ACTOR and film director Kagiso Modupe has become the latest artist to face financial ruin due to not having an income during lockdown.
The 38-year-old, best known for playing Mangi Nyathi on e.tv’s Scandal!, had to surrender his car to the bank in 2020 as he could not make the repayments.
Nedbank later auctioned the vehicle for R80 000, which didn’t cover his outstanding debt, and he is now being sued by the bank. According to documents seen by the SunTeam, the actor was supposed to pay a shortfall of about R134 000 to settle the debt but he was unable to raise the money.
The documents show that Kagiso bought a 2015 Chevrolet Captiva for R716 868 in 2015.
However, Kagiso did not want to comment on the matter.
Vehicle finance expert Vongani Mashile said most people did not understand they still had debt obligations even after they surrendered their property or it got repossessed.
“After surrendering the car, the bank auctions it. The money raised from selling the car will be paid towards the outstanding amount of the debt. If the money from the auction is not enough to settle the debt, the remaining amount, called the shortfall, is the responsibility of the customer to pay off,” said Mashile.
Nico Georgiades of Jay Mothobi Incorporated, representing Nedbank, said he could not comment on the matter. – Daily Sun