Key Points
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Advocate Douglas Shaw is pushing for a faster resolution in the R60 billion class action.
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Homeowners who lost their homes to unfair sales are seeking justice and compensation.
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The banks deny wrongdoing, but many believe they should pay the affected homeowners.
The R60 billion class action against South Africa’s major banks is making significant progress.
The case, which accuses the banks of repossessing homes and selling them at much lower prices than their real value, could be certified by the end of this year. If this happens, the claimants may soon get the compensation they need after losing their homes.
The fight for justice
Advocate Douglas Shaw is working hard to get compensation for those who lost their homes. He is confident that things will speed up once the class action is certified.
To help the process, Shaw has started a volunteer project to handle the administrative work.
The case has been delayed for several reasons, including objections from the banks. These delays were also caused by a key judge taking six months off. Shaw believes the case will move forward soon, bringing justice to many homeowners.
What happened to homeowners and banks’ response
Many homeowners in the class action lost their properties at auction for just a fraction of their value.
Some homes sold for as little as 10% of their market value, while others went for as little as R100.
These homeowners are now struggling to rebuild their lives. Shaw has criticized the banks for their actions, urging them to admit their mistakes and compensate the victims.
The banks deny any wrongdoing. They claim they only sell properties at auction as a last resort.
They also state that they inform homeowners of their rights, including the option for a “payment holiday” if they fall behind on payments.
Looking ahead
Shaw believes the banks should compensate the homeowners as soon as possible once the class action is certified.
Homeowners who think they may qualify for the case can reach out through the provided emails if their homes have already been sold or are in the process of being sold.
