My husband has been unable to pay his car instalments for 3 months. A repo agent showed up and my husband unknowingly signed voluntary surrender forms and handed over the keys. Is it possible to reverse the process…since he had not filed a notice of surrender? Can he reclaim the car and pay the amount in arrears?
Unfortunately, the National Credit Act states that goods with arrears cannot be returned.
If the notice is given, which your husband did when he signed the document, the credit provider must give an estimate of the probable value of the goods. If the value is not satisfactory to the consumer, the goods can be returned to the possession of the consumer, unless the consumer is in arrears on the account.
The bank might give him an opportunity to bring the arrears up to date, and then resume possession of the car. Sometimes the banks only require 50% of the arrears and the rest can then be added to the monthly instalment. Negotiate with the bank to see what they will be willing to agree to.