does anyone know how this process work. i owe the bank because of financial problem. will they trace me if they don't know where i stay or i change residential address.
purple crew rescue wanted.

My advice...approach the bank and try to come to an arrangement with them...running won't help and the debt will never go away...somewhere along the line they will trace you and this will only compound your problems

Debt keeps on increasing exponentially with time. So the more you delay and run away, the higher the amount of repayment will be.

Not much, but if the problems are genuinely, banks will be flexible in writing off a portion of the charges etc and make the monthly instalment amount lower to a manageable level.

I agree, banks generally don't want to repossess as they know that they face losses when taking the property to auction.

If your approach them they will probably try to make some arrangement with you.

You could also consider the debt review process if you are genuinely over indebted. This will bring your monthly instalment down to a manageable level and protect your property.

Apply for debt counselling or debt consolidation. When you do this the bank will have to sit with you and check your affordability and that will give you time and more important you will only pay back what you can afford. You tell them what you can afford which is sometime a minimal amount to pay monthly and this will give you're a breather. Go see a debt councillor. In today's high cost of living I would suggest you go immediately.
If your salary has not increased by more than 10 percent year on year you in trouble. This should not bother you because the banks favourite word is SORRY when you apply for credit. You are over exposed
Some people don't even get an increase of 2 percent while everything rises between 5% and 10%.
Not even taking into account school fees, medical, VAT on everything including basic needs like water and electricity.

This should stop the repo in its tracks.

They wont find you easily I assure you, I have a relative who works at one of the big 5 banks vehicle and asset finance houses and he often tells me how many clients default and that its almost impossible to track them down esp if they don't have other business with the same institution.

If you know there light at the end of your tunnel you could ride it out or you could do as everyone else here suggest and contact them to make an arrangement.

My 2 cents worth - I work at a large bank. Regular disclaims about this is not financial advice & seek professional advice before making any decisions, (Just in case someone here is from the FSB)

Depending on the amount and type of debt. Example home loan or vehicle finance greater than R50k they will hunt you down, blacklist you and fuck-up your credit rating so you'll never be able to get credit again, until this is paid off.
Other types of debt less than about R30k they write-off after some effort.
Only way to run and hide is to change your identity number.

If you're in bank repossession stage then I assume you have financed a significant asset.
My advice is speak to your bank. As others have said, they are welling to talk and make a plan. Don't run it's only going to get much worse, unless you have a plan to fix it in months.

PM me if you need more advice or contacts to people who could help.

The banks are in their legal right to continue with legal action once they have sent you a Section 129 via registered mail. This is a final demand, stating your rights. Whether or not you collect said mail, SA law says that you are in receipt of such if it is your post office has stamped and acknowledged they have delivered the notice for the letter to you. Should you not exercise your rights, the account will be handed to attorneys or a collection agent for recovery of the debt. It is at this time, I too would suggest a person consider debt review for several reasons, one of which would be to protect your assets.

Arrangements can still be made however should a person want to 'hide' and avoid accountability of the debt, a summons will be issued to the domicillium address as stated in your contract. Now you could have moved and never received the summons but the onus is on you, the person, to update the domicillium address.

If you wish to defend the summons on the basis of 'whatever' it is at this point you would need to appoint an attorney (Having said that, depending on the debt, if it is small debt sometimes you can defend yourself and appear in court with 'evidence' of affordability such as your income and budget) However if the debt is for an asset - you definitely need legal representation.

Long story short - if the matter goes to court and judgement is granted in favour of the credit provider they will request for an attachment order which could include the repossession of your property, car and/or garnishing order. If judgment is not granted cause either you or your attorney did a good job - you're ok.

As for moving and 'hiding' credit providers can and will appoint tracers to locate you. Doh, common sense will tell you that you can only hide for so long.

Debt (this refers to unsecured loans and/or credit) can prescribe after a 3 year period, that is, if no legal action has been taken during the 3 years and/or there's been no acknowledgement of the debt or payment made. There's a fine line between what the courts consider as 'legal action' and opinions differ but usually it's when a summons has been issued.
Note: many credit providers will endeavour to ensure this doesnt happen even if they issue a summons 2 days before the 3 year period is up.

If judgement has been issued on a property - said property will be attached and auctioned - I would suggest trying to resolve the matter sooner rather than later cause the property could be sold off at a lesser amount and you will be held liable. Many options are available including listing it on the market and/or private auctions with a reserve price.
IF judgment has been issued on a vehicle, an attachment order will be issued and the Sheriff may collect the vehicle, if a person is hiding the vehicle - other legal matters come into play this may include a warrant for a person's arrest for defeating the ends of justice as a court order is a very serious ORDER OF THE COURT.

Now a judgement can be valid for up to 20 years though it only appears on the credit bureau for 5. The reason for such is - to avoid the debt prescribing and if it is a person responsible for the debt is 'down & out' now - he/she could win the lotto in year 19, the credit providers can come claim their monies with interest and/or costs.
30 years for property.
Unless the debt is paid and the judgment resindered

Hey Natalie are you a lawyer?
That's so well explained and correctly referenced wrt years and prescription rules .... wow I'm so impressed!!!
Give this lady a bells, better yet book her for a consultation :)

On 2018-07-12 19:56:40 nsasexguy said:
Hey Natalie are you a lawyer?
That's so well explained and correctly referenced wrt years and prescription rules .... wow I'm so impressed!!!
Give this lady a bells, better yet book her for a consultation :)

Rather a laphroaig