scenarios -
    It is clear or set as to on what date the performance must be delivered, e.g payment 7 days from date of invoice.
    It is not clear as to the actual date when performance is required, e.g here is R25 to wash my car.
    Where the date is clear cut then once that time/date is reached the debtor is in default, no leter of demand is required because the debtor knows that they are in error. The creditor may then proceed with the neccessary proceedings.
    If the date is not clear, then demand must be made, giving the debtor reasonable time (this will depend on facts of the matter) to perform.
    A summons, acts and is in itself a letter of demand. So again the misconception of letter of demand then summons is to the fore. the summons in itself acts as the demand, remembering that reasonable time to correct the non performance must be given.
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

  5. Thanks given for this post:

    Dave A (17-Mar-11)

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
  •