The economic crisis in South Africa has hit citizens hard, with ABSA bank confirming that a big number of South Africans are losing their financed houses and cars as they can no longer afford to pay for them.
The Star Newspaper reports that at least 500 cars and 89 houses were handed over voluntarily to ABSA Bank by customers for auction in July alone.
Three other major banks, FNB, Nedbank and Standard Bank will reveal their latest figures of distressed debtors who handed back their assets later this month.
According to SA Law, banks can not voluntarily auction houses and cars, however, many banks have portals through which they assist distressed debtors to auction their assets.
ABSA said 382 cars have so far been surrendered for auctioning, while 128 cars have been repossessed through court order. 89 houses have been voluntarily surrendered to their ‘help you sell’ portal.
Please read the full story in today ‘s Star Newspaper – 14 August 2020
