Former Kaizer Chiefs and Bafana Bafana defender Eric Mathoho could face an auction of his assets following allegations that he is evading a R400,000 debt notice from a Johannesburg Sheriff.
The 35-year-old stopped paying monthly installments of R8,500 on a personal loan granted by FirstRand Bank in March 2022, prompting legal action. The Sheriff has been attempting to serve Mathoho with a default payment notice since November, based on a letter of demand issued by FirstRand Bank.
According to the Sheriff, the bank is on the verge of obtaining a writ of execution after Mathoho allegedly stopped making payments on a personal loan worth R400,464 that was granted to him in March 2022.
“We have been to his known address in Bryanston, but every time we get there, nobody responds at the gate,” said the Sheriff.
City Press has seen a letter of demand showing that Mathoho was required to repay the amount through monthly installments of R8,500. However, the letter states: “Mathoho consequently failed to make payment as agreed; he did not make the minimum monthly debit amount when it was due.” The correspondence also reveals that Mathoho failed to respond to calls or text messages notifying him about the alleged default.
“Due to the breach committed and his subsequent failure to respond to demands, we have elected to terminate the agreement, and he will be held liable for all amounts,” the letter reads.
The bank refused to comment, stating: “The bank has a responsibility to all its customers to protect client confidentiality. FNB is committed to conducting its credit and collections practices in accordance with the National Credit Act (NCA) and the Treating Customers Fairly (TCF) principles. These frameworks, together with the bank’s promise of help, guide how FNB engages with customers and ensure that all processes are applied responsibly and fairly. Customers who experience financial difficulty are encouraged to engage the bank directly so that appropriate support may be considered in line with applicable legislation and policy.”
This case mirrors similar debt troubles faced by former Chiefs teammates Khama Billiat and Itumeleng Khune. City Press previously reported that Billiat is allegedly nowhere to be found, with the same Sheriff attempting to serve him with legal papers and an execution order relating to a debt exceeding R300,000.
“Our representative has been going to his registered address in Midrand, but to no avail; it appears that nobody is living there, as the house is vacant,” the Sheriff explained.
Former Chiefs goalkeeper Itumeleng Khune was also embroiled in a similar saga after a dealership raised concerns over defaulted payments on his AMG C43 4Matic. In the letter of demand, Khune was allowed to refer the alleged breach to a debt counsellor but failed to do so, prompting the creditor to seek recovery of the vehicle. However, Khune acted swiftly to prevent his luxury vehicle from being repossessed by paying the outstanding amount.
The cases highlight a concerning trend of former football stars struggling with debt obligations, raising questions about financial management within professional sport.
Independent debt counsellor and financial advisor Patrick Mthembu said that default can be caused by bad financial planning. “People tend to overcommit to debt without adequately planning for it, and they don’t communicate with financial institutions when they cannot honour their obligations,” he said.
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