This video is the second part discussion with Douglas shaw who we had a previous discussion with in part one. In the first video with Mr Shaw who has a vast expanse of previous banking experience and he reminded us that the banking repossession rate in South Africa is 4 times greater than the world average and the banks of South Africa are far too quick to repossess when it is supposed to be the absolute last resort and to add to this the banks in south Africa are selling the repossessed property For far below the market value even when there is a higher offer on the table.
Mr Shaw is working with these African banks and he has some damning information about the misconduct that’s going on behind closed doors. He tells us about one client of his that was worth 1.3billion rand and is now struggling to put food on the table for his family. The research he has conducted is finding people that have been mistreated by the big banks at opposing ends of the wealth spectrum. Just as wealthy billionaires there have also been people at the lowest end of the wealth spectrums that have been done over by South African banks. Mr Shaw tells us how banks will ask for people that have been made redundant to pay the remainder of their arrears in a lump sum (which they know is hard for the average worker) and otherwise they will sell their property by execution and they know that the house will go for less than half its value.
The banks of South Africa are acting in their own league when it comes to the mistreatment of their clients and gross misconduct. One website (linked below) stated “While banks often reject allegations that they care little for ordinary South Africans, the human rights group says it has records of houses being sold for R200 or R300, with the worst case being a house sold for R10” now if someone’s pride and joy to be repossessed for as little as ten rand isn’t a breach of human rights then what the hell is.
For properties to be repossessed for incidents that occur outside of the loan takers control and then to punish the homeowner to such an extent is pure evil and something that is not going un-noticed. The four major banks in South Africa are being taken to court by people that have been abused by them and major compensation is expected to be paid.
Mr Shaw tells us about the various humane ways in which South African banks can deal with their clients instead of simply taking the harshest route. Mr Shaw tells us about the psychological association people have with their homes and how traumatic it can be for them to be thrown out of them.
So it turns out there are many ways in which people can be dealt with humanely and we really get a context of the different actions that can be taken when your average person is faced with a crisis. Mr Shaw works with people that have been abused by banks and actually works to rescind the damage that’s been done. Mr Shaw manages clients at a far cheaper rate than lawyers and is really on the frontline helping those worst affected by these repossession claims.
Mr Shaw tells us that for people with limited funds the best thing to do is to sue the bank for damages. This is the situation for many people as we know that not all people have limitless funds to waste on litigation. Mr Shaw really is helping those who need it most in these turbulent times for the average South African and he should be applauded for this.
Be sure to watch this video when you have a spare hour because it could lead you to help you are in desperate need of and it could be a life saver.
Douglass Shaw site: http://www.bankinglawadvisor.co.za/contact.html
By Alex Mitchison