You might be one of many consumers facing Vehicle Repossession due to affordability pressures because of the Covid-19 pandemic, your vehicle finance arrears have substantially increased and as a result you are receiving high volume of threatening calls from debt collectors advising you that they are coming to repossess your vehicle. Perhaps someone might have even paid you a visit already either at home or at work to evaluate the car in preparation for repossession.
Strictly speaking, you are not alone facing this problem, an analysis of vehicle repossession inquiries made on our partner websites during lock-down shows that the number of repossession inquiries has almost quadrupled within a year. An increase which shows a sharp spike in the number of consumers at risk of losing their vehicles.
Due to lack of awareness and a lack of information amongst we as consumers, some have been misled into voluntarily surrendering their vehicles under the false pretense of safe keeping them. In the process, consumers have been persuaded and at times forced with threats to sign voluntary surrender documents. Upon requesting their vehicles at a later stage, they are then surprised with storage & collection fees, legal fees, and other service charges yet they would be under an impression that the vehicle is just out for safe keeping. Most consumers have often mistaken this for vehicle repossession, yet they would have voluntarily surrendered the vehicle at their own will at least according to the legal process.
For you not to be a victim of undue processes, as a consumer you ought to understand the difference between the standard legal vehicle repossession process and a standard voluntary vehicle surrender process as set out in the National Credit Act.
For more details about vehicle surrender and repossession read the full article on Bizcommunity