Latest state of affairs: thousands of cars and houses being reposessed every month!

S

Skinner

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So, I chatted to a buddy that works for one of the major banks in SA, and what he told me was quite interesting yet not surprising.

The amount of asset repossessions has risen dramatically the last few months. They are now repossessing thousands of cars and houses every month. It is a complete madhouse, the bank actually had to employ additional agents (and sub-contract in some areas) to actually perform the repossessions. There are so many cases, they are having a hard time keeping up.

Also some sad stories. Apparently having your car attached is even worse than having your house attached. There are cases where both the house and the car have to be attached, and then the guy still wants that they take the house first (immediately), but come back for the car later! Also some cases where they would think of any excuse to get rid of the repo person, when friends are coming for a visit, friends are currently visiting, or busy leaving. Also many cases of men breaking down in tears, begging the person to please give him another day, as the car is already being reversed out of the driveway. That is the worst moment of all.

It is really a sad and desperate state of affairs. And apparently most of these houses and cars are high-end. This just proves what I said before about South Africans just wanting nice cars and houses to impress others, without really thinking about their ability to afford it. :cool:

I'm awaiting some detailed stats about cars and models, will post it here when I get it. I won't be surprised if BMW is at the top of the list. Typical snob vehicle brand chosen by most South Africans who can afford it least.

Also some more boats being repossessed lately, but didn't get more details about that.
 
rofl, gathering up the courage to start posting your gleeful SA rubbish again, crawl back in your hole and 'tighten your belt' around your neck. go on do us a favour.

This is old Skinner and natural in an economy under pressure, yet expected from you.
You just hate being an expat don't you, shame.

There will be more of this too, as there was in the US.
The people that are affected most are the poor, not the wealthy, take all the joy in that you want.

Again, don't ever come back.
 
Sneeky said:
The people that are affected most are the poor, not the wealthy
Click to expand...

There is a difference between poor people struggling to make ends meet in hard economic times, and people that are having their assets attached.

You can be poor but smart, smart enough not to purchase houses and cars that are beyond your financial means. Being rich or poor has nothing to do with it. Besides, being "rich" and having your assets attached is sort of an oxymoron: technically you cannot be "rich" if you do not have any money to pay the assets' instalments, otherwise the bank would not come and attach them.

It is a question of having the financial common sense to know when to buy what. Do not try to frame me as if I am taking joy from poor people suffering, since the issue is about being smart, not being poor.
 
ahh the Skinner crystal ball humbles the whole SA yet again. Not to mention your economic prowess.
Don't come back!
:D
 
Does anyone know what a repo man looks like?
Does he drive up in a clapped out tow truck and ring the buzzer? How does he get in?
 
onebrickshort said:
Does anyone know what a repo man looks like?
Does he drive up in a clapped out tow truck and ring the buzzer? How does he get in?
Click to expand...

Well they arrive in a pair: one stays in the bank's vehicle (could also be a reposessed vehicle) while the other one gets out and rings. They present the papers confirm the attachment of the particular asset(s), after which the owner must sign and grant access to the said assets. The person then fetches the assets and loads them into their vehicle. If he is attaching a vehicle, he gets the keys from the former owner and drives off to a depo somewhere. If the owner cannot be contacted after repeated attempts, a warrant from the Sheriff of the Court may be obtained which grants the person the right to attach the asset(s) by force. It is an interesting process actually.
 
Sneeky said:
rofl, gathering up the courage to start posting your gleeful SA rubbish again, crawl back in your hole and 'tighten your belt' around your neck. go on do us a favour.
Click to expand...

Can we please stick to sensible discussion, like actually rebuking facts with evidence if you disagree, instead of this childish insulting. People like you are making it impossible to have a decent, adult discussion on this forum.

The people that are affected most are the poor, not the wealthy, take all the joy in that you want.
Click to expand...

Boo hoo, I feel so sorry for some idiot who tried to buy a fancy house and BMW and couldn't afford it. Bla bla I'm sick of this bleeding-heart "oh think of the suffering poor people, only poor people can suffer and they're permanently victims!" cultural-marxist communist cr-p, take it to www.sacp.org.za thanks. What's your point anyway? I mean so what if it is the poor who mostly have stuff repossessed, does that negate the fact that they bought something they couldn't afford? Or are you saying that because someone is poor they should be allowed to get fancy stuff they can't afford? Or is this just a case of mentioning the word "poor" as if the mere mention of something so sacred as "the poor" renders one immune to counter-argument, because nobody can possibly attack "the poor", in order to provide a 'shield' to defend your otherwise weak argument? I.e. "playing the poverty card", the equivalent of playing the race card. Pretending that Skinner is "taking joy in the suffering of the poor" - an INCREDIBLY absurd assumption and complete non-sequitir that simply beggars belief - is about the most pathetically flawed "counter-argument" I've ever seen constructed on this forum, bar none.

Funny how the people who scream this "oh the poor" stuff the loudest are usually silver spoons who are doing NOTHING to help the poor themselves.

Skinner, it would indeed be interest to get stats if you can.
 
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Skinner said:
Well they arrive in a pair: one stays in the bank's vehicle (could also be a reposessed vehicle) while the other one gets out and rings. They present the papers confirm the attachment of the particular asset(s), after which the owner must sign and grant access to the said assets. The person then fetches the assets and loads them into their vehicle. If he is attaching a vehicle, he gets the keys from the former owner and drives off to a depo somewhere. If the owner cannot be contacted after repeated attempts, a warrant from the Sheriff of the Court may be obtained which grants the person the right to attach the asset(s) by force. It is an interesting process actually.
Click to expand...

