I went into an installment agreement wit...

Asked by chumani on 10-05-2020 19:33:22
Question posted in the National Credit Act Law category relating to Western Cape
Question value: R 150.00

I went into an installment agreement with Wesbank with Balloon of R88 000 to be paid at the end of the Installment agreement in October 2019. I purchased the Car in September 2013 to be paid off over 72 months. I lost my job in August 2015, i started falling into arrears with most of my accounts including the motor vehicle account with Wesbank a couple of times after August 2015. I then managed to find a permant job in 2016, that is when i started catching up with my arrears.

In October 2019 i did a re-application for the Baloon portion of R88 000, Wesbank rejected my application due to bad credit record in February 2020,4 months after i did the application during this period i continued paying my Balloon. As of today 10 May 2020 i owe Wesbank R70350 on the Balloon.

Two weeks ago i was contact via email by one of Wesbanks Specialist Collections agents instructing me to pay the full amount or else a "Field Agent" will be sent to collect my Car. I asked them for a repayment arrangement to pay R6000 per month until November 2020, the remained would then be paid in December 2020 seeing that is my Bonus month. This offer was rejected, they did a counter offer of 3 month repayment plan which i could not agree to seeing that i will not be able to afford this option. I then asked for a 6 month repayment plan this was also rejected by Wesbank. I have not heard from them since the 2nd of May 2020

1. I would like to know what are my legal options against wesbank? 

2. Can they collect my car without a court order? 

3. Can they repossess the car during the lockdown?

3. If Wesbank goes to Court, can i contest them and inform the court i can afford the Monthly installment? 

Answer to the Question

Posted by Att. Patrick on 16-05-2020 18:47:55

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.

1. You need to pay the balloon payment because that's what you agreed. 

2. No, they need a court order.

3. Yes. 

4. No, because there is no agreement as to a monthly installment. You need to pay the balloon payment. Or you need to borrow money to pay the balloon payment. 

Att. Patrick

Please remember this is a dialog if you have follow-up questions please make the required payment, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make payments for their questions.

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