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NFO urges consumers to know repossession rights

Published

The National Financial Ombud Scheme (NFO) urges consumers in financial difficulty to learn their rights on vehicle repossession. The SABC reported that more than 22,000 vehicles were repossessed in South Africa in the first six months of 2023.

The National Financial Ombud Scheme (NFO) urges consumers in financial difficulty to learn their rights on vehicle repossession. The SABC reported that more than 22,000 vehicles were repossessed in South Africa in the first six months of 2023. Households struggled with rising living costs and vehicle repayments.

NFO adjudication official Johannes Brouwer said a bank can repossess a vehicle in two legal ways: with a court order, or through a voluntary process.

Key facts

Who
National Financial Ombud Scheme (urging consumers to understand their rights); Johannes Brouwer (NFO adjudication official)
What
The National Financial Ombud Scheme is urging consumers to understand their rights regarding vehicle repossession. More than 22,000 vehicles were repossessed in South Africa during the first six months of 2023 as households struggled with rising living costs and vehicle repayments.
When
2023-06 (first six months of 2023)
Where
South Africa
Status
Reported

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