In the current economic cycle many people are losing their cars to repossession in South Africa. Car repayments that were easy to pay a year ago are difficult to pay in these challenging times. People don’t know their rights when it comes to the repossession of their cars and they need protection. Debt collectors will do anything to convince you to hand over your car. They are taking advantage of Joe Public that does not know the law.
When you miss two payments in a row your car finance company will want answers from you. The will threaten to repossess your car if they don’t get payment or any good reasons form you. If you fail to come to an arrangement with the bank in the 3rd month they will send a collector to visit you and try to take the car form you.
Handing over your car to the debt collector is voluntary. Debt Collectors cannot force you to handover your car, but they can be very convinsing that you must do it. The only instance where they can do this, is with a court order or judgement from the court. Many debt collectors will be very aggressive and demanding to hand over your car immediately. The reason why the collectors are so aggressive is because they work for commission on what they collect!
There is a solution or an alternative you can take and that is to apply for debt counselling. But you need to have an income and you need money after paying for your living cost to offer your creditor as payment while in debt counselling. If the collectors are at your doorstep, you need to act fast to apply for debt counselling, because if the collectors are unable to take the car they will proceed with a court judgement to take the car.
It is important to know that the collector cannot force you to hand over your car without a court order!
Debt Counselling website has more info on debt counsellors that are there to help you. They will be able to help you fast to prevent and stop repossession of your car.
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