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Standard Bank seeks a money judgment and execution against the Vavis' home due to their mortgage arrears of over R85,000. Despite the Vavis' initial arrears, they have been consistently paying their bond for the last 18 months and have reduced their debt significantly. The court finds that Standard Bank has not justified why executing against the Vavis' home is a proportionate response to recover the arrears.

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Krash King
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209K views3 pages

602

Standard Bank seeks a money judgment and execution against the Vavis' home due to their mortgage arrears of over R85,000. Despite the Vavis' initial arrears, they have been consistently paying their bond for the last 18 months and have reduced their debt significantly. The court finds that Standard Bank has not justified why executing against the Vavis' home is a proportionate response to recover the arrears.

Uploaded by

Krash King
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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debtor in retaining ownership of their home (Gundwana v Steko Development

CC 2011 (3) SA 608 (CC), paragraph 54).

2 The applicant, Standard Bank, seeks a money judgment and leave to execute

it against the primary residence of the respondents, the Vavis. The Vavis’

indebtedness arises from a mortgage bond passed over the property, which

is an upmarket residence in the Sandton area. The fact that the property is,

on the face of it, an expensive dwelling in a well-heeled suburb makes no

difference to the fundamental inquiry, but cases in which it would be

disproportionate to authorise execution of a proven mortgage debt against

such a property are likely to be rare.

3 This is such a case. The Vavis owe around R1.68 million on their bond, and

are in arrears to the tune of just over R85 000 – or around four months’ worth

of instalments. The arrears were accumulated around three years ago, and

since then the Vavis appear to have serviced their bond punctiliously, while

taking steps to reduce their arrears from just under R170 000 when the

application was instituted to around R85 000 today. The latest home loan

statement filed shows around 18 months of apparently perfect adherence to

the Vavis’ obligations to pay their monthly instalments.

4 Standard Bank has placed nothing before me that explains why execution

against the Vavis’ home is a proportionate means of recovering the arrears.

Standard Bank claims over R160 000 in legal costs against the Vavis. It is

apparent from the affidavits that Standard Bank has tied the resolution of this

dispute to the settlement of those costs. It is at least possible that the Vavis

have baulked at paying legal costs of twice the value of their current arrears.

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