Latest news with #SAHomeLoans
IOL News
01-05-2025
- Business
- IOL News
Devastated mom of four struggles after her home was auctioned for a measly R5 000
Single mom Patricia Mzamo faces eviction after her home was sold for R5 000 at auction. Image: Supplied A single mother of four is facing eviction after falling in arrears in paying her home loan, and after several legal battles spanning nearly four years, her house was sold earlier this month at auction for a measly R5 000. Patricia Mzamo is devastated, as she has no idea where she and her children will end up. She does not dispute that the bondholder over her Randburg home – SA Home Loans – followed the legal route in trying to obtain payment after she fell in arrears. But Mzamo's question is, why was the property sold at auction for R5 000, while she all along tried to negotiate a settlement with them? She said she was shocked when she recently received correspondence from SA Home Loans' lawyers that the property was sold at auction on April 2 for R5 000 and that the transfer process is currently under way. According to SA Home Loans, the current balance on the bond is R1 029 178.72, while the arrear is R582 790.37. She was informed that once the purchaser had complied with the requisite provisions, the purchaser may take possession of the property, and she therefore had to vacate the property as soon as possible. Mzamo said that to make matters worse, she is still liable for her debts. The lawyers informed her that she is liable for the full amount due and owing on the bond account, due to the shortfall (after the property was sold for R5 000) on the amount she owed. She was advised to still service the bond by paying what she can afford, to reduce the shortfall figure in the end. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ In responding to Mzamo's situation, SA Home Loans attorney Chandika Chaithoo said proceeding to a sale in execution is not taken lightly, nor is it their preferred outcome, and it is always a last resort. 'SA Home Loans always looks for ways to work with our clients who find themselves under financial stress to find a solution that assists the client to resolve their situation while protecting the interests of SA Home Loans.' Chaithoo said they are also always willing to work with their clients to sell their property privately to obtain maximum value and payment into the bond account in instances where they are unable to settle the arrears or enter into a (feasible) payment arrangement. She pointed out that there is judicial oversight during these proceedings, which include the setting of court reserves for the sale in execution. Asked why the property was sold only for R5 000, Chaithoo responded: 'It should be taken into account that the successful bidder at a sale in execution is not only liable for the payment of their bid, but also has to settle any outstanding rates, levies, or utility bills on the property as well as the costs of the auction and the transfer of the property.' Mzamo, meanwhile, said that she fell on hard times when she lost her job due to retrenchments. She is, meanwhile, working in the property industry, but she does not have a constant income as she earns commission as and when she sells a property. According to her, she tried her utmost best to sell her home herself, but as it is in an unsafe neighbourhood, she struggled. She also tried to secure the R100 000 she said SA Home Loans was willing to accept to avoid selling the property at auction, but she could not come up with the money. But the news that her home was now sold for R5 000 is something Mzamo cannot comprehend, especially as she is still left with all her debt. Cape Argus
IOL News
01-05-2025
- Business
- IOL News
Auction shock: Single mother's home sold for R5,000 after bond arrears
Single mom Patricia Mzamo faces eviction after her home was sold for R5 000 at auction. Image: Supplied FIVE thousand rand was all that a house previously belonging to a single mother of four fetched at an auction earlier this month, this after she ran badly into arrears with her bond repayments. A devastated Patricia Mzamo, who said she attempted to reach a settlement with SA Home Loans, will still be held responsible by for the for the balance of the shortfall on the Randburg home after the R5 000 bid is factored in. The records of SA Home Loans apparently showed that the current balance on Mzamo's bond account was R1 029 178.72, while the arrear amount was R582 790.37. Once the purchaser completed and complied with the relevant provisions of the purchase and sale agreement, and took possession of the property, Mzamo and her children will become homeless as they will be expected to vacate the property promptly. Mzamo did not dispute her her indebtedness to SA Home Loans, but engaged in legal battles with the entity for four years over her outstanding dues and tried to negotiate a settlement for the arrears. However, what astounded Mzamo was the property being sold at an auction for R5 000, while she attempted to secure a settlement with the entity? Mzamo was taken aback when SA Home Loans' legal representatives informed her that the property was sold at auction on April 2 for R5 000 and that the transfer process was in motion. She also learnt that she needed to exit from the property as the new owner was likely to take possession soon, and that Mzamo was liable for the full amount owing on the bond account, which came about due to the shortfall (after the property was sold for R5 000) on the amount she owed. Mzamo was asked to continue with repayments that she could afford, to ultimately reduce the shortfall. SA Home Loans' attorney, Chandika Chaithoo, explained that proceeding to a sale in execution was not taken lightly, nor was it their preferred outcome, but always a last resort. 