For your peace of mind PMB DEBT COUNSELLORS is also accredited by the National Credit Regulator under Registration Number DC 425 and is approved by all major banks and Credit Providers.
We also have an excellent working relationship with most Attorneys involved in foreclosure proceedings on behalf of their respective client banks.
Procedure on Vehicle Repossessions:
- If you are in arrears with your instalments for 3 months or more the Banks will first send out an agent to ask you to pay or surrender the vehicle. If you cannot pay merely tell the agent that you cannot afford to pay nor are you prepared to surrender the vehicle. Your vehicle cannot be repossessed without a Court Order and only the Sheriff of the Court (ask for proof that he is in fact the sheriff), can reposess your vehicle.
The Bank will as a second step send you a Section 129 letter of demand, by registered post demanding payment or advising you to see a Debt Counsellor.
- If you do not pay or see a debt counsellor, the Banks will issue a High Court Document called a Summons.
- The Summons is normally served by the Sheriff Of The Court at the address you chose when you signed the Credit Agreement to purchase the car. If you have moved house, the Bank is not going “to look for you” and will serve at the “old address.
- You have ten (10) business days to ‘defend‘ the action, ie the Summons.
- If you do not defend the action, the Bank will take judgement and have stamped by the High Court a document called a Warrant For Delivery of the vehicle. The Banks attorneys are very competent and are known to send the Sheriff within a week of obtaining the Warrant. There is little you can do to get back the vehicle once the Sheriff has repossessed the vehicle.
What can I do If I have received the summons?
- Contact our offices immediately within 10 working days. We will defend the matter on your behalf in Court. Immediately we defend the proceedings you have a moratorium of a minimum of 3 months to 5 months to negotiate a payment plan with the Bank.
- During this time your vehicle cannot be repossessed.
- If you do not respond within 10 working days the Bank will obtain what is called a Warrant For delivery of the vehicle. Put simply the Sheriff will knock on your door and reposess your vehicle.
- If you did not defend the proceedings in the 10 day period above and the Bank has taken judgement and obtained the Warrant Of Delivery from Court BUT your vehicle has not been repossessed, we can still assist you by applying to Court for a cancellation of the Warrant For Delivery.
- Immediately we apply for a cancellation of the Warrant for Delivery, you have a moratorium of a minimum of 3 months to 5 months to negotiate a payment plan with the Bank. The Bank will allow you to pay the arrears between 4 to 6 months plus your normal instalment.
Some of the Creditors & Attorneys we deal with
Registered with the NCR - National Credit Regulator
Registration Number: DC425