It's rare that a customer wins a case against a bank, so here's one for the history books. This week Valerie Naidoo of Chatsworth in Durban - representing herself in court against two advocates overturned the foreclosure of her home by SA Home Loans (SAHL), which then sold the property at auction for a tenth of its market value.
The judge slammed the bank for its "egregious" conduct in pursuing its legal case even though Naidoo had settled her arrears in 2009 and then several times thereafter.
This comes in the same week that Minister of Human Settlements Mmamoloko Kubayi said government plans to change the Home Loan and Mortgage Disclosure Act to enable the state to investigate consumer complaints about home loans and raise penalties for lenders over non-compliance, according to Bloomberg.
Background on the case
Naidoo's case goes back 15 years. In 2009 she fell into arrears on her home loan and received a summons from Changing Tides 17, part of SAHL, to pay arrears of R18 093. Naidoo settled this within a matter of days.
This story is from the August 29, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 29, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Heather's Boy prepares for Cape
FORM: UNBEATEN DE KOCK RUNNER TO CONFIRM HIS REPUTATION AHEAD OF CAPE GUINEAS
Courage wins the day for Atticus
IMPRESSIVE: LAIRD-TRAINED GELDING FIGHTS ON GAMELY TO CLAIM R6M BETWAY SUMMER CUP
PIRATES COME UNSTUCK
PREMIERSHIP: STELLENBOSCH PUT ABRUPT END TO BUCS' PERFECT START
Cut Bavuma some slack
Temba Bavuma has often been praised by coaches and teammates for his leadership abilities, but as a specialist batter the Proteas skipper must have been frustrated by his lengthy struggle to convert fifties into centuries.
Proteas keep growing as a unit
South Africa's batters are feeding well off each other as they start to find consistency at the highest level, according to Proteas coach Shukri Conrad, after they shone again in the dominant victory over Sri Lanka in the first Test in Durban which concluded on Saturday.
Wallabies far from finished product
Australia coach Joe Schmidt says his side are \"maybe\" not at the level yet to win the three Test series with the British & Irish Lions next year but they are ready to make it a \"contest\".
Proteas keep their heads up
With England having secured a 3-0 clean sweep in the T20 International series that concluded at the weekend, Proteas all-rounder Nondumiso Shangase says the national women's team are keeping their heads up as they prepare for a three-match ODI series against the tourists.
Bulls flex their muscles abroad
URC: DOWN CONNACHT AS SHARKS SINK THE STORMERS
Kane ruled out 'for the time being'
Bayern Munich striker Harry Kane (right) has been ruled out \"for the time being\", with a hamstring tear, the club announced yesterday.
'Crazy' win thrills Arteta
London - Mikel Arteta (above) said Arsenal's \"crazy\" 5-2 win at West Ham has catapulted his team back into the Premier League title race.
