Banks caught amid EWC disaster

What are the banks going to do if you don't pay your loan? They cannot reposes something they no longer "own".
Bad credit rating at the most until future bond agreements are changed to include EWC clause.
 
dualmeister said:
What are the banks going to do if you don't pay your loan? They cannot reposes something they no longer "own".
Bad credit rating at the most until future bond agreements are changed to include EWC clause.
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Future bond agreements? What is this sorcery?

There will be zero market for that at all.
 
dualmeister said:
What are the banks going to do if you don't pay your loan? They cannot reposes something they no longer "own".
Bad credit rating at the most until future bond agreements are changed to include EWC clause.
Click to expand...
I'll go with a bad credit rating if it can get rid of those pesky cold callers wanting to sell medical aid, cellphones or whatever to me....
 
dualmeister said:
What are the banks going to do if you don't pay your loan? They cannot reposes something they no longer "own".
Bad credit rating at the most until future bond agreements are changed to include EWC clause.
Click to expand...

Moveable assets, garnishing orders...
 
ponder said:
Moveable assets, garnishing orders...
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That'll be like trying to get etolls paid, getting orders for hundreds of thousands/millions of people, they'll spend hundreds of years in courts getting through it all :ROFL:
 
So those who have paid off their properties are most at risk? How rewarding.

Reminds me of Zim when hyper-inflation set in and people could go into the bank and flick a one US dollar coin against the teller's forehead, thereby paying off all their debt in one lump sum.

Those who did not live on credit and those with paid up assets were screwed.
 
Temujin said:
That'll be like trying to get etolls paid, getting orders for hundreds of thousands/millions of people, they'll spend hundreds of years in courts getting through it all :ROFL:
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These instructions happen on a daily basis. Nothing to laugh about. You should see the executions happening in townships.

Creditors... don't mess with them. The execution process happens quite quickly unless you act within the given time. Go ask any services provider how quickly they can obtain a judgement against you, and how promptly the creditor will instruct the sheriff to collect what the judgement states that you owe. Clerks of the court don't hesitate to sign the warrant of execution if they are provided with the facts (and merits).

You won't laugh when the Red Ants pitch up to take your movable property.

It is more of a concern for those seeking the court to stay or terminate the execution proceedings. The average citizen isn't Jacob Zuma.
 
Well this is Africa. Anything is possible.
 
Flanders said:
So those who have paid off their properties are most at risk? How rewarding.

Reminds me of Zim when hyper-inflation set in and people could go into the bank and flick a one US dollar coin against the teller's forehead, thereby paying off all their debt in one lump sum.

Those who did not live on credit and those with paid up assets were screwed.
Click to expand...

Well, if you don't have the foresight to run up millions of rands in debt, don't blame those of us who do.
 
Flanders said:
So those who have paid off their properties are most at risk? How rewarding.

Reminds me of Zim when hyper-inflation set in and people could go into the bank and flick a one US dollar coin against the teller's forehead, thereby paying off all their debt in one lump sum.

Those who did not live on credit and those with paid up assets were screwed.
Click to expand...

It will be like that scene in the movie Eurotrip where the main character gives an Eastern European hotel waiter a US 10c tip, and he quits, saying he is going to start his own hotel.
 
3WA said:
Well, if you don't have the foresight to run up millions of rands in debt, don't blame those of us who do.
Click to expand...

/finally reconsiders getting that Edgars card
 
The question is, Do we really need banks anymore?
 
BBSA said:
If the constitution allows it.....

Maybe not under Ramaphosa but who knows what will happen after Ramaphosa.
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Yup. That's the problem. It's all fair game under the rules the ANC want. What actually happens will be left to the whimsy of whoever is in charge of the ANC at any given time. And that counts for ALL people in SA and all property types.
 
The banks refusal to answer questions shows their stance clearly , they have most probably already been in secret discussions with the ruining party and have had all their fears assuaged , meaning joe public is gonna get it .
 
Jabulani22 said:
The banks refusal to answer questions shows their stance clearly , they have most probably already been in secret discussions with the ruining party and have had all their fears assuaged , meaning joe public is gonna get it .
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:ROFL: Nice one.

All I see is a cliff edge, and South Africa moving slowly, or fast, depending on your position, towards it. And I don't believe this government has the wherewithal to stop the country from going over that cliff. Stubbornness, lack of intelligence, fear of loss of power, greed, pick your poison but the ANC are determined to ruin this country, and so the best we can do is prepare for what is coming.
 
Jabulani22 said:
The banks refusal to answer questions shows their stance clearly , they have most probably already been in secret discussions with the ruining party and have had all their fears assuaged , meaning joe public is gonna get it .
Click to expand...

To date, even though there is uncertainty, there are no changes to Section 25 and no other changes in suggestion to the Consitution, and EWC is still a bill.

They, the banks, don't have to say anything at this stage but is protecting themselves. There are processes, many processes the ordinary person don't understand, nevermind that the ordinary person doesn't understand the law at all. In the event EWC does occur, the banks will pursue the agreed to remedies, as standard in their agreements, and this is where other laws will be enacted and case law will be invoked. The banks are well aware and they very well know that a remedy to all this are already within our laws.

They need to act responsibly by protecting themselves and they also need to responsibly protect those they are contracted with. The remedy may very well sit where both parties meet, and having an open discussion about this now may go over and above 'everyone's' head.
 
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