Property 24 Reports: Despite our best efforts, we all hit bumps in the road at times, and financial ups and downs can’t always be predicted. So what happens when, as a homeowner, you find yourself under unexpected financial strain and your monthly home loan repayments suddenly become more than you can handle?
Stephen Logan, Founder of Fair Credit says the reality is that credit providers are accustomed to people who cannot make payments on time and have specialised teams who deal with such matters. He goes on to say that creditors are very welcoming of late payments as opposed to having a client defaulting on payment.
The banks are so on top of this. They can actually predict in advance when clients are likely to have payment issues.— Stephen Logan, Stephen Logan
The banks have set up teams to deal with people who have payment problems says Logan. Logan goes on to say that whenever you have a problem with a credit provider, your starting point is to contact them first. He adds that ideally, banks will have processes in place to assist you with a reduced payment plan.
There are provisions in the Consumer Protection Act and National Credit Act which grant you some protection.— Stephen Logan, Founder of Fair Credit
Banks are not in the business of repossessing homes they are not equipped to do it. It should be their last resort. Legal action will generally be taken when there is no cooperation. The banks will advise you to get into a payment arrangement with them.— Stephen Logan, Founder of Fair Credit
Fair Credit is a non-profit company that lobbies for fair credit