By Newsbreak Producer Hoosen Ebrahim - More than 22,600 vehicles were repossessed in South Africa in the first six months of 2023, as households struggled with rising living costs and vehicle repayments. The National Financial Ombud Scheme is warning consumers that financial distress does not mean lenders can simply take their vehicles without following the law. The Ombud says consumers facing payment difficulties need to understand their rights and options before a vehicle is repossessed or sold. Adjudication official at the National Financial Ombud Scheme South Africa (NFO), Johannes Brouwer explains...

<p>By Newsbreak Producer Hoosen Ebrahim - More than 22,600 vehicles were repossessed in South Africa in the first six months of 2023, as households struggled with rising living costs and vehicle repayments. The National Financial Ombud Scheme is warning consumers that financial distress does not mean lenders can simply take their vehicles without following the law. The Ombud says consumers facing payment difficulties need to understand their rights and options before a vehicle is repossessed or sold. Adjudication official at the National Financial Ombud Scheme South Africa (NFO), Johannes Brouwer explains...</p>

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