Explore the stringent yet effective measure of blacklisting to manage arrears in community schemes: ➡️ Initial Steps: Upon arrears, a formal letter of demand is issued to the defaulting owner, giving them 20 days to clear their dues, in line with Prescribed Management Rule (PMR) 25(2). ➡️ Credit Impact: If the owner fails to comply within three months post-demand, the body corporate can initiate blacklisting, which affects the owner's credit standing for a year, hindering their ability to secure loans and subjecting them to higher interest rates. ➡️ Legal Framework Compliance: It’s crucial that all blacklisting actions comply with the Sectional Titles Schemes Management Act and the National Credit Act to ensure they are legally sound. Is your community prepared to enforce these measures? Contact us 📞 (087) 803-0577 ✉️ info@neotrend.co.za #NeotrendRealEstate #SectionalTitleLivinginSouthAfrica #RealEstateAdvisor #SARealEstate #DecisionMaking #ManagementTips #LegalFramework #Blacklisting #Blacklisted #BusinessGuidance
Neotrend Real Estate’s Post
More Relevant Posts
-
Real Estate Finance Partner gunnercooke lDual-qualified lawyer🇹🇹🇬🇧| Legal trainer for lenders 🌟Provides bespoke legal advice & legal training to Lenders
💬 What are some steps which a lender can take to effectively rebut undue influence when the borrowers are eg.a husband and wife? 🤝 1️⃣ Communication: 👉Lender should directly communicate with each borrower. 2️⃣ Provision of information: 👉If the lender suspects one borrower has been misled, inform that borrower’s solicitor about the facts. 3️⃣ Independent legal advice: 👉Each borrower should receive independent legal advice from a solicitor of his/her choice. 👉Solicitor should explain the nature of the documents, risks involved, and borrower’s choices. 👉Discussion should take place in a face-to-face meeting without the other borrower present. 👉Solicitor may act for one borrower alone and provide written confirmation to the lender. *️⃣ ILA or ‘Etridge Certificate' 📜 as it is sometimes called will strongly challenge any assumption of undue influence and typically prevent the lender from being burdened with constructive notice of undue influence.🛡️ #ILA #UndueInfluence #Protection 🚫💼💪
To view or add a comment, sign in
-
Let’s talk about a better way to bank for contingency fee law firms Manage your money effortlessly and securely with Deposit Solutions from Esquire Bank: the leading bank for contingency fee law firms. https://lnkd.in/ek3iF4pe #contingencyfeelawfirm #despositsolutions #lawfirmsuccess
To view or add a comment, sign in
-
Yes it can, here are the details; The Master must deregister the trust, calling for specific documents from trustees to close the file. Required Documents: ➡️ Reasons for termination: Signed resolution detailing trust status. ➡️ Original letter of authority. ➡️ Bank statement: Confirming account closure or nil balance. ➡️ Proof of beneficiary benefits received. ➡️Trustee affidavit: Confirming asset divestment. Once deregistration is confirmed, trustees are reminded of Section 17 of Trust Property Control Act 57 of 1998, mandating document retention for five years. Read more here: ➡️ https://lnkd.in/eXAtskgN #ShackletonRisk #TrustRegistration #AssetProtection #LegalAdvice
To view or add a comment, sign in
-
Dive into the Legal Odyssey of "Sebola vs. Standard Bank"! 📜💼 Brace yourselves for a legal thriller that unveils the nuances of credit procedures! 🌐 Picture this: an agreement with the freedom to send notices to your chosen address. Standard Bank, in pursuit of a defaulted home loan, fired off a section 129 letter via registered post. Plot twist! The letter took an unexpected detour to the wrong post office, setting off a chain of events—judgment, warrants, and legal drama galore. At first, the High Court sided with the notion that the National Credit Act (NCA) didn't demand hand-delivery; proof of sending would suffice. Cue the Constitutional Court swooping in like a legal superhero, decreeing that credit providers must prove delivery. 🦸♂️ This means tracking the journey from dispatch via registered mail to the right post office. The moral of our legal saga? 🧐 Document every twist and turn in credit proceedings! Without this proof, credit providers can't make a move on your property. Knowledge is your power, so stay tuned and stay savvy! 💪✨ Read more on our article here: https://lnkd.in/eFBFPbKR #LegalThrills #CreditChronicles #EmpowerYourRights
To view or add a comment, sign in
-