'SA Home Loans always looks for ways to work with our clients, who find themselves under financial stress, to find a solution that assists the client to resolve their situation while protecting the interests of SA Home Loans.' Chaithoo said they were also always willing to work with their clients to sell their property privately to obtain maximum value and payment into the bond account in instances where they are unable to settle the arrears or enter into a (feasible) payment arrangement. She pointed out that there is judicial oversight during these proceedings, which included the setting of court reserves for the sale in execution. On why the property was sold only for R5 000, Chaithoo said: 'It should be taken into account that the successful bidder at a sale in execution is not only liable for the payment of their bid, but also has to settle any outstanding rates, levies, or utility bills on the property as well as the costs of the auction and the transfer of the property.' Mzamo said that she fell on hard times when she lost her job due to retrenchments and has since found work in the property industry, but she does not pocket a constant income as she earns commission only when she sells a property. According to her, she tried her utmost best to sell her home herself, but as it is in an unsafe neighbourhood, she struggled. She also tried to secure the R100 000 she said SA Home Loans was willing to accept to avoid the property being auctioned, but she was unable to raise the money. But the news that her home was now sold for R5 000 is something Mzamo cannot comprehend, especially as she is still left with all her debt. [email protected] DAILY NEWS
IOL News
30-04-2025
- Business
- IOL News
Eviction crisis: Single mother loses home for just R5 000 at auction
Single mom Patricia Mzamo faces eviction after her home was sold for R5 000 at auction. Image: Supplied A single mother of four is facing eviction after falling in arrears in paying her home loan, and after several legal battles spanning nearly four years, her house was sold earlier this month at auction for a measly R5 000. Patricia Mzamo is devastated, as she has no idea where she and her children will end up. She does not dispute that the bondholder over her Randburg home – SA Home Loans – followed the legal route in trying to obtain payment after she fell in arrears. But Mzamo's question is, why was the property sold at auction for R5 000, while she all along tried to negotiate a settlement with them? She said she was shocked when she recently received correspondence from SA Home Loans' lawyers that the property was sold at auction on April 2 for R5 000 and that the transfer process is currently under way. According to SA Home Loans, the current balance on the bond is R1 029 178.72, while the arrear is R582 790.37. She was informed that once the purchaser had complied with the requisite provisions, the purchaser may take possession of the property, and she therefore had to vacate the property as soon as possible. Mzamo said that to make matters worse, she is still liable for her debts. The lawyers informed her that she is liable for the full amount due and owing on the bond account, due to the shortfall (after the property was sold for R5 000) on the amount she owed. She was advised to still service the bond by paying what she can afford, to reduce the shortfall figure in the end. In responding to Mzamo's situation, SA Home Loans attorney Chandika Chaithoo said proceeding to a sale in execution is not taken lightly, nor is it their preferred outcome, and it is always a last resort. 'SA Home Loans always looks for ways to work with our clients who find themselves under financial stress to find a solution that assists the client to resolve their situation while protecting the interests of SA Home Loans.' Chaithoo said they are also always willing to work with their clients to sell their property privately to obtain maximum value and payment into the bond account in instances where they are unable to settle the arrears or enter into a (feasible) payment arrangement. She pointed out that there is judicial oversight during these proceedings, which include the setting of court reserves for the sale in execution. Asked why the property was sold only for R5 000, Chaithoo responded: 'It should be taken into account that the successful bidder at a sale in execution is not only liable for the payment of their bid, but also has to settle any outstanding rates, levies, or utility bills on the property as well as the costs of the auction and the transfer of the property.' Mzamo, meanwhile, said that she fell on hard times when she lost her job due to retrenchments. She is, meanwhile, working in the property industry, but she does not have a constant income as she earns commission as and when she sells a property. According to her, she tried her utmost best to sell her home herself, but as it is in an unsafe neighbourhood, she struggled. She also tried to secure the R100 000 she said SA Home Loans was willing to accept to avoid selling the property at auction, but she could not come up with the money. But the news that her home was now sold for R5 000 is something Mzamo cannot comprehend, especially as she is still left with all her debt. [email protected]
