Former Orlando Pirates striker Mpho Makola. Images Instagram @mphomakola
Former Pirates star Mpho Makola about to lose R1.5m house
Former Orlando Pirates striker Mpho Makola is reportedly behind on his loan with Standard Bank and might lose his R1.5 million house.
Former Orlando Pirates striker Mpho Makola. Images Instagram @mphomakola
It is believed former Orlando Pirates striker Mpho Makola is drowning in debts and is on the verge of losing his R1.5 million house in Johannesburg after failing to pay back a loan he obtained from SB Guarantee Company, a subsidiary of Standard Bank.
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INSIDE MPHO MAKOLA’S STANDARD BANK LOAN
Sunday World reports that SB Guarantee Company this week filed papers at the Johannesburg High Court to seek a default judgment and an order to attach and sell the former Orlando Pirates striker Mpho Makola‘s R1.5 million house in Buccleuch, in the north of Johannesburg.
The publication adds that SB Guarantee Company, which is a subsidiary of Standard Bank, has given the soccer star 10 days to indicate if he will oppose the application of the order.
According to the court papers, the company says it gave the striker a loan of over R1.3 million to Makola on 27 September 2016 and that he used his house as surety to repay the loan with interest.
The company also gave him a loan of R280 000 on 6 April 2018 as a home loan which increased his debt to over R1.6 million.
“The applicant relies on monies lent and advanced by the applicant to the respondent and a mortgage bond registered as continuing covering security for the monies lent and advanced by the applicant to the respondent.”
“The respondent also executed a written indemnity agreement in favour of the applicant. According to the bank and respondent concluding a home loan agreement and the respondent executing the indemnity, the applicant furnished the bank with a written guarantee, in terms of which the applicant guaranteed the due and punctual payment of all sums which were then and which may be subsequently become due by the defendant to the bank, pursuant to the loan agreement,” read the papers.
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SG GUARANTEE COMPANY: ‘ARREAR AMOUNT HAS ESCALATED’
SB Guarantee also tells Sunday World that Makola was supposed to repay R17 000 a month for over 240 months. He reportedly defaulted on his payments and is over R183 000 in arrears.
“As of July 2022, the arrear amount owed by the respondent to the applicant has escalated to the amount of R 183 233.90 which amounts to approximately 10 months of missed instalments.”
The company reveals they contacted Makola, issued a summons on 22 February 2022, and pleaded with him without success to settle his account.
“The applicant also requests, as already stated supra, an order declaring the immovable property specially executable as well as an order that the applicant/registrar be authorized to issue a writ of execution against the immovable property. The applicant applies to the honourable court for adjudication of the monetary relief as well as the executability of the immovable property. The respondent has failed to make regular payments in terms of the loan agreement and bond referred to supra, wherefore the amount and interest have become due and payable to the applicant.”
“With regards to the setting of a reserve price, it is evident from the papers that the market value of the immovable property is R1560 000, the forced sale value is R 1250 000, and the local authority valuation is R 1697 000.”
“The outstanding rates and taxes owed are the amount of R 80 252.93. It is submitted that a reasonable reserve price in the circumstances would be the proposed amount of R 1 169 747.07 “.
The soccer star Mpho Makola couldn’t be reached for comment at the time of publishing.
