Dear SirMadamIn January I was desperate ...

Asked by Thabiso on 17-03-2020 11:08:30
Question posted in the National Credit Act Law category relating to Gauteng

Dear Sir/Madam

In January I was desperate for a loa to pay off an unexpected expense. I couldn't get the loan I needed from the bank. Then My aunt suggested that I get a loan from a Stokvel she knows. She's not part of the stokvel, but her friend's sister runs it. I was dismissive of the idea at first but I said she could inquire. To my surprise they were willing to loan me the amount, but with a hefty interest rate of 50%. I was desperate and foolish so I took the loan, but could not make the payment in time. Now they are threatening violence, and claim that they will seize whatever is in the house to sell it. What complicates things is that I myself never went through the process for the loan. The woman who runs the Stokvel gave the money to her sister who then transferred it to me. So they are threatening her, not me. What steps should I take? I'll eventually be able to pay the loan I just need more time than the 30days they had given.

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