THE Ilungelo Lethu Human Rights Foundation’s class action lawsuit against the banks is back on track following the judgement in the Pretoria High Court in August which ruled that the banks must set a a reserve price where a home is sold in execution.
The ruling makes it illegal for banks to repossess homes and sell them on auction for a fraction of their worth as was seen in many stories in which banks sold homes for as little as R10 and the buyers sold them off for millions of rands. It is estimated that homeowners have lost close to R60bn in foregone home equity as a result of the banks’ repossession practices.
UnCensored has been inundated with questions about the class action lawsuit. It must be noted that we are simply a publishing platform which has taken keen interest in the matter. The real heroes are Ilungelo Lethu Human Rights Foundation and their founder Ntate King Sibiya.
Their contact details are: 079-707-9171 & 078-148-3526.
Their physical address is: Corner Market & Small, Johannesburg CBD.
Again, please note that we are not in charge of the class action lawsuit. Your questions will be best answered by Ilungelo.