Ulenga couple settle with Agribank
12 February 2019 | Justice
On 18 September last year, Agribank had applied to the High Court for a default judgment in that sum. In its founding affidavit, Agribank said that the Ulenga couple had on 17 December 2012 secured three loans, of N$207 600, N$100 000 and N$50 000.
Each loan was repayable on different terms and with different interest rates. However, the Ulengas had, since the signing of the agreements, not made a single payment towards the settling of those debts.
According to Agribank, it is the holder of a third mortgage bond over the property at Erf 130, Pionierspark, as it was furnished as security by the Ulengas. The value of that bond is N$500 000.
“It was a material term of the bond that should the defendants default with any payment, the full amount would become due and payable,” the bank said.
Furthermore, it said it had repeatedly demanded payment from the Ulenga couple but they still failed to make any payment.
The bank asked for payment of N$459 195.44, as well as varying rates of interest as from 31 October last year. It also asked for an order that the residence in Pionierspark be declared executable.
The Ulengas had entered a notice to defend the action but, by 4 February, the bank's counsel, Graham McCulloch from Fisher, Quarmby and Pfeiffer, filed a status report indicating that a settlement had been reached and that this be made an order of the court.
According to the agreement, the Ulengas admitted their liability of the full amount to Agribank but undertook to pay the arrears on the full amount, N$196 300.21, by the end of the year. An amount of N$30 000 would be paid by the end of April, N$80 000 by the end of December, a further monthly repayment of N$5 000 backdated to start on 31 January, and a final payment of N$26 300.21 on or before 30 December.
They further undertook to honour the loan when payments become due, as from next year.
Henry Shimutwikeni appeared on behalf of the Ulenga couple.