Guarantor battles to get back flat in botched deal

Source: Guarantor battles to get back flat in botched deal | Herald (Crime)

Crime Reporter

A Harare woman is struggling to get back her city flat which she put up as security when she guaranteed a loan taken out by her then partner and lost when it was put up for auction to cover the accumulated debt of more than US$68 400 in 2016 after her partner fled to South Africa.

Mrs Cecilia Dambudzo Muchechesi is now approaching the High Court to try and get a court order allowing her to buy back the flat on the corner of Josiah Chinamano Avenue and Colquhoun Street in Harare’s upper Avenues at the price the buyer paid for it.

The property was bought by FBC Bank for US$54 000 after it was declared the highest bidder on July 2016.

Mr James Membe borrowed money from MicroPlan Financial Services (Pvt) Ltd sometime in 2013 and Mrs Muchechesi had signed a surety agreement for the repayment of the US$20 000 advanced to Hydraulift (Pvt) Limited represented by Mr Membe by Mircoplan Financial Services.

According to court records, Hydraulift defaulted on repaying the loan, resulting with legal proceedings being instituted for payment in the sum of US$40 239, made up of the capital amount advanced, cumulative interest and unpaid charges.

Mr Membe was then reported to have fled to South Africa, leaving Mrs Muchechesi to fight a legal battle which later resulted in her home being attached and was later bought by the bank.

Mrs Muchechesi was then given three months to vacate the house and to pay rent in the sum of US$1 500 to the bank.

She later intended to buy back the property from the bank at the same price of US$54 000 or at a price that could be negotiated between the bank and herself, but it was fruitless.

Mrs Muchechesi has now approached the High Court over the matter arguing that her connection to the case that led to the attachment of her property was that she was only guarantor in the loan agreement.

She said that she was willing to assist in locating properties belonging to Mr Membe and ensure that the debt was settled within 12 months.

Mrs Muchechesi has since moved to a house in Highfield.

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