TA017526
NOTICE THE STANDARD BANK OF SOUTH AFRICA LTD vs ERNEST GUMEDE
RE: LETTER OF DEFAULT AND STATUTORY NOTICE IN TERMS OF SECTION 129(1) (AS READ WITH SECTION 130) OF THE NATIONAL CREDIT ACT 34 OF 2005 VEHICLE AND ASSET FINANCE ACCOUNT NUMBER: 0004731123001
1. We act for and on the instructions of The Standard Bank of South Africa Limited (`Standard Bank`).
2. We are instructed inter alia, that on 08 January 2024, you and Standard Bank concluded a written instalment sale agreement (`the instalment agreement`), in terms of which it was agreed, inter alia, that:
2.1. Standard Bank sold to you, and you purchased from it, a VOLKSWAGEN POLO VIVO 1.4 TRENDLINE (5DR) 2022 (`the Goods`);
2.2. the principal debt to be advanced to you or on your behalf under the instalment agreement was the amount of R268 607.50;
2.3. the total cost of the instalment agreement including interest, costs and charges, would be the amount of
R460 186.14, which would be repaid to Standard Bank by you by way of 71 consecutive monthly instalments of
R5 213.34 each, commencing on 25 February 2024 with 1 final instalment of R90 039.00 payable on 25 January 2030;
2.4. Standard Bank is and would remain the owner of the Goods until you repaid to Standard Bank all amounts owed to it under the instalment agreement, whereupon ownership of the Goods would pass to you;
2.5. default in terms of the instalment agreement would occur if, inter alia:
2.5.1. you failed to make payment of any amount payable to Standard Bank under the instalment agreement on the due date therefor; and/or
2.5.2. you breached any of the terms and conditions of the instalment agreement and failed to remedy the breach within the time period specified in a written notice to you, within which to do so;
2.5.3. you generally did or omitted to do anything which may affect Standard Bank`s rights in terms of the instalment agreement.
3. Following the conclusion of the instalment agreement, Standard Bank duly complied with all of its obligations thereunder and you took possession of the Goods, as you were entitled to do.
4. Notwithstanding your obligation to make payment of the monthly instalments due to Standard Bank under the instalment agreement, we are instructed that you have failed to effect payment of all instalments due, resulting
in you being in arrears to Standard Bank on
23 July 2025 in the amount of R24 515.22 (`full arrears`) and in default under the instalment agreement. You have been in default under the instalment agreement for a period of at least 20 (twenty) days.
5. As at 23 July 2025, your total indebtedness to Standard Bank in terms of the instalment agreement amounted to
R404 922.26, together with interest thereon (as specified in the instalment agreement) at the rate of 14.900% per annum with effect from 25 June 2025 to date of payment, both days inclusive.
6. You are hereby given
10 (ten) days from date of delivery of this notice to rectify your default and to pay the full arrears and interest thereon, as specified above, as well as any further arrears, interest and costs (including the costs of enforcement) which may accrue after you receive this notice.
7. In addition to the above, you are hereby notified that you may refer the instalment agreement to a debt counsellor, an alternative dispute resolution agent, consumer court or ombud with jurisdiction, with the intent that you and Standard Bank resolve any dispute under the instalment agreement, or develop and agree on a plan to bring the payments under the instalment agreement up to date.
8. You may further contact Newtons Inc. on
012-425-0200 in order to resolve any dispute that you may have and/or negotiate a payment plan which is acceptable to both you and Standard Bank, with a view to bringing your payments under instalment agreement up to date.
9. Should you fail to respond to this notice within 10 (ten) business days from delivery hereof or in the event that any proposal put forward by you is not accepted, and you remain in default of your obligations in terms of the instalment agreement for a period of 20 (twenty) business days, Standard Bank will be entitled to enforce its rights by taking steps which may include, but are not limited to, the following: 9.1. to recover from you the full balance outstanding under the instalment agreement together with interest on the outstanding balance to date of final payment, as well as any and all legal costs and other reasonable costs incurred by Standard Bank in enforcing its rights under the instalment agreement and recovering any amount due and/or payable by you in terms of the instalment agreement; and/or
9.2. to cancel the instalment agreement; and/or
9.3. to seek immediate repossession of the Goods from you; and/or
9.4. to take action against any sureties.
10. Please be advised that as a credit provider, Standard Bank is obligated to report adverse client information (conduct, enforcement action and/or default on payments) on this account, to all registered credit bureaus, which will result in a negative listing on your credit record.
11. We wish to further inform you that should we not receive any response as referred to in paragraph 9 above, we will deem the instalment sale agreement as cancelled.
12. You are urged to familiarize yourself with the rights afforded to you in terms of the National Credit Act within the prescribed period as stated in this notice.
13. All of Standard Bank`s rights against you remain reserved.
Yours faithfully,
NEWTONS INCORPORATED
Reference Number: TA017526
