Rek Your Cheque: Call the cops for debt collectors

One thing that Level 5 lockdown did was to keep the debt collectors at bay.

Yet, now they are once again out in full force, making up for lost time and needing to earn commission.

Don’t get me wrong. This is their right. It’s their job – but they must do it within the parameters of the law and the National Credit Act.

There has been a huge increase in the number of frightened, misinformed people who are handing over their vehicles to unscrupulous debt collectors when they don’t have to.

It is for this reason that I am writing this article.

You must know your rights when it comes to debt collectors, especially those who want to repossess your vehicle.

Let’s be clear, no one except a sheriff with a valid warrant of execution, which has a court stamp and is signed by a court official, may enter your premises and take your vehicle.

Yet, debt collectors and vehicle trackers – most who work on commission for every vehicle they “bring in” – will lie to you, bully you, threaten you and scare you into signing a document and handing over your keys when you simply don’t have to.

When you are behind on payments on your vehicle and someone turns up at your door to confiscate your vehicle, it is undoubtedly stressful and traumatising.

You have to move past those feelings and make the effort to read the documentation that you are presented with.

If it is a sheriff with a warrant of execution, that means all avenues have been explored and all processes have been followed so you will, unfortunately, need to hand over your vehicle.

However, 99.9% of the time, the document the debt collector wants you to sign is a consent to voluntarily surrender your vehicle.

It has nothing to do with the courts. Do not sign it!

Instruct the debt collector to get off your property immediately.

If they refuse – call the police and have them arrested for trespassing!

Take out your phone and take pictures and videos of them, but do not hand over your keys to the debt collector.

Whatever you do, do not sign that consent to voluntarily surrender your vehicle.

Once you have signed that document, your creditor will have your vehicle and you will still owe them the full outstanding balance.

You may have skipped some payments, and that is never a good thing, but as a debtor, you have rights and you have options, and creditors must follow process.

Do not be bullied and threatened by debt collectors.

Read the documents and do not sign anything that you are not comfortable with.

No one – not the FBI, the CIA, any bank or government agency – can repossess your vehicle without a valid warrant of execution.

If you are under debt review and someone turns up to repossess your vehicle, contact your debt counsellor immediately and they will take over.

Sebastien Alexanderson, CEO of leading debt counselling firm National Debt Advisors, says: “One of the biggest perks of debt counselling is that your assets are protected from repossession whilst you pay off your debt at lower monthly instalments.

“You should not be receiving threatening calls from creditors and debt collectors when you are under debt review, but we are well aware that this does still happen.

“If you have been making payments as per your restructured payment plan, you have nothing to worry about, but make sure to contact your debt counsellor immediately.”

In conclusion, call the police to arrest anyone who bullies or threatens you into handing over your assets / vehicle without a valid warrant of execution. Serious!

*Moeshfieka Botha is Head of Research and Consumer Education at National Debt Advisors. For more information on debt and personal finance go to www.nationaldebtadvisors.co.za