Hello Mabs
In May, I was retrenched after two years of employment. Unfortunately, I hadn’t accrued enough pension to cover my debts. When I received my payout, I prioritised our home and my children’s school fees. I had hoped to find another job by now, but that hasn’t happened.

My vehicle financier is now threatening to repossess my car. I’ve explained my situation and asked for more time, but they refused to listen. Losing my car will make it even harder for me to find work. I need this car. What are my options, and can I legally fight off the repossession?
Mabs Answers
Losing a source of income is difficult, and I sympathise with you. I hope you find a job soon. Retrenchments are becoming more common, and their impact is widely felt. I recently saw a communication from WesBank advising consumers on how to avoid vehicle repossessions during challenging times. They urged consumers to contact their vehicle finance provider as soon as possible to xplore available options and prevent repossession.
Options include restructuring a loan to reduce monthly instalments or interest rates. Another option is downsizing to a more affordable vehicle, which would lower monthly payments. However, WesBank strongly advises against stopping payments, as this could be seen as an act of default, potentially leading to legal action or blacklisting.
Unfortunately, vehicle and home loans do not prescribe after three years. This means that even if your vehicle is repossessed and sold at auction, you remain liable for any outstanding balance owed to the lender. It seems you may have exhausted all available options if your lender is now seeking to repossess your vehicle. However, repossession is usually a last resort, so there may still be room for discussion. I wish you the very best.