Question posted in the Consumer Protection Law category relating to Western Cape
I lost my job and is unemployed suince 1 June 2020. I am struggling to get a job due to the covid pandemic.
I have used my savings to maintain my monthly expenses from 1 June 2020 till middle December 2020. All my savings are now depleted. I have made arrangements with the banks (payment holidays).
My current problem is with MFC, a vehicle loan. They gave me a 3 month contract extension (Dec - end March). Unfortunately I still don't have an income, but I have made an arrangement with one of MFC's consultants to pay R2000 pm till I get a job. This R2000 pm is coming from my son-in-law.
Now the bank (MFC) doen't want to accept the R2000 pm (after I had made 2 x R2000 payments - March and April) and wants to take my vehicle or I have to surrender it. If I don't want to surrender they will take me to court.
My question is: Taking my financial situation in to account and my effort to make some payments, does the bank have the right to reject my payment offer and demand that I surrender the vehicle? My financial situation will not be for ever, so as soon as I have an income again I will make the full monthly installment.
Me and my wife are depending financially on my son-in-law. I also need the vehicle to attend job interviews. Currently I have 3 possible job opportunities.
Can you please advise. I will really appreciate it.