On 2020-03-25 14:44:14 Pidoi said:
The bank will only repossess your car after 3 months of default payments

Pidoi is right. Payment holiday or not, one failed installment will not get your car repossessed.

I recommend you call, though. Because if you can get the payment holiday, then that's even better because your account won't reflect an arrears.

Missing one payment does not cause the bank to repossess a car

The best thing to do is to explain your situation and make them an offer

The banks don't like the repo process, so, as long as you are suggesting solutions, you should be ok

Thank you again for all the responses.
I've been trying to call, no answer but I've sent an email and will keep trying.

Xx

Keep a record of your correspondence with them

On 2020-03-25 15:38:37 Lady Alexa said:
Thank you again for all the responses.
I've been trying to call, no answer but I've sent an email and will keep trying.

Xx

Send one to Wendy Knowler and copy your finance house in, they will then take you very very seriously

Hi Alexa. Please don't listen to Tegwane. Having worked in the financial sector for many years, I can say with confidence, the one thing they don't appreciate is arrogance - especially from someone who wishes for some sort of a favor. As others have mentioned, keep the bank in the loop - communicate are all times and be honest. They appreciate that. Banks generally don't like to repossess as it means they have to right off debt and that incurs losses. They would prefer to retain you as a client - a profitable one.

Stay healthy

On 2020-03-25 15:56:49 landy said:
Hi Alexa. Please don't listen to Tegwane. Having worked in the financial sector for many years, I can say with confidence, the one thing they don't appreciate is arrogance - especially from someone who wishes for some sort of a favor. As others have mentioned, keep the bank in the loop - communicate are all times and be honest. They appreciate that. Banks generally don't like to repossess as it means they have to right off debt and that incurs losses. They would prefer to retain you as a client - a profitable one.

Stay healthy

Landy , you don't want a favour, you want to put a marker down, that you need to be taken seriously.

On 2020-03-25 14:44:14 Pidoi said:
The bank will only repossess your car after 3 months of default payments

I concur as it happened to me after i failed to pay for the third consecutive month.

That said, for us salaried employees, we still have a duty to honour our financial commitments. A lockdown does not mean that we can take a payment gap.

As everyone said, call your bank and make an arrangement.

They'll more likely help because they can keep making money when things get better and also more likely to lose money in repossessing.

They won't repossess after one month only but it will show a default which will make getting credit and good credit harder so best to discuss and have a good relationship to make a plan