Many factors influence the national credit score and credit status of property owners. Property Owners continually face risks of running into arrears, or making late payments and with rates and taxes being as high as they are this can negatively affect future financial applications. Financial institutions continuously do their best to assist these property owners to buy time and improve their status in order for them to keep their properties and or provide them the opportunity/time to sell their property.
Unfortunately many of the property owners don't want to negotiate with financial institutions or did not honor to the initial arrangements. The financial institutions are then required to take legal action and reposess these properties. There is approximately more than 6 Billion rand’s worth of properties that are in arrears for 3 months or more over the last financial year with the same value been forecasted for the year 2018. To address this challenge Property Assist is operating alongside some of the larger financial institutions to prevent the legal action and selling the property prior to it having to go on a sale in execution.