R
Legal
Repossession
You don't pay your car loan or furniture account, the lender gets sick of you, and they literally take the goods back. That's repossession. The law says they have to send you a Section 129 notice first (which you often ignore) and give you 10 business days to fix it. But if you don't, your stuff is gone. And you might still owe money.
Usage Examples
"Thato missed three payments on his bakkie from Wesbank and got a repossession notice. He called them, worked out a plan, and kept his truck. It's your last chance, so take it seriously."
"Palesa got her furniture repossessed from Mr Price. Even after they sold it, she still owed R8,000 because the furniture didn't fetch what she still owed. Gatvol."
"Repossession stays on your credit record and makes you toxic for the next two years. Avoid it at all costs."