Legal Question in Credit and Debt Law in South Africa
Hi,I am in arrears with my car installments,the bank wants to reposess .I want to give them a double installment monthly intill paid in full,the bank dont want it,they want the car.
Asked on 2/05/12, 9:34 pm
1 Answer from Attorneys
Melcom Smit
Smit and Associates
Good afternoon,
The case normally is that the bank does not trust you that you will be diligent with future payment after your initial default, so standard business logic dictates that the repossess the car now.
Technically, because you breached the agreement, they have the right to terminate said same and take possession of the car.
Kind Regards,
Dr. M Smit
Answered on 2/09/12, 8:10 am
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