I have fallen into arrears with my home bond. Is there any form of relief available in financial institutions for a person in my condition.Pleaae I need an advice spas to keek my home. what are my options. thank you
Dear Zoe,
Many thanks for caring and taking time to write to me.Your empathy is truly
amazing,You have made me fill better,all I needed ,just to talk to someone.
Be blessed 🙏🌸
unfortunately in South Africa there’s no assistance. there are certain legal procedures that creditors must follow to protect the debtor and it’s advisable if people are in this situation to read up on their rights AND don’t be scared to ASK until things are understood and to always get info in writing!
malus I I’m so sorry but all I can advise is be very clear about processes with the auction what happens if they get a higher amount that what’s owing. and by when would you need to vacate. get everything in writing please and don’t be afraid to ask! check if this is a court ordered , has a judgement order been granted and obtained by bank to make property a sale in execution? Auction is in fact last resort! banks are supposed to explore every option to save home before they get to this.
1) I’m not aware of any institutions that help but ask bank if they can please help either with a restructure of the term or lower interest rate or give you a few months holiday. 2) as I financial coach, I recommend a good hard look at budget and keep a daily money diary so you can really see where you spend and cut and shave on that budget to free up a few Xtra Rands. 3) then I suggest a debt busting approach using what’s called the “snowball method” google it 4) have you tried to claim SASSA grant or UIF for income?
Yes thanks Zoe. The fact is just this morning I received an email telling me that my home will be going on auction on 07 August 2023. Any other ideas or options please.have a great day Blessings 🙏🌸