So since we're getting ripped of by the banks, those owners facing repo should waste as much time as possible and make the banks work for a warrant I for sure wouldn't let a feckker waving a paper within an inch of my boundary without a warrant
 
Oh and where are those repo auctions? The only ones I see advertised are those offering old cheap rustbuckets Is this another dirty litle secret we should all know about? Like how to pick up a newish M3 for R50,000?
 
onebrickshort said:
So since we're getting ripped of by the banks, those owners facing repo should waste as much time as possible and make the banks work for a warrant I for sure wouldn't let a feckker waving a paper within an inch of my boundary without a warrant
Click to expand...

So just to confirm, you are directly stating that you believe that stealing expensive items from the bank (after you voluntarily chose to borrow money from them, and they agreed to HELP you) is not only justified, but a worthy goal to be pursued with vigor? And even purposely aiming to maximize the damages the bank incurs in recovering their own stolen goods (and thus having to pass those costs on to everyone else)?

Wow. I hope you're an exception and that most people are honest and don't steal. If not, society is sick.
 
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Turtle said:
So just to confirm, you are directly stating that you believe that stealing expensive items from the bank (after you voluntarily chose to borrow money from them, and they agreed to HELP you) is not only justified, but a worthy goal to be pursued with vigor? And even purposely aiming to maximize the damages the bank incurs in recovering their own stolen goods (and thus having to pass those costs on to everyone else)?

Wow. I hope you're an exception and that most people are honest and don't steal. If not, society is sick.
Click to expand...

Can you read? without interpreting?
 
Turtle, with all due respect, or not, there is only one troll here and that is Skinner.
Seems he makes a habit of it as well on other forums.

If the kid wants to post articles about SA's economic woes and discuss that intelligently I am sure the replies he receives will be relevant, attributing the problems entirely to what he considers are greedy SA Beamer drivers is anal in the extreme.
Having a conversation with his friend seems to somehow justify this notion, miraculously!

Now do 'you' have anything constructive to offer regarding the economic situation in SA or are you going to be equally as bland?
 
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Skinner said:
Well they arrive in a pair: one stays in the bank's vehicle (could also be a reposessed vehicle) while the other one gets out and rings. They present the papers confirm the attachment of the particular asset(s), after which the owner must sign and grant access to the said assets. The person then fetches the assets and loads them into their vehicle. If he is attaching a vehicle, he gets the keys from the former owner and drives off to a depo somewhere. If the owner cannot be contacted after repeated attempts, a warrant from the Sheriff of the Court may be obtained which grants the person the right to attach the asset(s) by force. It is an interesting process actually.
Click to expand...

Just to clear up a thing or two:
A provider of credit (bank or the seller) can only reposess goods under two situations:
a) the buyer consents (voluntary reposession)
b) if the seller gets a court order

The seller/bank can't just pitch up and start packing up your kit. There's quite a lengthy procedure involved and most sellers / banks are loath to reposess. All they want really is their money, so they are quite prepared to negotiate a payment plan before going the repo route.
The sheriff of the court is the only person allowed to institute the court order and actually carry out the reposession, so the "pair" of bank employees in the "repossessed" vehicle are a figment of your imagination
 
Skinner said:
So, I chatted to a buddy that works for one of the major banks in SA, and what he told me was quite interesting yet not surprising.

The amount of asset repossessions has risen dramatically the last few
months.
.
Click to expand...
To a certain extent - yes, however the vast majority of cases are resolved with a payment agreement between bank and buyer without the need for reposession.

Skinner said:
They are now repossessing thousands of cars and houses every month.
.
Click to expand...
Don't know which bank this is, but it's definitely not one of the big 4. I work with all of them and this is definitely not the case

Skinner said:
It is a complete madhouse, the bank actually had to employ additional agents (and sub-contract in some areas) to actually perform the repossessions. There are so many cases, they are having a hard time keeping up.
.
Click to expand...
You should take a long hard look at what medication your mate is taking before believing everthing he tells you.
:rolleyes:
 
Hoof-Hearted said:
Just to clear up a thing or two:
A provider of credit (bank or the seller) can only reposess goods under two situations:
a) the buyer consents (voluntary reposession)
b) if the seller gets a court order

The seller/bank can't just pitch up and start packing up your kit. There's quite a lengthy procedure involved and most sellers / banks are loath to reposess. All they want really is their money, so they are quite prepared to negotiate a payment plan before going the repo route.
The sheriff of the court is the only person allowed to institute the court order and actually carry out the reposession, so the "pair" of bank employees in the "repossessed" vehicle are a figment of your imagination
Click to expand...

Very true.

The process takes about 6 to 8 months to reposses an asset. Any time during the process there can be arrangements made to stop the process. As long as there is some kind of down payment, the bank won't follow the repo route. They will only start with the process if there is no activity on the account for at least 4 months.
 
Funny, we work very closely with one of the biggest collection agents in the country, yet never heard of all these "thousands of repossessions".
Quite the contrary - the banks are more likely these days to go to extraordinary means to ensure you keep your assets and pay them (the bank). What the hell is a bank going to do with 10's of thousands of repossessed vehicles when no one can afford to buy them? And if they sell for less than the outstanding debt, they are even LESS likely to collect the balance from the original owner...

Nonsense - plain and simple.
 
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