Banks are not a law unto themselves and cannot repossess a vehicle without following the procedure set out in the National Credit Act 34 of 2005.After an influx of complaints about the repossession of vehicles by banks, the ombud for banking services, Reana Steyn, has clarified the rights of both consumers and banks in such circumstances.
She said banks may, to save you legal costs, try to obtain your consent to voluntarily surrender the vehicle by sending its representative, who may be a debt collector, to your home. Banks are not a law unto themselves and cannot repossess a vehicle without following the procedure set out in the National Credit Act 34 of 2005.
• The Sheriff of the Court has delivered the original warrant of execution to the consumer, stating that the vehicle can be repossessed.
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