Banks are not in the business of repossessing homes - consumer advocate

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

Listen here:


Recommended

by NEWSROOM AI
Read More
[LISTEN] How not to fall prey to rental scams

[LISTEN] How not to fall prey to rental scams

Estelle Nagel, public relations head at Gumtree shares some sound advice and tips to avoid being scammed via online purchases.

JSE gets its first ever student housing fund

JSE gets its first ever student housing fund

Owen Nkomo of Inkunzi Investments dicusses its intention to list its Inkunzi Student Accommodation Fund on the JSE.

Rental scammers target would-be tenants with legit-looking online ads

Rental scammers target would-be tenants with legit-looking online ads

Rental agent Anke Stoman reveals how con artists operating in Cape Town copy legit property ads and fraudulently rent them out.

Do's and don'ts when selling your home via Facebook

Do's and don'ts when selling your home via Facebook

Sunday show days may not be over says top SA realtor, but more people are using social media to sell their property.

[LISTEN] The new defiance campaign: Inside the Helen Bowden occupation

[LISTEN] The new defiance campaign: Inside the Helen Bowden occupation

Rahima Essop takes you inside the campaign for affordable housing in one of the most segregated cities in the country.

Popular articles
'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

'Some weed plants with high levels of chemicals have been linked to psychosis'

'Some weed plants with high levels of chemicals have been linked to psychosis'

Naked Scientist, Chris Smith shares his insights on some of the risks associated with smoking marijuana.

How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

ANC Tshwane gives mayor ultimatum on non-compliant buildings

ANC Tshwane gives mayor ultimatum on non-compliant buildings

ANC in Tshwane has given the Executive mayor Solly Msimanga 48 hours to produce occupation certificates for three buildings.

[LISTEN] 'Lesufi has been attacking Afrikaans schools since 2014'

[LISTEN] 'Lesufi has been attacking Afrikaans schools since 2014'

The Freedom Front Plus says the Gauteng Education MEC has flouted school language policies and is destroying Afrikaans.

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

What does Citadel’s famed disciple of contrarian, deep-value investing Dr Adrian Saville hope for (and fear) about money?