2 minute read
19 Jan 2021
4:40 am

Banks should be more sensitive


Some banks have argued that they not only granted customers a three-month freeze, but a further flexible three months repayment plan.

Picture: iStock

A class action brought against major banks is seeking to recover billions of rands in lost home equity as a result of selling the houses for far less than their value. Based on a sample of almost 12,000 repossessed properties, the R60 billion class action suit brought by Lungelo Ditokelo Human Rights Foundation found these properties were sold for 50 to 60% of their proper value. Most were sold through sheriff’s auctions. Garth Zietsman, a statistician who analysed data from the National Credit Regulator, said: “Our South African banks sell property about five times more than the international average as...