South Africa Law

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If you took a loan on your property with an unregistered…

If you took a...

If you took a loan on your property with an unregistered loan shark can they take away your property if you fail to make payment

Lawyer's Assistant: Where is the property located?

South Africa durban

Lawyer's Assistant: Has any paperwork been filed?

No nothing has been filed as yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am paying a 20% interest per month and borrowed in desperation

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Answered in 6 hours by:
11/30/2017
Christiaan K
Category: South Africa Law
Satisfied Customers: 228
Experience: Attorney & Director at Lombard Kotze Incorporated
Verified

Thank you for your question. I will try to assist you in answering it today but please feel free to ask as many follow up questions as you like until you are 100% satisfied.

The requirements to loan out money in SA is very strict these days. If the credit provider is not registered as a credit provider in terms of the National Credit Act, he will not be able to claim the money back from you.

If you are sued at any time, you should seek legal assistance immediately as an attorney will know what the requirements would be for the summons.

I hope this answered your question.

I know it will take an extra minute of your time to rate my service, but if you do not rate it, I do not get paid by the website so I would really appreciate it if you would be so kind as to rate my service positively. Feel free to ask further question here on this topic at no extra cost if you need more information.

Regards

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Customer reply replied 8 months ago
They had an attorney draw up a document and asked me to sign over 100% shares

If I were in your shoes I would not sign anything without obtaining legal advice from an attorney who had reviewed everything first.

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Customer reply replied 8 months ago
Only if payment is not made they said that they will take away my property I have borrowed only 60000 on a property valued at 650000

That might be the case but for peace of mind, I suggest you consult with an attorney and you take copies of everything for him to review. You never know what tomorrow holds and if you do fail to make prompt end regular payment, you might loose your shares.

Please remember to rate my service.

Regards

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Customer reply replied 8 months ago
I am the executer n only beneficiery of the will house not yet transfered to my name they asked me for that original document can they take away my home the attorney that got document drawn knows that this loan shark is not a registered business he has other business registered on his name but not a finance business he has a call Centre n alarm business

They can do anything if you do not oppose/stop them legally. It does not help to guess what will happen if this or that happens, your best defense is knowledge. Be prepared.

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Customer reply replied 8 months ago
I don't have a copy of the loan document I signed I only got copies of the will title deed n executor ship

Get your attorney to request copies.

Christiaan K
Category: South Africa Law
Satisfied Customers: 228
Experience: Attorney & Director at Lombard Kotze Incorporated
Verified
Christiaan K and 87 other South Africa Law Specialists are ready to help you
Ask your own question now

Thanks for the positive rating. I hope I can be ofassistance to you again in the future.

You may request me personally at: www.justanswer.com/law/expert-fwlombard1.

Regards

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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