Gauteng ANC provincial secretary Thembinkosi “TK” Nciza is among millions of South Africans who are buckling under the pressure of high cost of living in the country.
The ANC politician’s plight came to the fore when Standard Bank rushed to the Joburg high court to force Nciza to surrender his R1.3million luxury Merc after struggling to keep up with its monthly instalments.
The poignant news is contained in the papers Standard Bank filed in the same court, in which it seeks an order to repossess the car he has been paying for the past seven years.
According to the papers, which are in our possession, the bank granted Nciza – the former owner of the now defunct TS Records music label – a credit to buy a 2015 Mercedez-Benz S400L for over R1.3million in Randpark Ridge, north of Joburg, on or about June 15 2016.
Nciza, who was married to Mafikizolo lead singer Nhlanhla Mafu, was supposed to pay a total of over R1.9million to the bank by way of more than R23,000 instalments for 72 months. This excludes over R349,000 balloon payment, which was payable on July 5 last year.
Nciza, according to the papers, was supposed to take ownership of the vehicle after repaying the funds, which were due to the bank.
However, Nciza, who raked in millions of rands from record sales, breached the agreement when he defaulted on his monthly instalments.
“On May 17 2022 the plaintiff addressed a letter of default and notice in terms of section 129 (1) to the defendant, informing the defendant that, inter alia, the defendant had failed to make payment of the full monthly instalment amounts due under the agreement and was consequently in breach of the agreement. The defendant was required to remedy his breach of the agreement by making payment of the arrears and all overdue amounts under the agreement. As at 13 June 2022, the arrears amount owing by the defendant to the plaintiff under the agreement is R133,377.79,” read the papers.
The bank said notwithstanding the default notice, Nciza has failed or refused and, or neglected to remedy the breach of agreement by settling the outstanding arrears.
Because of tardiness, the bank said it has cancelled the agreement and plans to claim the total of all amounts due and owing by Nciza.
“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 the return of the goods upon cancellation of the agreement. Wherefore, the plaintiff prays for judgement against the defendant,” read the papers.
The bank also prays for an order to force Nciza, who is married to well-known socialite Lebo Phasha, to return the vehicle and grant it leave to appeal for damages in the vent it fails to recoup the funds from auctioning off the vehicle.
Attempts to solicit comments from Nciza drew a blank as he ignored our phone calls and text messages we sent to him.
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