SACP wants more flexible bond repayment policies
They urged banks and other financial institutions to review their bond repayment policies, and also believed institutions charge too much interest
THE South African Communist Party (SACP) picketed outside eSikhaleni Magistrate’s Court on Friday against the ‘exploitation of financially struggling homeowners’.
They urged banks and other financial institutions to review their bond repayment policies, and also believed institutions charge too much interest.
Riot Makhomanisi Mkhwanazi branch Secretary David Chonco said they want banks to come up with more flexible plans to help avoid the repossession of homes.
‘Our concern is that when homeowners lose their jobs and miss one or two installments, financial institutions refuse to give a struggling homeowner an opportunity to make new payment arrangements.
‘They simply repossess the house and auction it at a cheaper price,’ said Chonco.
‘The sad thing about this is that the homeowners are not allowed to bid and buy back their home. We want them to look at this matter and come up with a better and more lasting solution which will benefit both parties.
‘We also call on municipalities to be less hasty in repossessing houses if owners fall on hard times, and rather look for alternative arrangements.’
Chonco said the SACP is also concerned about the high interest rates.
He added that they have engaged with their alliance partners to take this matter seriously.
‘The Department of Human Settlement is discussing the matter and the ruling party is expected to discuss this matter at the national conference in December. We hope that they will come up with a solution.’
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