I have received a Section 129 Notice

If you are unable to meet your repayment obligations under the home loan agreement, and there is no suitable arrangement currently in place, we reserve our rights to commence legal action against you. A Section 129 notice is the start of this process.

What does receiving a Section 129 notice mean?

A Section 129 notice is formal notification in accordance with the National Credit Act No. 34 of 2005, in which SA Home Loans makes you aware of your rights under the Act. The purpose of the Section 129 notification is therefore to inform you of the following:

  1. Your right to approach a Debt Counsellor,
  2. Your right to refer the matter for Alternate Dispute Resolution (including mediation),
  3. Your right to lodge a dispute with the Ombudsman,
  4. Your right to seek to legal representation.
  5. In terms of the notification you have 10 business days within which to take appropriate action and inform SA Home Loans with regards to that intent. It is important to note that should you fail to pay the full arrears or confirm an arrangement, within the time period specified, SA Home Loans may commence with foreclosure action against you.
  6. If you have received a Section 129 Notice, and wish to discuss the options that available to you now we urge you to speak to us by calling 086 111 3414.