The Citizen
24-04-2025
- Business
- The Citizen
Capitec captures high-earners: 27% growth in clients earning R50 000+ monthly
The growth in higher-income clients is a 'highlight' in the lender's results, an analyst says. JSE-listed Capitec is shaking off its image as a lender for lower-income depositors with a 26.5% jump in clients earning R50 000 per month and higher in the past financial year. Group CEO Gerrie Fourie announced the results for the year ended 28 February 2025 on Wednesday at Capitec's head office in Stellenbosch – his last results presentation before his retirement in July this year. Founded in 2001, the lender initially focused on providing affordable and accessible banking services for low-income South Africans. Capitec has since diversified its product offering to insurance, business banking, and value-added services such as cellphone airtime and vouchers for streaming services. The bank has expanded its client base to over 24 million, with Fourie anticipating it will reach 25 million in the current financial year. Capitec's new sales to clients who earn more than R50 000 per month totalled R10.2 million in the past financial year. 'The trick is to take those clients and, when they're 50 and 60 years old, make sure they're still banking with us,' Fourie noted. Craig Metherell, equity analyst at Denker Capital, told Moneyweb that Capitec's growth among high-income earners is one of the 'most striking things' in the results. 'I thought that was a real highlight. The wallet that a high-income earner brings to the bank – and the type of products Capitec could cross-sell to them – speak to the kind of ecosystem Capitec wants to create. I expect some of these clients will also open bank accounts for their children who may not yet transact, but they have the potential to grow older with Capitec. 'There's a very exciting 20 to 30 years coming up for them, because you can lock in these young clients from when they are teenagers and build a relationship with them.' ALSO READ: Standard Bank and Capitec shake up leadership; Absa spends R165m on 11 people Expanded home loan offering Fourie also announced on Wednesday that Capitec will launch a secured home loan product in the middle of the year through a special purpose vehicle (SPV) with SA Home Loans, funded with R5 billion. In an interview with Moneyweb following the results announcement, he explained that Capitec and SA Home Loans will combine their respective credit models to scale the mortgage offering. Although Capitec launched its partnership with SA Home Loans in November 2020, the mortgages have been solely on the SA Home Loans balance sheet. Fourie said SA Home Loans lacks sufficient funding to expand the credit book, but with Capitec's financial support, this growth will be possible. ALSO READ: Capitec hit by R56m Sarb financial penalty Insurance market share Capitec's strategic initiatives for the financial year ahead include taking its insurance offering and business banking 'to the next level', Fourie mentioned at the presentation. Capitec Life's active credit life insurance book totalled 1.1 million policies at the end of the financial year. From November 2024, Capitec issued more than 600 000 funeral insurance policies on its own licence, and at the end of February 2025, there were 96 307 active life cover policies. (Capitec exited its funeral insurance arrangement with Sanlam from 1 November 2024, and Capitec Life took over the administration of the policies issued through the cell captive.) The group launched its first life insurance product in June last year, but the lender intends to expand its market share in life cover. Said Fourie: 'We have 30% market share in funeral insurance, but there are still many opportunities in the life space. Our product offering is still small compared to what insurers like Sanlam, Old Mutual, and Liberty have.' ALSO READ: Black Friday spending: 23 million clients at one bank spent R25.45 billion Share price Capitec's share price surged over 8% on Wednesday afternoon, following the announcement of the group's record earnings, which, according to Fourie, are 'the best he's ever seen'. 'It is particularly pleasing that the growth is across all business segments, and not only in one area,' Fourie said. Denker's Metherell said Capitec's stock performance on the day is a combination of good sentiment in the banking sector and the fact that the lender's results point to strong growth ahead. He pointed out that the recent sell-off in Capitec shares, along with the 'rest of SA Inc', after the Trump administration's tariff announcement, means the stock could have performed even better. *A previous version of this article stated that Capitec now has over 10 million high-earners as clients. This is incorrect and has been amended. This article was republished from Moneyweb. Read the original here.
