Carte Blanche: homes repossessed for arrears of R1000
Imagine losing your home for an outstanding debt of less than R1000. It might sound outrageous, but South African law makes it possible for banks to foreclose to recoup even the smallest debt. Properties are then sold at a fraction of their market value while homeowners are forced to keep paying. Carte Blanche finds out why South Africans are 20 times more likely to have their homes repossessed than elsewhere in the world.
See the video insert here.