A customer-focused service not only helps in recovering debts but also maintains positive relationships with clients. If you have any specific questions or if there's anything else you'd like to discuss regarding your collection service, feel free to ask! GET IN TOUCH: 📲 +1 202-210-1974 / https://wa.link/k0gq6g 📨 info@lacimainternational.com 📌 lacimainternational.com . . . #duediligence #debtrecovery #debtrestructuring #financialadvisory #legaladvice #internationallitigation #arbitrationforums #bankruptcyproceedings
To view or add a comment, sign in
-
Exciting to receive instructions from two new clients this week and in new sectors for us. Two interesting visits this week. 1. Visiting a fraudster director to discuss pre litigation options and to serve draft proceedings. 2. Visiting power of attorney individual around a sensitive debt. Our approach is flexible and appropriate to any circumstances. Always compliant but always clear in our communication that the matter in hand needs resolving. This is why we are so successful. Call us if you need debt collection help #debtcollection #creditcontrol
To view or add a comment, sign in
-
Mastering Credit Bureau Disputes: Fight for Your Rights! 🚨💳 Dealing with credit disputes? Ever get one of those nasty letters from a credit bureau saying they just don’t care about your legitimate concerns? 😡 It’s frustrating, right? But fear not! 🙌 You have options! Option one: take the legal route and sue. If you've raised a legitimate dispute and they ignore it, that's on them! ⚖️ Just keep in mind, if the furnisher (the one causing the trouble) wasn’t notified by the bureau, you can't go after them directly. Option two: pick up the phone and call the credit bureau! 📞 Let’s make some noise and hold them accountable. Remember, you’re not just a little consumer—you’re a powerful advocate for your credit rights! 💪 So, how will you level the playing field? Let’s chat below! 👇 #CreditDisputes #KnowYourRights #ConsumerAdvocacy #LevelTheField #FightForYourCredit #CreditRepair #PreLitigation
To view or add a comment, sign in
-
Q. Are my bank accounts automatically added to my trust upon signing the trust? A. No. To ensure your accounts will be distributed properly upon your death, you must either title the account in the name of your trust by completing paperwork provided by the applicable institution or designate a beneficiary or beneficiaries on the account. Either the trust or individual(s) can be designated a beneficiary on an account, and the beneficiary designation paperwork will be provided by the applicable institution. This is an important part of the trust funding process and should be completed as soon as possible once your trust is executed. Visit our website for more estate planning advice: www.bottilaw.com #freelegaladvice #avoidprobate #estateplanning #LivingTrust #frequentlyaskedquestions
To view or add a comment, sign in
-
President at PennStar LLC | Avid Bible Reader, Father of Four, Husband of One, Speaker | Helping Business Owners Build Credit & Access Funding
Act promptly! Leaving errors unaddressed allows them to continue impacting your credit negatively, potentially lowering your credit score and leading to further complications, including legal actions. DM me or Comment 'Credit' to begin fixing your credit. #creditrepair #creditscoreboost #fixcrediterrors #actfastcredit #credithealth #creditreportfix #financialwellness #debtmanagement #creditscoretips #creditimprovement #creditdispute #financialresponsibility #smartcreditmoves #credithelp #creditsavvy #crediteducation #knowyourcredit #creditmonitoring #creditwise #creditrecovery #creditcheckup #creditcounseling #creditawareness #creditsuccess #creditempowerment #creditknowledge #creditwellbeing #creditprotection #creditmanagement #creditgoals
To view or add a comment, sign in
-
Laura Uberoi and I highlight some very important points for lenders and borrowers to be aware of in this article so don’t miss out! #PrivateWealthFinance #IndependentLegalAdvice #LendingToIndividuals
Poor joke alert: What do lawyers need to make any event a huge success? Two parties 🤣 And for the serious bit: When lenders are entering into transactions with multiple individual borrowers it is vital to consider whether each party should obtain independent legal advice - for the best protection of the lender as well as those individuals, particularly where the rate of loan defaults and enforcements continues to rise. I recently had the delight of welcoming Twiza M. into Addleshaw Goddard's Private Wealth Finance Team and she has helped me put together a few hundred words on exactly when independent legal advice is important (only a 3 minute read!)... #PrivateWealthFinance #IndependentLegalAdvice #LendingToIndividuals
To view or add a comment, sign in
13 followers