Standard Bank has gone to court to force former Kaizer Chiefs defender Molomowandau Mathoho to hand over his VW Polo sedan, saying the footie was unlawfully in possession of the vehicle because he failed to pay for its instalment.
In the papers filed in the Joburg High Court last week, Standard Bank, said that on or about February 6, 2019 Mathoho received a loan of more than R250, 000 to buy a 2019 model of VW Polo.
The total cost of the agreement, including interest, costs and charges would be R380 000.
The former Bafana Bafana defender was supposed to pay more than R5, 000 in monthly instalments with the final payment to be effected on March 1 next year.
They agreed, according to the papers, that the bank would remain the owner of the vehicle until Mathoho had repaid the bank all amounts owed. Whereupon ownership of the car would then be transferred to him.
The bank said Mathoho failed to make payments of amounts payable under the agreement
“The defendant is in default of his obligations under the agreement and has been in default for a period of at least 20 business days since the date on which the default commenced.
“As of September 16, 2024, the arrears amount owing by the defendant to the plaintiff under the agreement was R49 626,” read the papers.
The bank said it sent a letter to Mathoho on September 25 informing him that he had failed to make payment of the full monthly instalments due.
“The defendant was required to remedy his breach of the agreement by making payment of the arrears and all overdue amounts under the agreement to the plaintiff (“arrears”),” read the papers.
The bank further stated that should the former Bafana Bafana defender fail to remedy his breach of the agreement and pay the arrears, it would be entitled to cancel the agreement and to recover from the football star the full balance outstanding.
“Notwithstanding the default notice, the defendant has failed and/or refused and/or neglected to remedy his breach of the agreement.
“In consequence of the defendant’s failure to remedy his breach under the agreement, the plaintiff is entitled to cancel the agreement, which it hereby elects to do and to claim the total of all amounts owing by the defendant to the plaintiff in terms of the agreement,” read the papers.
“As the plaintiff has lawfully cancelled the agreement, the defendant is now in unlawful possession of the goods. And in terms of the agreement, the plaintiff is entitled to return of the goods upon cancellation of the agreement.”
Wherefore, said the bank, it sought judgment against Mathoho.
“Confirmation of cancellation of the agreement, an order directing the defendant to restore to the plaintiff possession of the goods, being a 2019 VW model. Retention of all monies paid to the plaintiff by the defendant,” read the papers.
The bank is also asking for leave to be granted for damages, if any, in an amount to be calculated by subtracting the current market value of the goods as well as a rebate on unearned finance charges from the balance outstanding if applicable.
😂😂😂 Nonsense