• ONLY a Sheriff of the Court with an attachment order may repossess your assets? No other person has the right to take any of your assets. Should a debt collector arrive at your door, insisting that they are there to repo your car (or any other asset), the ONLY way they can take anything is if you voluntarily surrender that asset, and you do this by signing the document that they push under your nose. Most of these debt collectors rely on your lack of knowledge, and the fact that you know you are in arrears and therefore assume that they have the right to take your asset.

 

  • Do NOT, under any circumstances, sign any document that any person gives you when they are there to collect your assets. Should the person indicate that he/she is a Sheriff of the Court, ask for his/her identification and a copy of the attachment order. A Sheriff does not need your signature to be able to repo your asset.

 

  • That the maximum interest rate a creditor is allowed to charge you is currently on 32.1% per year on unsecured credit? If you are being charged anything more than that on personal loans, credit cards or overdrafts, the creditor is in contravention of the National Credit Act.

 

  • A mortgage agreement’s highest interest rate is currently at 17.1% per annum, and for vehicle finance it is 22.1% per annum.