ASK THE EXPERTS
I can ’ t pay my bond – Loadshedding , my business and income is struggling !
DANIEL LOMBARD Founder , The Assist Group
I am a home owner feeling the economic pinch . My small manufacturing business is suffering daily because of really weak economy and also with load shedding is adding insult to injury . I have retrenched staff and my personal income has also dropped dramatically and my reduced income coupled with rising inflation is now become an everyday reality . You can then add rising interest rates which is in turn push up my monthly bond payments to almost double to what I was paying in April 2020 .
More than 100,000 families in South Africa today are experiencing difficulty in keeping up with their home loan repayments , with their loans being more than 90 days in arrears . It is essential not to remain passive in this situation or overreact out of fear . Instead , there are various solutions that one can leverage against their current property to address the challenges they are facing .
Financial institutions have their own inFinancial institutions have their own in-house solutions that are less costly ,
As a result I cannot maintain my monthly bond payments . I am now more than 4 months in arrears with my bond and the danger is that I can end up losing my home if I don ’ t take steps to remedy the situation .”
I have tried to engage with my bank regarding my financial problems but they still want a payment plan which I still cannot afford at the moment even when restructuring the debt .
My question is what other options do I have with the property to ensure that I don ’ t lose it and that I can retain the property for myself and my family ?
14 MARCH / APRIL 2023 SA Real Estate Investor Magazine