Greetings Attorney, I own Fnb and Absa p...

Asked by Veronicah on 08-12-2023 00:50:14
Question posted in the General Law category relating to Limpopo

Greetings Attorney, I own Fnb and Absa personal loan of R150,000 to settle both. But I can't able to pay anymore because I'm not working and my business has failed. When I got the loan. I bought a car with some of the money. But now I want to change my car in my son's name to save the car from being taken for my personal loan to pay off the depth. Can the bank still take the car if it's in my son's name? When I go in default. Another question is. What if I know I can start paying the loan after a year? Can the bank consider that and give me a 1year break? Thank you as awaiting for your reply. 

If you would like to view the entire answer, you will need to either login or register a FREE account.


DISCLAIMER: Advice or answers from Lawyers on South African Legal Advice are not substitutes for the proper advice of an Lawyer. South African Legal Advice is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Lawyer who assists with your question is not your Lawyer, and the response above is not to be considered to be legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from individual Lawyers, not South African Legal Advice. The site and services are provided “as is”. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.